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Segmental information (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of operating segments [abstract]  
Summary of Information by Reportable Segment Revenue
2025
2024
2023
Year ended 31 December
$m
$m
$m
Americas
1,129
1,141
1,105
EMEAA
811
748
677
Greater China
165
161
161
Central
363
262
221
Revenue from reportable segments
2,468
2,312
2,164
System Fund and reimbursable revenues
2,721
2,611
2,460
Total revenue
5,189
4,923
4,624
Profit
2025
2024
2023
Year ended 31 December
$m
$m
$m
Americas
836
828
815
EMEAA
303
270
215
Greater China
99
98
96
Central
27
(72)
(107)
Operating profit from reportable segments
1,265
1,124
1,019
System Fund and reimbursable result
(46)
(83)
19
Operating exceptional items (note 6)
(21)
–
28
Operating profit
1,198
1,041
1,066
Net financial expenses
(153)
(115)
(87)
Foreign exchange gains/(losses)
37
(25)
35
Remeasurement of contingent purchase consideration
(8)
(4)
(4)
Profit before tax
1,074
897
1,010
Tax
(315)
(269)
(260)
Profit for the year
759
628
750
2. Segmental information continued
Non-cash items included within operating profit from reportable segments
Americas
EMEAA
Greater
China
Central
Group
Year ended 31 December 2025
$m
$m
$m
$m
$m
Depreciation and amortisationa
25
13
3
26
67
Contract assets deduction in revenue
30
21
1
–
52
Equity-settled share-based payments cost
13
7
4
18
42
Share of profit of associates and joint ventures
–
(6)
–
–
(6)
Americas
EMEAA
Greater
China
Central
Group
Year ended 31 December 2024
$m
$m
$m
$m
$m
Depreciation and amortisationa
24
12
3
26
65
Contract assets deduction in revenue
24
18
1
–
43
Equity-settled share-based payments cost
10
5
3
19
37
Share of profit of associates and joint ventures
(4)
(6)
–
–
(10)
Americas
EMEAA
Greater
China
Central
Group
Year ended 31 December 2023
$m
$m
$m
$m
$m
Depreciation and amortisationa
24
12
4
27
67
Contract assets deduction in revenue
21
15
1
–
37
Equity-settled share-based payments cost
9
4
2
16
31
Share of profit of associates (excluding exceptional items)
(5)
(8)
–
–
(13)
a.Includes $18m (2024: $16m, 2023: $17m) relating to cost of sales in owned & leased hotels and $49m (2024: $49m, 2023: $50m) relating to other assets.
A further $79m (2024: $80m, 2023: $83m) was recorded within System Fund and reimbursable expenses.
Summary of Geographical Information Geographical information
2025
2024
2023
Year ended 31 December
$m
$m
$m
Revenue
United Kingdom
312
291
263
United States
1,965
1,902
1,777
Rest of World
1,195
1,119
1,020
3,472
3,312
3,060
System Fund revenues (note 31)
1,717
1,611
1,564
5,189
4,923
4,624
For the purposes of the above table, fee business, owned & leased and reimbursable revenues are determined according to the
location of the hotel and other revenue is attributed to the country of origin. In addition to the United Kingdom, revenue relating
to an individual country is separately disclosed when it represents 10% or more of total revenue. System Fund revenues are not
included in the geographical analysis as the Group does not monitor the Fund’s revenue by location of the hotel or, in the case
of the loyalty programme, according to the location where members consume their rewards.
2025
2024a
31 December
$m
$m
Non-current assets
United Kingdom
152
125
United States
1,107
1,110
Rest of World
1,241
1,017
2,500
2,252
a.The Group has revised the methodology used to allocate brands and software to individual countries to better reflect how intangible corporate assets
are deployed globally at each reporting date. The assets were previously allocated based on the location of the owning entity or based on long-term
trading expectations at the time the asset was acquired. They are now allocated based on the most relevant distribution of open and pipeline rooms at
the reporting date. The change in policy reduced the United States total by $280m (2024: $260m) and increased the United Kingdom and Rest of World
by $35m (2024: $21m) and $245m (2024: $239m), respectively. No additional countries exceeded 10% of total non-current assets.