Barclays European Morning Research Summary

Research evidence excerpt

Barclays European Morning Research Summary

Retail

Whitbread PLC: In the hands of UK macro and politics

Stock Rating Equal Weight With our estimates now seemingly bottomed and AGM approval of all resolutions, the

investment case pivots to UK RevPAR and potential business rates reform. Both areIndustry View Neutral

uncertain. Stock trades on 14x '27E PE vs history 16x but we sit c.3% below FY28 PBT

Price Target GBP 21.00

co-consensus. Upside risk from a disposal.

Price (19 Jun 2026) GBP 23.81

EPS FY1 (E) 1.74 View full report on Barclays Live Back to Top

EPS FY2 (E) 1.89

Market Cap (GBP bn) 3.9939

Ticker WTB LN / WTB.L

European Leisure

Jaina Mistry, CFA

+44 (0)20 7773 3321

jaina.mistry1@barclays.com

Barclays, UK

Pravin Gondhale

+44 (0)20 3134 5524

pravin.gondhale@barclays.com

19 June 2026

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Explanation of Summary of Changes table

Source: Barclays Research. Share prices and target prices are shown in the primary listing currency and EPS estimates are shown in reporting

currency.

FY1 (E): Current fiscal year estimates by Barclays Research.

FY2 (E): Next fiscal year estimates by Barclays Research.

Stock Rating: OW: Overweight; EW: Equal Weight; UW: Underweight; RS: Rating Suspended

Industry View: Pos: Positive; Neu: Neutral; Neg: Negative

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