6 months ended 30 June	2025	2024	% change		Underlying1 % change
Results from reportable segments1:
Revenue1	$1,175m	$1,108m	+6%		+5%
Revenue from fee business1	$908m	$850m	+7%		+6%
Operating profit1	$604m	$535m	+13%		+12%
Fee margin1	64.7%	60.8%	+3.9%pts
Adjusted EPS1	242.5¢	203.9¢	+19%
IFRS results:
Total revenue	$2,519m	$2,322m	+8%
Operating profit	$623m	$525m	+19%
Basic EPS	300.1¢	212.5¢	+41%
Interim dividend per share	58.6¢	53.2¢	+10%
Net debt1	$3,361m	$2,782m	+21%

1.     Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements. Fee margin in 2024 re-presented from 60.6% to 60.8% to reflect a change in the threshold for liquidated damages classified as significant.

●    H1 Global RevPAR¹ +1.8%, with Americas +1.4%, EMEAA +4.1% and Greater China -3.2%

●    Average daily rate +1.4%, occupancy +0.3%pts

●    Total gross revenue¹ $16.7bn, +4%

●    Gross system growth +7.7% YOY and net system growth of +5.4% YOY adjusting for the impact of removing rooms previously affiliated with The Venetian Resort Las Vegas (net growth of +4.6% YOY on a reported basis)

●    Opened 31.4k rooms (207 hotels) in H1, a record level, and up +75% YOY

●    Global estate of 999k rooms (6,760 hotels) at 30 June; milestone of one million rooms reached since 30 June

●    Signed 51.2k rooms (324 hotels) in H1, +15% YOY excluding Ruby acquisition in 2025 and NOVUM signings in 2024

●    Global pipeline of 338k rooms (2,276 hotels) at 30 June, +4% YTD, and represents 34% of current system size

●    Fee margin¹ 64.7%, up +3.9%pts, driven by positive operating leverage and step-ups in ancillary fee streams

●    Operating profit from reportable segments¹ of $604m, up +13%, includes a $2m adverse currency impact

●    IFRS operating profit of $623m includes System Fund and reimbursables result of $31m profit (2024: $10m loss) and $12m exceptional costs (2024: $nil)

●    Adjusted EPS¹ of 242.5¢, up +19%, includes adjusted interest expense¹ of $91m (2024: $79m), an adjusted tax¹ rate of 26% (2024: 27%) and a 4.3% reduction in the basic weighted average number of ordinary shares

●    Net cash from operating activities of $312m (2024: $162m) and adjusted free cash flow¹ of $302m (2024: $131m), with the increase partly due to the prior year's higher spend in the System Fund

●    Net debt¹ increase of $579m in H1, driven by $605m of shareholder returns through dividend payments and share buybacks; $120m acquisition spend; $96m foreign exchange adverse impact on net debt

●    Trailing 12-month adjusted EBITDA¹ of $1,259m, +10% YOY; net debt:adjusted EBITDA ratio of 2.67x

●    $900m share buyback programme for 2025, 47% completed as at 30 June; interim dividend +10% to 58.6¢

●    On track to return over $1.1bn to shareholders in 2025 though share repurchases and dividend payments

A pre-recorded webcast presented by Elie Maalouf, Chief Executive Officer, Michael Glover, Chief Financial Officer, and Jolie Fleming, Chief Product & Technology Officer, will be available from 7:00am (London time) today, 7 August 2025, at www.ihgplc.com/en/investors/results-and-presentations. This same website link also provides access to the full release and supplementary information pack covering RevPAR, system size and pipeline data.

 

A live Q&A session will be hosted later this morning at 9:30am (London time). This can be listened to via www.ihgplc.com/en/investors/results-and-presentations (pre-registration required). Analysts and institutional investors wishing to ask questions are required to use the following dial-in details for a Q&A facility:

An archived replay including the Q&A session is expected to be available within 24 hours and will remain available at www.ihgplc.com/en/investors/results-and-presentations.

 

IHG Hotels & Resorts (tickers: LON:IHG for Ordinary Shares, ISIN: GB00BHJYC057; NYSE:IHG for ADRs, ISIN: US45857P8068) is a global hospitality company, with a purpose to provide True Hospitality for Good.

 

With a family of 20 hotel brands and IHG One Rewards, one of the world's largest hotel loyalty programmes with over 145 million members, IHG has more than 6,700 open hotels in over 100 countries, and a development pipeline of more than 2,200 properties.

 

-     Luxury & Lifestyle: Six Senses, Regent Hotels & Resorts, InterContinental Hotels & Resorts, Vignette Collection, Kimpton Hotels & Restaurants, Hotel Indigo

-     Premium: voco hotels, Ruby, HUALUXE Hotels & Resorts, Crowne Plaza Hotels & Resorts, EVEN Hotels

-     Essentials: Holiday Inn Express, Holiday Inn Hotels & Resorts, Garner hotels, avid hotels

-     Suites: Atwell Suites, Staybridge Suites, Holiday Inn Club Vacations, Candlewood Suites

-     Exclusive Partners: Iberostar Beachfront Resorts

 

InterContinental Hotels Group PLC is the Group's holding company and is incorporated and registered in England and Wales. Approximately 385,000 people work across IHG's hotels and corporate offices globally.

 

Visit us online for more about our hotels and reservations and IHG One Rewards. To download the IHG One Rewards app, visit the Apple App or Google Play stores.

 

For our latest news, visit our Newsroom and follow us on LinkedIn.

 

This announcement contains certain forward-looking statements as defined under United States law (Section 21E of the Securities Exchange Act of 1934) and otherwise. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe' or other words of similar meaning. These statements are based on assumptions and assessments made by InterContinental Hotels Group PLC's management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty. There are a number of factors that could cause actual results and developments to differ materially from those expressed in, or implied by, such forward-looking statements. The main factors that could affect the business and the financial results are described in the 'Risk Factors' section in the current InterContinental Hotels Group PLC's Annual report and Form 20-F filed with the United States Securities and Exchange Commission.

 

Reflecting the breadth of our global footprint, RevPAR was +1.8% in H1 2025 (Q1 +3.3%, Q2 +0.3%).

 

In the Americas, H1 RevPAR grew +1.4% (Q1 +3.5%, Q2 -0.5%), with occupancy +0.1%pts and rate +1.3%. US RevPAR grew +1.2% in H1, with growth of +3.5% in Q1 moving to a decline of -0.9% in Q2. This move included the adverse impact from the shift in timing of Easter between March and April, and a broader impact in Q2 on certain types of business and leisure travel in light of macro-economic developments. Rooms revenue for the region on a comparable hotel basis in H1 was strongest for Business at +3%, with Groups +1% and Leisure flat on 2024 levels.

 

For EMEAA, H1 RevPAR grew +4.1%, with occupancy +0.8%pts and rate +2.9%. Strong RevPAR growth of +5.0% in Q1 eased to +3.0% in Q2, in part due to fewer travel-related international events compared to the prior year. By major geographic markets, H1 RevPAR was Continental Europe +5.1%, the UK -0.8%, Middle East +5.0% and East Asia & Pacific +5.6%. The latter continued to benefit from higher levels of inbound leisure travel from Greater China, which contributed to strong double-digit growth in numerous countries on top of sharp increases last year.

 

In Greater China, H1 RevPAR was -3.2%, with occupancy +0.3%pts higher and rate -3.6% lower. Q1 RevPAR of -3.5% was followed by -3.0% in Q2, helped by an easing in the strong comparatives. H1 RevPAR was down -1.1% in Tier 1 cities and down -6.0% in Tier 2-4 cities, due to lower Groups and Business demand and increases in international outbound leisure trips. We remain encouraged by the breadth and strength of the region's economic growth, and the attractive long-term secular demand drivers, which continue to fuel record levels of hotel development activity for IHG.

 

Trends by guest stay occasion led to H1 global rooms revenue for Leisure bookings growing by +1% YOY (+1% room nights, flat rate) on a comparable hotel basis, Business by +2% (+1% room nights, +1% rate) and Groups by +2% (flat room nights, +2% rate). This builds further on the growth in all three stay occasions in 2024, and the recovery versus 2019 that was already fully completed for all three stay occasions by the end of 2023.

 

●    Industry revenue has outpaced global economic growth in 17 out of 25 years between 2000 and 2024, with a CAGR of +4.3% (versus +2.9% CAGR for GDP).

●    Whilst in some countries geopolitical risk and the economic outlook present shorter-term challenges and uncertainties, overall conditions for the global industry remain positive for continued long-term growth, supported by stable employment markets and robust levels of business activity and economic growth.

●    Global hotel room nights consumed exceeded pre-pandemic 2019 levels in 2023 and grew further in 2024, according to Oxford Economics. They forecast a CAGR of +3.6% through to 2034. The US market is expected to increase by a 2.1% CAGR from 2.3 billion to 2.9 billion room nights over the next decade, and China to be faster at a +3.9% CAGR, with the rest of world (excluding both the US and China) also forecast to grow at a CAGR of +3.9%.

●    Global hotel room net new supply grew at a CAGR of 2.3% over the decade to 2024, and was 1.0% in the US, according to STR. Their latest forecasts for US industry net supply growth are 0.8% in 2025 and 2026, followed by improved growth rates of over 1% in the following three years. Industry net new supply growth is forecast to be stronger in many emerging markets and high economic growth countries within our EMEAA region, and in China.

●    Over the long term, and in addition to the industry's RevPAR growth, following the normalisation of financing and construction costs, further new hotel supply will still be needed to satisfy the demands of growing populations and rising middle classes, to drive business and commerce, and to satisfy the inherent desire to travel to physically interact and for new experiences.

●    Global leading hotel brands are expected to continue their long-term trend of taking market share. In periods when developers are adding less new supply, RevPAR growth from existing room inventory is expected to be stronger and leading branded players such as IHG are accelerating conversion opportunities to progress their unit growth performance.

●    Global system of 999k rooms (6,760 hotels) at 30 June 2025, weighted 67% across midscale segments and 33% across upscale and luxury

●    Gross growth +7.7% YOY (adjusting for The Venetian), with a record 31.4k rooms (207 hotels) opened in H1, +75% YOY; openings growth +59% YOY excluding additions from the acquisition of Ruby (2.7k rooms in H1 2025) and the NOVUM conversions added to IHG's system (2.0k rooms in H1 2025 and 1.2k rooms in H1 2024); 16.8k rooms (121 hotels) opened in Q2

●    Removal of 19.9k rooms (76 hotels) in H1, of which 7,092 were previously affiliated with The Venetian Resort Las Vegas; removal rate of 2.3% over the last 12 months, adjusted to exclude the impact of The Venetian, which is a rate temporarily above the historical and anticipated future average underlying rate of ~1.5%

●    Net system size growth of +5.4% YOY (adjusting for The Venetian; growth of +4.6% YOY on a reported basis)

●    Signed 51.2k rooms (324 hotels) in H1; signings grew +15% YOY excluding the Ruby acquisition in H1 2025 (5.7k rooms) and the NOVUM Hospitality agreement in H1 2024 (17.5k rooms); 25.3k rooms (166 hotels) signed in Q2

●    Signings mix drives pipeline to a weighting of 51% across midscale segments and 49% across upscale and luxury, which over the coming years will continue to drive a more balanced system mix and fee stream

●    Strong growth in conversions, which represented 57% of all room openings in H1; conversion signings for a further 130 hotels in H1 2025 (101 in H1 2024 excluding NOVUM, 219 in total), an increase in rooms of +27% excluding NOVUM; new-build signings for 164 hotels, an increase in rooms of +9%

●    Global pipeline of 338k rooms (2,276 hotels), representing 34% of current system size and growth of +4% YTD

●    More than 40% of the global pipeline is under construction, broadly in line with prior years

System and pipeline summary of movements in H1 2025 and closing positions (rooms):

 

a.         Removals include 7,092 rooms previously affiliated with The Venetian Resort Las Vegas which exited IHG's system in January 2025. The adjusted measures of YTD system size growth and YOY system size growth are presented for the Americas region and globally to show the impact of if these rooms had been excluded from the comparable opening position.

 

The regional performance reviews provide further detail of the system and pipeline by region, and further analysis by brand and by ownership type.

 

 

●    Relentless Focus on Growth: a targeted approach to expanding our brands in high-value and growth markets

●    Brands Guests and Owners Love: our explicit intention to deliver for both groups, every time

●    Leading Commercial Engine: investment in the technology and tools that drive commercial success and make the biggest difference to guests, owners and hotel teams

●    Care for our People, Communities and Planet: a focus aligned to our 2030 Journey to Tomorrow commitments

 

These strategic pillars allow us to build on prior investments in our brand portfolio, IHG One Rewards and wider enterprise, and will drive IHG towards realising its full potential in a sustainable and responsible way. Over the long term, with disciplined execution, our strategy creates value for all our stakeholders by delivering growth in profits and cash flows, which can be reinvested in our business and returned to shareholders, reflecting how IHG delivers on our growth algorithm and investment case.

 

In 2025, we are making great further progress on these priorities, including:

1.   Growing our brands

2.   Expanding in priority growth geographies

3.   Strengthening hotel owner returns through commercial engine and enterprise platform developments

4.   Driving ancillary fee streams

5.   Delivering increased dividends and return of surplus capital to our shareholders

 

Each of these are summarised below. Together, these have driven our progress in H1 on our growth algorithm, which we set out last year as central to delivering value creation over the medium to long term.

 

●    high-single digit percentage growth in fee revenue annually on average over the medium to long term, driven by the combination of RevPAR growth and net system size growth;

●    100-150bps annual improvement in fee margin on average over the medium to long term from operational leverage;

●    ~100% conversion of adjusted earnings into adjusted free cash flow, on average over the medium to long term;

●    sustainably growing the ordinary dividend;

●    returning additional capital to shareholders, such as through regular share buyback programmes, further enhancing EPS growth; and

●    the opportunity for compound growth in adjusted EPS of +12-15% annually on average over the medium to long term, driven by the combination of the above and including the assumption of ongoing share buybacks.

IHG's total fee revenue growth is driven by the combination of RevPAR and net system size growth. Positive operational leverage is expected to drive 100-150bps annual improvement in fee margin as revenue growth is expected to grow faster than the increase in our cost base. Additional drivers of this include structural shifts over time such as a growing proportion of franchising and increasing scale efficiencies in EMEAA and Greater China.

In addition to fee margin progress from operational leverage, IHG is actively developing further opportunities to drive fee margin over the longer term. These include ongoing cost base efficiency and effectiveness initiatives, and the expansion of ancillary fee streams including driving additional growth from loyalty point sales and co-brand credit cards.

●    +7% growth in fee revenue¹;

●    +390bps expansion in fee margin¹;

●    >100% conversion of adjusted earnings¹ into adjusted free cash flow¹ on a trailing 12-month basis;

●    +10% growth in the ordinary dividend, a growth rate consistent with that delivered for each of the last three years;

●    47% progressed through 2025's $900m share buyback programme to return additional capital to shareholders; and

●    +19% growth in adjusted EPS¹ through the combination of the above.

Within the 390bps fee margin¹ expansion, around 260bps was driven by operational leverage as the growth in fee revenue¹ was achieved on a fee business cost base that was lower year-on-year, the latter including benefits from our global efficiency programme and our ongoing actions to drive cost productivity. The further ~130bps was due to incremental fees from the US co-brand credit card agreements and from the sale of certain loyalty points (together with certain other ancillary revenues). These revenue streams were anticipated to contribute within IHG's results from reportable segments an incremental ~$40m and ~$25m, respectively, to the 2025 full year, with progress in the first half of the year on track towards this.

 

In the first half of 2025, an exceptional cost of $3m was charged to the fee business in relation to a global efficiency programme, with costs expected to exceed $10m for the year as a whole. These are expected to have an initial cash-on-cash payback within 12 months, will drive sustainable savings beyond these implementation costs, and come on top of other savings already being delivered and which will continue to build further. The programme was designed to look at all areas of the business, with the goal of achieving incremental cost base effectiveness, which supports future margin progression in addition to our continuous action to drive ongoing efficiency. In 2024, IHG achieved fee revenue¹ growth of 6% whilst fee business cost growth was contained to an increase of just 1%. Looking back historically over the longer term, IHG has contained annual fee business costs to a low single digit percentage average annual increase, reflecting a strong track record of prior delivery of efficiencies which similarly supported prior margin progress.

 

The combination of the fee revenue growth and fee margin¹ expansion drove a 13% increase in operating profit from reportable segments to $604m. Adjusted interest expense¹ of $91m rose 15%, driven largely by the effect of returning capital to shareholders; our expected range for interest for the year as a whole is narrowed to $195-205m. Our adjusted tax¹ rate reduced from 27% in the first half of last year to 26% in the first half of this year, though a rate of 27% continues to be anticipated for the full year and the near term. Our buyback programmes led to a further 4.3% reduction in the basic weighted average number of ordinary shares, which additionally enhanced earnings per share. The combined effect of our growth algorithm was therefore adjusted EPS increasing by +19%.

 

The Board is confident of continued progress, consistent with our growth algorithm that will deliver further value creation over the medium to long term.

 

1.     Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

 

●    Acquisition of premium urban lifestyle brand, Ruby. The Ruby brand brings an exciting, distinct and high-quality offer for both guests and owners in popular city destinations. The urban micro space is a franchise-friendly model with attractive owner economics, and we see excellent opportunities to expand Ruby's strong European base and also grow in the Americas and Asia. At the time of acquisition, Ruby had 20 open hotels. The first 16 of these have been added onto IHG's system in the initial phase of integration, with the next stage of fully operating on IHG's Guest Reservation System (GRS) to begin later this year. There were 10 pipeline hotels at acquisition and a further four have since been signed. We are on track to have the Ruby brand available for development in the US this year.

●    Powering ahead with our established brands. InterContinental, Hotel Indigo, HUALUXE, Crowne Plaza, EVEN Hotels, Staybridge Suites, Candlewood Suites and the Holiday Inn brand family each have pipelines representing at least 20% of current system size. Across these brands, almost 200 hotels were signed in H1 2025, which was ahead of last year (excluding the NOVUM conversions in the comparable period). We continuously invest in new formats to deliver outperformance in key guest metrics and further increase owner returns. Recent developments for our world-leading Holiday Inn Express brand, with over 3,200 open hotels and 640 in the pipeline, include new marketing campaigns, a new bean-to-cup upgraded coffee service already rolled out to over 1,000 hotels, and its 5^th generation of product model and lobby design. This Gen 5 format is more efficiently constructed and allows for optimised operational management, boosting both investment returns and guest satisfaction. Our Crowne Plaza brand also has a new visual identity this year on property and across digital channels, supported by new marketing campaigns.

●    Accelerating conversions. Garner, our midscale conversion brand, has reached 138 open and pipeline hotels across 10 countries in less than two years since launch. Recent signings include entering India and Thailand, with openings such as Garner Edinburgh Haymarket reflective of the brand's ability to deliver a high-quality conversion in just three months. Our Luxury & Lifestyle conversion brand Vignette Collection, launched in 2021, is ahead of its goal to reach 100 hotels in a decade, with 26 open and 41 pipeline hotels. Our versatile premium conversion brand voco has already exceeded 100 open hotels across almost 30 countries since launch in 2018, and had a further 102 hotels in its pipeline, as signings continue to accelerate. These three conversion-focused brands alone represented one-third of the 130 conversion signings in H1, with the remaining two-thirds across our other brands. Common to all conversions, owners are drawn to the strength of IHG's enterprise, including attracting IHG One Rewards members to their hotels, and enhancing revenue management, new sales account activation and marketing and distribution effectiveness.

●    Luxury & Lifestyle expansion. Our six brands in this higher fee-per-key segment represent 13% of current system size (553 properties, 130k rooms) and 22% of our pipeline (395 properties, 74k rooms), with the pipeline representing 71% future growth in the number of properties and 57% in rooms. Following strong development activity in 2024, we signed a further 47 Luxury & Lifestyle hotels in H1 2025. In Upper Luxury, Six Senses has 65 properties and Regent 20 properties across the combination of their open hotels and pipeline, and we continue to look to further develop our strategy and portfolio in this area. With 4 openings and 10 signings in H1, the InterContinental brand now has 231 open and 105 pipeline hotels, while Kimpton has 81 and 65, respectively. Hotel Indigo has now exceeded 300 open and pipeline hotels, reflecting its accelerated pace and roll-out internationally to almost 50 countries.

 

IHG brands are already in over 100 countries. There are many opportunities to develop further in existing markets by introducing IHG brands not yet present, as well as entering new countries with no current IHG presence at all. Existing markets may also be high growth markets, particularly where they are developing economies with low branded hotel penetration. Others may already be high value and developed markets, but where our evolved brand portfolio can target an increased market share.

 

●    Further international expansion. In H1 there were 15 opening debuts to new countries for individual IHG brands. These included Garner reaching Austria, Italy and The Netherlands, adding the Candlewood and Kimpton brands to our extensive portfolio in Germany, and debuts in Peru for InterContinental, Vignette and Hotel Indigo.

 

●    Growing in major markets. Our US estate reached 4,035 hotels, with net system size growth of +1.5% YOY (adjusting for The Venetian), and the US pipeline represents 20% of current system size. Early in 2025 we celebrated our 800^th opening and IHG's 50^th anniversary in Greater China, and the last six months were another record period for development activity; reaching 833 open hotels, net system size growth was +8.6% YOY, and a pipeline of 576 hotels represents almost 60% future rooms growth. After the US and China, our next largest country market is the UK with 363 hotels, with net system size growth of +2.1% YOY. Across the rest of our Europe region, we have 564 open hotels and a further 244 in the pipeline, whilst across the rest of the EMEAA region there are 483 open hotels and 354 in the pipeline, demonstrating IHG's very strong growth outlook in the Middle East and Asia Pacific. With a total rooms pipeline of equivalent to 42% of open system, EMEAA is an increasingly strong growth contributor.

 

●    Doubling IHG's presence in high value, high growth markets. Germany is one of Europe's largest hotel markets, with strong domestic consumption and inbound travel, and also one of the largest sources of international outbound travel globally. Largely in this market, last year's NOVUM Hospitality agreement is adding 108 open hotels (15.3k rooms) and there were a further 11 pipeline hotels (2.4k rooms) at the time. A total of 77 hotels (12.2k rooms) have been converted to IHG's brands to date, including 19 hotels (2.0k rooms) in H1 2025. A further 10 signings have also been secured beyond the 119 in the initial agreement. Our open and pipeline hotels in Germany now stands at 236, more than double the 110 at the start of 2024. In other high growth markets, India has 51 open and 72 pipeline hotels, with 17 signed in H1 2025; and Saudi Arabia has 45 open and 58 pipeline hotels, with 13 signed in H1. The latter signings included two portfolios totalling six hotels across five different IHG brands, as well as the launch of EVEN Hotels in EMEAA. Other priority growth markets include Japan, with a current system of 55 hotels, where we opened three hotels and signed six more during H1, and where conversion opportunities continue to be notably strong.

 

 

By investing in our enterprise, over 80% of room revenue at hotels in our system is booked through IHG-managed channels and sources. This is a key indicator of value-add, the success of our commercial engine across technology platforms, and of our sales and distribution channels. Providing owners higher-value revenue at lower cost of acquisition is of paramount importance to our owner proposition. Developments in 2025 to date included:

 

●    Strong mobile and digital channels growth. IHG's direct digital booking channels now drive 26% of total room revenue, supporting a further 2%pts YOY increase in overall enterprise contribution. In H1, app downloads increased 16% YOY, and further enhancements include guests' ability to book different room types under a single reservation, store multiple payment cards, and take advantage of new and improved Food & Beverage redemption rewards. Our digital chatbot had 1.9 million conversations with guests in H1, up +27% on last year, helping solve queries through AI-backed technology that save hotel teams time and improve customer satisfaction.

 

●    Boosting loyalty and brand awareness. With over 145 million IHG One Rewards members globally, enrolments were up +22% and at record levels, loyalty penetration has grown to ~65% of all room nights booked, and is highest in the US and Americas overall at ~70%. Loyalty members typically spend ~20% more in hotels than non-members and are around 10x more likely to book direct, and co-brand credit card holders stay even more frequently and spend more in IHG hotels. Reward Night redemptions grew further, and US co-brand card customers have grown double-digit percent YOY. Masterbrand awareness of IHG Hotels & Resorts continues to strengthen through key strategic partnerships and campaigns, including the renewal and expansion of the 'Guest How You Guest' marketing campaign. We have also evolved the masterbrand endorsement for our hotels to 'By IHG' across on-property, digital and marketing.

 

●    Driving advantages for owners through our Guest Reservation System (GRS). Maximising guest choice and value with IHG's GRS is central to our owners. The up-sell of unique room attributes such as room size and views was made available in over 6,000 hotels in 2024, and as we scale further, it has increased to around 50% of customers now seeing an up-sell offer at some point in their booking journey. When selected, these offers are achieving average nightly room revenue increases of ~$20 across our Essentials and Suites brands and ~$40 for Luxury & Lifestyle. This is driving share-shift into premium rooms, and more revenue to hotel owners.

●    Rapid roll-out of our new Revenue Management System (RMS). A further 1,500 hotels adopted the N2Pricing system in H1, taking it to over 5,000 globally, with plans to reach around 6,400 by the end of the year. This new RMS offers best-in-class cloud-based platforms and incorporates data science, machine learning and forecasting tools to deliver advanced insights and recommendations to owners. User feedback is very positive, and indicative levels of revenue uplift and market share gains have been encouraging.

●    Delivering best-in-class cloud-based Property Management Systems (PMS). To create even greater value for owners, we are providing hotels with next‑generation PMS through cloud‑based, above-property solutions that apply the latest technology and allow the deployment of fast, efficient enhancements. Benefits include faster colleague onboarding and training, and streamlined front desk processes, including via mobile and remote access. HotelKey was our first approved PMS solution for select service hotels in the Americas and EMEAA, and we expect to have accelerated from an initial 250 hotels across 17 countries live on the system at the end of 2024 to around 1,500 hotels on this system by the end of 2025. Another 2,000 hotels will be added in 2026. A new platform has also been deployed to around 500 select service hotels in Greater China, and PMS pilots in full service hotels continue at pace.

●    New digital content and customer engagement platforms. The development and rollout of a new digital content management platform in 2025 and 2026, across our app and all IHG booking websites, will make it easier and faster for hotel owners to create and update compelling content to showcase their properties. This also includes new content types such as video, 360 images, floor plans and virtual tours, together with improved information on the properties and nearby attractions, machine translation into multiple languages and enabling AI readiness for search of structured content. A new Loyalty and Customer Relationship Management (CRM) platform is also being built that will allow for better guest engagement and more tailored, high-touch personalised experiences during booking and on-property, helping reinforce guest satisfaction and deepen loyalty.

●    Growing owner procurement services. Examples in 2025 include: development of a casegoods furniture refinishing programme to lower renovation costs and drive sustainable solutions; a new utilities management service to help owners save on energy purchasing; over 100 additional hotels joining our US Food & Beverage procurement programme, which now reaches over 2,000 properties; the launch of new non-food programmes in more countries, including preparing to expand these for Ruby in Germany and the UK; and extending to more products and categories across programmes, such as cleaning products in the US and Canada, which have achieved cost rebates of 7-9% for owners.

●    Delivering on the scale and skill advantages of the System Fund. The System Fund is managed for the benefit of hotels in the IHG system, and not to a surplus or deficit for IHG over the longer term. System Fund revenues in 2024 totalled $1.6bn, +17% more than five years earlier. Following a review last year of IHG's owner charges, IHG lowered from the start of 2024 its standard loyalty assessment fee that owners pay into the Fund and increased certain Reward Night reimbursements owners receive from the Fund when points are redeemed for stays, which additionally improves owner economics. From the Marketing & Reservation fee that owners pay into the Fund, expenditure by the Fund on marketing in 2024 totalled $520m, +13% higher than five years earlier. Coming into 2025, the System Fund had returned to a cumulative neutral position, reflecting the strength of funding arrangements. As IHG's RevPAR and system size continues to grow in the future, so too will System Fund capacity, which in turn will drive further scale advantages and efficiencies.

 

 

IHG actively looks to grow ancillary fee streams from other sources. These are separate and in addition to fee streams paid by hotel owners for use of IHG's brands and for the services provided to them as part of our enterprise platform. Ancillary streams also typically further enhance our overall fee margin, providing step changes and thereafter contributing to our target of 100-150bps annual improvement in fee margin on average over the medium to long term.

 

●    Sale of loyalty points to consumers. As previously described, in 2024 approximately $25m of incremental revenue and operating profit from reportable segments was delivered from changes applied to arrangements for the sale of certain loyalty points and other ancillary revenues, with a step-change in arrangements expected to approximately double this in 2025. This is tracking to expectations, and further growth is expected in future years, driven by the number of points sold continuing to increase, and the ongoing expansion and success of the IHG One Rewards programme.

●    Co-brand credit card agreements. The attraction of co-branded IHG One Rewards credit cards is intrinsically linked to the overall appeal and growth of the loyalty programme, and they drive further membership and loyalty to that programme, deepen guest relationships and deliver more business to our hotels. In November 2024, IHG entered into new agreements with our US co-brand card issuing and financial services partners that were effective immediately from that date and have an initial term running through to 2036. Under prior arrangements, fees recognised within IHG's operating profit from reportable segments in 2023 were $39m, with these expected to be double that level in 2025 and more than triple by 2028, and with continued growth anticipated in the years beyond. Progress in 2025 to date is tracking to expectations. The balance of fees that is recognised within System Fund revenue is also expected to grow meaningfully over the term of the new agreements. We recently expanded the IHG and Chase partnership with new IHG One Rewards status for Chase Sapphire Reserve and Chase Sapphire Reserve for Business cards. Separately, a new co-brand card is currently in discussion with other potential partners for the UK, and further priority growth markets targeted for future years.

 

●    Branded residential properties. A further example of driving ancillary fees through the strength of IHG's brands is their ability to generate increased sales of residential property, typically alongside a hotel development with shared services and facilities. This industry segment is forecasted to deliver double the current number of completed developments by 2031, according to Savills. IHG has 30+ branded residential projects open or selling properties across 15+ countries, and more in the pipeline with several expected to reach the sales launch stage later this year. Fees earned by IHG from branded residences are expected to increase this year and to have substantial future growth potential in years beyond as more of the current residential units under development are sold, and as we continue to leverage the global reach and potential of IHG's Luxury & Lifestyle brands.

 

The Board expects IHG's business model to continue a strong track record of generating substantial capacity to support investment plans that drive growth, fund a sustainably growing ordinary dividend, and routinely return surplus capital to shareholders.

 

●    Consistent capital allocation approach. IHG's asset-light business model is highly cash-generative through the cycle and enables us to invest in our brands and strengthen our enterprise platform. We have a disciplined approach to capital allocation which ensures that the business is appropriately invested in, whilst looking to maintain an efficient and conservative balance sheet. IHG's perspectives on the uses of cash generated by the business remain unchanged: ensuring we invest in the business to optimise growth that will drive long-term shareholder value creation, funding a sustainably growing dividend, and then returning surplus capital to shareholders, whilst targeting our leverage ratio within a range of 2.5-3.0x net debt:adjusted EBITDA to maintain an investment grade credit rating.

 

●    Sustainably growing the ordinary dividend. IHG typically pays dividends weighted approximately one-third to the interim and two-thirds to the final payment. The total dividend for 2024 was 167.6¢, an increase of +10% on the prior year, which was increased +10% on the year before that. The interim dividend for 2025 will again increase by +10%, taking this to 58.6¢. The ex-dividend date for the interim dividend is Thursday 21 August 2025 (Friday 22 August 2025 for ADRs) and the record date is Friday 22 August 2025. The interim dividend will be paid on Thursday 2 October 2025, resulting in a cash outflow of approximately $90m. Total dividends paid to shareholders in 2025 will amount to approximately $270m.

 

●    Returning surplus capital. As announced at our 2024 FY results, a $900m share buyback programme is returning surplus capital to shareholders in 2025. This follows the $800m programme in 2024, $750m in 2023 and the $500m programme announced in 2022, which already reduced the total number of voting rights in the Company by 4.6%, 6.1% and 5.0%, respectively. The 2025 programme was 47% complete with $423m (£325m) having been cumulatively spent to 30 June, repurchasing 3.8 million shares. The 2025 programme to that date had therefore reduced the total number of voting rights in the Company by a further 2.4% to 154.7m.

 

●    Total returns to shareholders. The $900m share buyback programme, together with the growth in ordinary dividend payments, would result in over $1.1bn being returned to shareholders in 2025. This is equivalent to 5.9% of IHG's $19.8bn (£15.8bn) market capitalisation at the start of 2025, and 6.5% of IHG's most recent $17.9bn (£13.4bn) market capitalisation.

●    Leverage on track with 2.5-3.0x target range. IHG's net debt:adjusted EBITDA ratio was 2.34x at 31 December 2024 and 2.67x at 30 June 2025. On a prospective basis, given analyst consensus expectations for growth in EBITDA and cash generation in 2025, together with the $900m share buyback programme and the cash outflows for the acquisition of the Ruby brand, leverage at the end of 2025 is expected to be around the middle of our target range of 2.5-3.0x.

a.         Americas and EMEAA include revenue and operating profit before exceptional items from both fee business and owned & leased hotels. Greater China includes revenue and operating profit before exceptional items from fee business.

b.         Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

c.         Adjusted earnings as used within adjusted earnings per share, a non-GAAP measure.

d.         Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

 

 

a.         Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

Operating exceptional items for the six months to 30 June 2025 are $12m (2024: $nil). 2025 comprised costs of $9m relating to litigation and commercial disputes and $3m relating to a global efficiency programme. Further information on exceptional items can be found in note 5 to the Interim Financial Statements.

 

Net financial income for the six months to 30 June 2025 is $13m (2024: expense of $52m). The movement is principally due to foreign exchange gains of $79m (2024: $1m gain), predominantly due to translation of US Dollar monetary assets and liabilities held by subsidiaries with a Sterling functional currency, partially offset by a $13m increase in total interest costs on public bonds.

 

Adjusted interest^a, which excludes foreign exchange gains and adds back interest attributable to the System Fund, increased by $12m to an expense of $91m, driven by the increase in external bond interest.

 

Contingent purchase consideration arose on the acquisition of Regent and, from 2025, the acquisition of the Ruby brand. The net loss of $3m (2024: $1m) is principally due to the impact of the unwind of the discount due to the passage of time. The total contingent purchase consideration liability at 30 June 2025 is $93m (31 December 2024: $73m).

 

Adjusted tax has been calculated by applying a blended effective tax rate of 26% (2024: 27%). This blended effective rate represents the weighting of the annual tax rates of the Group's key territories using corporate income tax rates substantively enacted at 30 June 2025 to provide the best estimate for the full financial year. Further information on tax can be found in note 6 to the Interim Financial Statements.

 

The Group's basic earnings per ordinary share is 300.1¢ (2024: 212.5¢). Adjusted earnings per ordinary share^a increased by 38.6¢ (18.9%) to 242.5¢.

 

The Board is declaring an interim dividend of 58.6¢, an increase of 10% on the 53.2¢ paid in 2024. The ex-dividend date for ordinary shares is Thursday 21 August 2025 and for American Depositary Receipts the ex-dividend date is Friday 22 August 2025. The record date (for both ordinary shares and American Depositary Receipts) is Friday 22 August 2025. The corresponding dividend amount in Pence Sterling per ordinary share will be announced on Thursday 11 September 2025, calculated based on the average of the market exchange rates for the three working days commencing 8 September 2025. The dividend will be paid on Thursday 2 October 2025, resulting in a cash outflow of around $90m. This will result in total dividends paid to shareholders in 2025 amounting to approximately $270m. A Dividend Reinvestment Plan ("DRIP") is provided by Equiniti Financial Services Limited. The DRIP enables the Company's shareholders to elect to have their cash dividend payments used to purchase the Company's shares. More information can be found at www.shareview.co.uk/info/drip. The cut-off date and time for the receipt of DRIP elections for the interim dividend referred to above is 11 September 2025 at 5:00pm (UK time).

 

In February 2025, the Board approved a $900m share buyback programme to be completed in 2025. This follows the $800m programme in 2024, the $750m programme in 2023 and the $500m programme in 2022, which already reduced the total number of voting rights in the Company by 4.6%, 6.1% and 5.0%, respectively. In the six months to 30 June 2025, 3.8m shares were repurchased for total consideration of $425m, including $2m of taxes and transaction costs (see note 7 to the Interim Financial Statements).

a.         Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

 

 

Adjusted EBITDAa reconciliation	6 months ended 30 June
	2025	2024
	$m	$m
Cash flow from operations	543	334
Cash flows relating to exceptional items	4	(10)
Impairment loss on financial assets	(14)	(8)
Other non-cash adjustments to operating profit	(44)	(35)
System Fund and reimbursable result	(31)	10
System Fund depreciation and amortisation	(40)	(40)
Other non-cash adjustments to System Fund result	(26)	(22)
Working capital and other adjustments	158	244
Capital expenditure: contract acquisition costs net of repayments	87	94
	_____	_____
Adjusted EBITDAa	637	567
	_____	_____

 

 

 

a.         Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

b.         Re-presented to reflect the updated definition of adjusted free cash flow - see page 29.

 

 

For the six months ended 30 June 2025, cash flow from operations was $543m, an increase of $209m on the comparable period. This was led by the increase in operating profit from reportable segments^a and a reduction in the working capital and other adjustments cash outflow led by lower prepayments in the current year.

 

Cash flow from operations is the principal source of cash used to fund interest and tax payments, capital expenditure, ordinary dividend payments and additional returns of capital.

 

Adjusted free cash flow^a was an inflow of $302m, an increase of $171m on the prior year. Adjusted EBITDA^a increased by $70m due to the improvement in trading. The System Fund and reimbursable result improved by $41m, reflecting System Fund revenue growth and the impact of our global efficiency programme, partially offset by increased investments in marketing, loyalty and commercial services. Working capital and other adjustments of $158m includes $113m of cash inflow related to deferred revenue, driven primarily by $49m related to the loyalty programme and $37m of upfront cash flows associated with the new US co-brand credit card agreements. These were partly offset by a $19m increase in net interest paid, reflecting the increase in average debt, and $43m higher tax payments.

Net capital expenditure^a was $85m (2024: $112m) and gross capital expenditure^a was $124m (2024: $151m). Gross capital expenditure^a comprised: $86m of key money contract acquisition costs; $10m of maintenance; $9m gross recyclable investments; and $19m System Fund capital investments. Net capital expenditure^a includes an offset from $39m System Fund depreciation and amortisation.

Net debt^a increased by $579m from $2,782m at 31 December 2024 to $3,361m at 30 June 2025. During the period, the Group invested $120m to purchase the Ruby brand and there were $605m of payments related to ordinary dividends and the share buyback programmes, including transaction costs. The change in net debt^a includes adverse net foreign exchange impacts of $96m and $49m of other non-cash adjustments.

As at 30 June 2025, the Group had total liquidity of $1,915m (31 December 2024: $2,319m), comprising $1,350m of undrawn bank facilities and $565m of cash and cash equivalents (net of overdrafts and restricted cash). The change in total liquidity from December 2024 of $404m is primarily due to net cash outflows of $449m.

 

The Group currently has $3,685m of sterling and euro bonds outstanding. The bonds mature in August 2025 (£300m), August 2026 (£350m), May 2027 (€500m), October 2028 (£400m), November 2029 (€600m) and September 2031 (€750m). There are currency swaps in place on the euro bonds, fixing the May 2027 bond at £436m, the November 2029 bond at $657m and the September 2031 bond at $834m. The Group currently has senior unsecured long-term credit ratings of BBB from S&P and Baa2 from Moody's.

 

The Group is further financed by a $1,350m syndicated bank revolving credit facility (RCF) which matures in 2029. There are two financial covenants: interest cover and leverage ratio. Covenants are tested at half year and full year on a trailing 12-month basis. The leverage ratio requires Covenant net debt to Covenant EBITDA below 4.0:1 and the interest cover covenant requires a ratio of Covenant EBITDA to Covenant interest payable above 3.5:1. At 30 June 2025, the leverage ratio was 2.68 and the interest cover ratio was 9.04. See note 10 to the Interim Financial Statements for further information. The RCF was undrawn at 30 June 2025.

 

The Group is in compliance with all of the applicable financial covenants in its loan documents, none of which are expected to present a material restriction on funding in the near future.

 

It is management's opinion that the current working capital levels and available facilities are sufficient for the Group's present liquidity requirements.

a.         Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

 

 

Total gross revenue^a provides a measure of the overall strength of the Group's brands. It comprises total rooms revenue from franchised hotels and total hotel revenue from managed, exclusive partner and owned & leased hotels and excludes revenue from the System Fund and reimbursement of costs. Other than owned & leased hotels, total gross revenue is not revenue attributable to IHG as it is derived from hotels owned by third parties.

Total gross revenue in IHG's system increased by 3.7% (4.4% increase at constant currency) to $16.7bn, driven by improved trading in most markets and growth in the number of hotels in our system.

a.     Definitions for total gross revenue can be found in the 'Key performance measures and non-GAAP measures' section to accompany the above reconciliation to the Interim Financial Statements

b.     Year-on-year percentage movement calculated from source figures.

c.     Includes exclusive partner hotels.

 

a.     RevPAR (revenue per available room), ADR (average daily rate) and occupancy are on a comparable basis, based on comparability as at 30 June 2025 and include hotels that have traded in all months in both the current and the prior year. The principal exclusions in deriving these measures are new openings, properties under major refurbishments and removals. See 'Key performance measures and non-GAAP measures' section for further information on the definition of RevPAR.

 

a.     Includes exclusive partner hotels.

a.     Includes exclusive partner hotels.

 

AMERICAS
	6 months ended 30 June
Americas results
	2025	2024	%
	$m	$m	change
Revenue from the reportable segmenta
Fee business	475	478	(0.6)
Owned & leased	86	83	3.6
	_____	_____	_____
	561	561	0.0
	_____	_____	_____
Operating profit from the reportable segmenta
Fee business	394	392	0.5
Owned & leased	21	21	0.0
	_____	_____	_____
	415	413	0.5
Operating exceptional items	(1)	-	NMb
	_____	_____	_____
Operating profit	414	413	0.2
	_____	_____	_____
Americas Comparable RevPAR movement on previous year	6 months ended 30 June 2025
Fee business
InterContinental			4.6 %
Kimpton			0.8 %
Hotel Indigo			1.1 %
Crowne Plaza			1.5 %
EVEN Hotels			1.0 %
Holiday Inn Express			1.5 %
Holiday Inn			0.1 %
avid hotels			1.8 %
Staybridge Suites			1.7 %
Candlewood Suites			1.0 %
All brands			1.4 %
Owned & leased
All brands			1.1 %

 

 

a.         Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

b.         Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

a.     Includes exclusive partner hotels.

a.     Includes exclusive partner hotels.

EMEAA comparable RevPAR movement on previous year		6 months ended 30 June 2025
Fee business
	Six Senses	11.0 %
	InterContinental	7.2 %
	Hotel Indigo	3.6 %
	voco	4.8 %
	Crowne Plaza	4.0 %
	Holiday Inn Express	0.2 %
	Holiday Inn	2.4 %
	Staybridge Suites	1.6 %
	All Brands	4.2 %
Owned & leased
	All Brands	1.0 %

 

a.     Includes exclusive partner hotels.

a.     Includes exclusive partner hotels.

 

a.         Definitions for non-GAAP measures can be found in the 'Key performance measures and non-GAAP measures' section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements.

 

 

CENTRAL

 

Central revenue is mainly comprised of technology fee income, revenue from insurance activities, co-brand licensing fees and a portion of revenue from the consumption of certain IHG One Rewards points. Central revenue increased by $47m (38.2%) to $170m. This was primarily due to incremental fees from the US co-brand credit card agreements and from the sale of certain loyalty points (together with certain other ancillary revenues). These revenue streams were anticipated to contribute within IHG's results from reportable segments^a an incremental ~$40m and ~$25m, respectively, to the 2025 full year, with progress in the first half of the year on track towards this.

 

Gross costs decreased by $10m (6.1)% year-on-year, primarily driven by our ongoing focus on costs, including the benefits from our global efficiency programme.

 

The resulting $17m operating profit from the reportable segment^a was an increase of $57m year-on-year. Operating profit of $16m included a $1m exceptional cost in relation to the global efficiency programme (further information on exceptional items can be found in note 5 to the Interim Financial Statements).

●    Total rooms revenue from franchised hotels;

●    Total hotel revenue from managed and exclusive partner hotels including food and beverage, meetings and other revenues, reflecting the value driven by IHG and the base upon which fees are typically earned; and

●    Total hotel revenue from owned & leased hotels.

Total gross revenue is used to describe this measure as it aligns with terms used in the Group's management, franchise and exclusive partner agreements and therefore is well understood by owners and other stakeholders.

●    System Fund and reimbursables - the System Fund is not managed to generate a surplus or deficit for IHG over the longer term; it is managed for the benefit of the hotels within the IHG system. The System Fund is operated to collect and administer cash assessments from hotel owners for specific purposes of use including marketing, the Guest Reservation System, certain hotel services and the Group's loyalty programme. There is a cost equal to reimbursable revenues so there is no profit impact. Cost reimbursements are not applicable to all hotels, and growth in these revenues is not reflective of growth in the performance of the Group. As such, management does not include these revenues in their analysis of results.

●    Exceptional items - these are identified by virtue of their size, nature or incidence with consideration given to consistency of treatment with prior years (including items that impact more than one reporting period) and between gains and losses. Exceptional items include, but are not restricted to, gains and losses on the disposal of assets, impairment charges and reversals, the costs of individually significant legal cases or commercial disputes, and reorganisation costs. As each item is different in nature and scope, there will be little continuity in the detailed composition and size of the reported amounts which affect performance in successive periods. Separate disclosure of these amounts facilitates the understanding of performance including and excluding such items. Further detail of amounts presented as exceptional is included in note 5 to the Interim Financial Statements.

 

●    Underlying revenue;

●    Underlying operating profit;

●    Underlying fee revenue; and

●    Fee margin.

 

●    Interest income is recorded in the System Fund on the outstanding cash balance relating to the IHG loyalty programme. These interest payments are recognised as interest expense for IHG.

●    Other components of System Fund interest income and expense, including capitalised interest, lease interest expense and interest income on overdue receivables.

●    Key money, which reflects amounts paid to owners to secure management and franchise agreements;

●    Maintenance capital expenditure, which reflects investments to maintain our systems, corporate offices and owned & leased hotels;

●    System Fund capital investments which are strategic investments to drive growth at hotel level; and

●    Recyclable investments (such as all investments in associates and joint ventures and any loans to facilitate third-party ownership of hotel assets), which are generally intended to be recoverable in the medium term and are to drive growth of the Group's brands and expansion in primary markets.

 

a.     Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

a.     The results of one Kimpton hotel in 2025 (being the year of lease commencement) and one Regent hotel in 2024 (being the year of lease expiration) are removed to determine the underlying growth.

b.     Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

c.     Re-presented to reflect a change in the threshold for liquidated damages classified as significant and one Regent hotel in 2024 (being the year of lease expiration).

a.     Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

b.     Re-presented to reflect a change in the threshold for liquidated damages classified as significant.

 

a.     Before exceptional items.

b.     Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

 

EMEAA

a.     Before exceptional items.

b.     Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

c.     The results of one Kimpton hotel in 2025 (being the year of lease commencement) and one Regent hotel in 2024 (being the year of lease expiration) are removed to determine the underlying growth.

d.     Re-presented to reflect a change in the threshold for liquidated damages classified as significant.

a.     Before exceptional items.

b.     Percentage change considered not meaningful, such as where a positive balance in the latest period is comparable to a negative or zero balance in the prior period.

 

 

a.     Central fee business revenue and operating profit as per note 3 to the Interim Financial Statements, and excludes revenue and operating loss from insurance activities of $12m and $(4)m, respectively (2024: $11m and $(3)m).

b.     Re-presented to reflect a change in the threshold for liquidated damages classified as significant.

a.     Re-presented to reflect the updated definition of gross and net capital expenditure - see page 29 to 30.

b.     Excludes depreciation of right-of-use assets

a.     Re-presented to reflect the updated definition of adjusted free cash flow - see page 29.

 

	6 months ended 30 June
	2025	2024
	$m	$m
Profit available for equity holders	469	347
Adjusting items:
System Fund and reimbursable result	(31)	10
Interest attributable to the System Fund	(25)	(26)
Operating exceptional items	12	-
Remeasurement losses on contingent purchase consideration	3	1
Foreign exchange gains	(79)	(1)
Tax attributable to the System Fund	4	2
Tax on foreign exchange gains	8	-
Tax on exceptional items	(3)	-
Exceptional tax	21	-
	_____	_____
Adjusted earnings	379	333
Basic weighted average number of ordinary shares (millions)	156.3	163.3
Adjusted earnings per ordinary share (cents)	242.5	203.9

 

 

The principal and emerging risks and uncertainties that could significantly affect IHG's business and results are set out on pages 46 to 51 of the IHG Annual Report and Form 20-F 2024 (the "Annual Report").

 

 

 

•   Guest preferences or loyalty for IHG branded hotel experiences and channels

•   Owner preferences for, or ability to invest in, our brands

•   Talent and capability attraction or retention

•   Data and information usage, storage, security and transfer

•   Ethical and social expectations

•   Legal, regulatory and contractual complexity or litigation exposures

•   Supply chain efficiency and resilience (including corporate and hotel products and services)

•   Operational resilience to incidents or disruption or control breakdown (including geopolitical, safety and security, cybersecurity, fraud and health-related)

•   Our ability to deliver technological or digital performance or innovation (at scale, speed, etc.)

•   The impact of climate-related physical and transition risks

 

 

 

RELATED PARTY TRANSACTIONS

 

There were no material related party transactions during the six months to 30 June 2025

 

 

GOING CONCERN

 

As at 30 June 2025, the Group had total liquidity of $1,915m, comprising $1,350m of undrawn bank facilities and $565m of cash and cash equivalents (net of overdrafts and restricted cash). There remains a wide range of possible planning scenarios over the going concern period. The scenarios considered and assessment made by the Directors in adopting the going concern basis for preparing these financial statements are included in note 1 to the Interim Financial Statements.

 

Based on the assessment completed, the Directors have a reasonable expectation that the Group has sufficient resources to continue operating until at least 31 December 2026. Accordingly, they continue to adopt the going concern basis in preparing the Interim Financial Statements.

 

 

DIRECTORS' RESPONSIBILITY STATEMENT

 

The Directors confirm that to the best of their knowledge:

 

 

 

 

 

On behalf of the Board

 

 

 

 

 

 

 

 

 

 

 

*Other reserves comprise the capital redemption reserve, shares held by employee share trusts, other reserves, fair value reserve, cash flow hedge reserves and currency translation reserve.

 

 

All items within total comprehensive income are shown net of tax.

 

 

 

 

 

Commercial litigation and disputes Relates to the EMEAA region and includes legal costs. The costs are presented as exceptional reflecting the quantum of the costs and the nature of disputes. Global efficiency programme Comprises costs incurred in the ongoing delivery of a global efficiency programme, designed to achieve incremental cost base efficiencies and effectiveness. Further exceptional costs are expected in the second half of 2025. The costs are presented as exceptional because they relate to a comprehensive programme and therefore do not reflect normal, ongoing costs of the business. An additional $4m was charged to the System Fund for the six months to 30 June 2025. Tax on operating exceptional items Comprises current and deferred tax credits totalling $2m relating to commercial disputes and a further $1m current tax credit relating to global efficiency programme costs. Exceptional tax Comprises a deferred tax charge following the completion of an intra-group restructuring transaction, which otherwise has had no impact on the consolidated financial statements. The charge is presented as exceptional due to its size and the non-recurring nature.

	Revolving Credit Facility ('RCF') The revolving credit facility matures in 2029. A variable rate of interest is payable on amounts drawn. There were no amounts drawn as at 30 June 2025 or 31 December 2024. The RCF contains two financial covenants: interest cover (Covenant EBITDA: Covenant interest payable) of greater than 3.5 and a leverage ratio (Covenant net debt: Covenant EBITDA) of less than 4.0. These are tested at 30 June and 31 December on a trailing 12-month basis.
		2025	2024
		30 June	31 December
	Covenant EBITDA ($m)	1,265	1,195
	Covenant net debt ($m)	3,385	2,804
	Covenant interest payable ($m)	140	123
	Leverage	2.68	2.35
	Interest cover	9.04	9.72

Financial income and expenses Net financial income for the six months to 30 June 2025 of $13m (2024: expenses of $52m) includes foreign exchange gains of $79m (2024: $1m). In 2025, the foreign exchange gain is included within financial income in the Group income statement.

		Hierarchy of fair value measurement		Fair value	Amortised cost	Not categorised as a financial instrument	Total
				$m	$m	$m	$m
	Financial assets
	Other financial assets	1,3		167	55	-	222
	Cash and cash equivalents	1		204	407	-	611
	Derivative financial instruments	2		174	-	-	174
	Deferred compensation plan investments	1		299	-	-	299
	Trade and other receivables	-		-	845	122	967
	Financial liabilities
	Derivative financial instruments	2		(6)	-	-	(6)
	Deferred compensation plan liabilities	1		(299)	-	-	(299)
	Loans and other borrowings	-		-	(3,696)	-	(3,696)
	Trade and other payables	3		(75)	(635)	(69)	(779)

Other financial assets measured at fair value comprise $38m categorised as level 1 and $129m as level 3. There were no transfers between Level 1 and Level 2 fair value measurements during the period and no transfers into or out of Level 3.

Valuation techniques

The valuation techniques and types of input applied by the Group for the six months ended 30 June 2025, other than those set out below in respect of the Ruby brand acquisition, are consistent with those disclosed within the 2024 Annual Report and Form 20-F. Changes in reported amounts are primarily caused by payments made and received, changes in market inputs (such as discount rates) and the impact of the time value of money.

Fair value of other financial instruments The Group also holds a number of financial instruments which are not measured at fair value in the Group statement of financial position. With the exception of the Group's bonds, their fair values are not materially different to their carrying amounts, since the interest receivable or payable is either close to current market rates or the instruments are short-term in nature. The Group's bonds, which are classified as Level 1 fair value measurements, have a carrying value of $3,674m and a fair value of $3,604m. Other than contingent purchase consideration relating to the Ruby brand which was initially measured at fair value on acquisition (see note 12), the Group did not measure any financial assets or liabilities at fair value on a non-recurring basis at 30 June 2025.

 

INDEPENDENT REVIEW REPORT TO INTERCONTINENTAL HOTELS GROUP PLC

 

REPORT ON THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

We have reviewed InterContinental Hotels Group PLC's condensed consolidated interim financial statements (the "interim financial statements") in the Half Year Results of InterContinental Hotels Group PLC for the 6 month period ended 30 June 2025 (the "period").

 

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

The interim financial statements comprise:

 

●    the group statement of financial position as at 30 June 2025;

●    the group income statement and the group statement of comprehensive income for the period then ended;

●    the group statement of cash flows for the period then ended;

●    the group statement of changes in equity for the period then ended; and

●    the explanatory notes to the interim financial statements.

 

The interim financial statements included in the Half Year Results of InterContinental Hotels Group PLC have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

 

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

We have read the other information contained in the Half Year Results and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

 

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.

 

 

RESPONSIBILITIES FOR THE INTERIM FINANCIAL STATEMENTS AND THE REVIEW

 

The Half Year Results, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Half Year Results in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. In preparing the Half Year Results, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

 

Our responsibility is to express a conclusion on the interim financial statements in the Half Year Results based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

 

 

 

 

 

 

PricewaterhouseCoopers LLP

 

Chartered Accountants

 

Birmingham

 

6 August 2025