Whitbread plc

Hello, everybody, and welcome to the WIPRED FY27 Q1 Trading Update. My name is Elliot, and I'll be coordinating your call today. If you'd like to ask a question during today's event, please press star followed by one on your telephone keypad. I will now hand it over to Dominic Paul, Chief Executive Officer. Please go ahead.

Good morning, everyone. Thank you for joining the call for our Q1 Trading Update. I'm joined today by Hemant Patel, our Group CFO, and we look forward to answering your questions shortly. Hopefully you've had a chance to read the Q1 release, which we published this morning. I'm going to start with a very brief overview for those who haven't seen it, and then we'll open up the call for Q&A. It's been a strong start to the year. In the UK, trading has been positive, with total accommodation sales up 3% and rev car up 2% versus last year. Reflecting the strength of our brand commercial program, we increased our outperformance versus the market on both accommodation sales and red bar growth, delivering a healthy red bar premium. In Germany, we continue to make good progress and significantly outperform the wider market, which has been softer due to a lower number of high-impact events this year. Total accommodation sales grew by 16%, driven by the opening of six leasehold hotels in the period and the benefit of our commercial initiatives. While sustainability remains limited, our forward book position in both the UK and Germany is ahead of last year, supported by strong measured bookings, and we remain confident in the full year outlook. Before moving to Q&A, I wanted to just say a few words on our new five-year plan. As a reminder on the 30th April just six weeks ago, Following a comprehensive review of all options to maximise value creation, we outlined our plans that will accelerate our strategy, enhance the quality of our business and deliver significant value for shareholders. We are executing each of our key initiatives at pace and our plan will increase margins and returns, reduce capital intensity by a billion pounds and generate two billion pounds of free cash flow available for shareholder returns by full year 31. Now, as you probably know, we have our AGM today, so we only have half an hour this morning for questions. Given it's only been a few weeks since our last update, I please ask you to limit yourselves to just two questions. Thank you. I'll now hand back to Elliot to host the Q&A.

Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to withdraw your question, please press star followed by two. When preparing to ask a question, please ensure your device is unmuted locally. First question comes from with JP Morgan. Your line is open. Please go ahead.