PPHE Hotel Group

Website: PPHE Hotel Group
Index: FTSE 250
EPIC: PPH
Supersector: Travel and Leisure
Sector: Travel and Leisure
Subsector: Hotels
Market Cap: £717.42M
Payout Frequency: Semi-Annual

Next PPHE Hotel Group Dividend

PPHE Hotel Group next goes ex-dividend on 23/04/2026. This will be the Final dividend for 2026.

The dividend per share amount is 22.0000p (GBP) and the payment date is 29/05/2026.

Headline dividend terms

Final dividend (proposed): 22p per share, subject to AGM approval
Interim dividend (paid): 17p per share
Total FY2025 dividend: 39p per share (+2.6% YoY)
Ex-dividend date: 23/04/2026 (derived from record date)
Record date: 24/04/2026
Payment date: 29/05/2026
Policy: Progressive; c.30% of adjusted EPRA earnings
Reference earnings: Adjusted EPRA EPS 125p; payout ratio ˜ 31% (39p/125p)

Context and coverage

Earnings support: Adjusted EPRA EPS held flat at 125p; EPRA earnings 160p (coverage >4x on this broader measure).
Cash flow cover: Operating cash flow £100.1m; interest paid £57.9m; maintenance capex c.£17.7m. Implied free cash after interest and maintenance ˜ £24–25m, comfortably covering an annual dividend cash outlay of c.£16–17m (39p on ~42m shares) by ~1.5x.
Balance sheet/liquidity: EPRA LTV 34.8%; average interest cost 4.2% with ~89% fixed/hedged; average debt maturity 4.2 years. Recent refinancings and the agreed sale of the New York site for $33.5m bolster liquidity.

Sustainability and growth outlook

Trajectory: Total dividend up +2.6% with earnings flat (adjusted EPRA EPS 125p). The policy-consistent payout (~31%) leaves headroom for incremental growth if 2026 EBITDA guidance (£147–£148m) is achieved.
Support factors: Multi-year capex programme now largely complete, reducing expansion drag; UK portfolio performance solid; high proportion of fixed-rate debt contains interest risk; positive forward bookings and management outlook for 2026.
Constraints: Margin pressure (wage, social costs) and region-specific softness (Netherlands VAT rise; Germany demand) may temper EPS growth; reported PBT hit by £23.7m impairments (non-cash).

Structural/strategic developments affecting dividends

Strategic Review (Offer Period) ongoing since Nov-2025, including potential sale or introduction of growth capital. While guidance assumes no material change in dividend policy, any corporate action could alter future distributions.
Refinancing cycle completed (incl. Rome at 4.8% fixed, no amortisation), enhancing visibility on cash outflows.
Asset actions: Agreed disposal of the Manhattan development site for $33.5m (cash inflow supportive); increased stake in Arena Hospitality Group to 66.1% (higher NCI alignment, uses cash near-term but may improve future cash upstreaming).
Development pipeline continues (e.g., London select-service project; total expected £90m by 2029), but the intensive £300m+ investment phase has ended, easing near-term capex burden.

Risks and flags to dividend stability

Macro and trading headwinds: Wage and tax pressures (e.g., UK business rates), Netherlands VAT increase likely to suppress RevPAR, and subdued Germany trading could cap margin/earnings growth.
Impairments/valuations: UK property revaluations and £23.7m impairments highlight sensitivity to rates/business rates; non-cash but a watchpoint for asset-backed metrics.
Interest burden: Net interest expense rose to £54.0m; largely hedged, but keeps pressure on free cash flow if EBITDA underperforms.
Strategic Review/possible M&A: Outcome could supersede current dividend policy (suspension or special distributions cannot be ruled out depending on transaction path).
Hospitality cyclicality and geopolitical risks remain elevated; however, covenant headroom and liquidity appear adequate under current plans.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
24/04/2025	30/05/2025	Final	21.00p	GBX
18/09/2025	17/10/2025	Interim	17.00p	GBX

Total (Annual Dividends Per Share): 38.00p

Dividend Yield = Annual Dividends Per Share (38.00p) ÷ Share Price (1688p) = 2.25%

Ex Dividend Date	Payment Date	Type	Amount	Currency
23/04/2026	29/05/2026	Final	22.0000p	GBX
18/09/2025	17/10/2025	Interim	17.00p	GBX
24/04/2025	30/05/2025	Final	21.00p	GBX
19/09/2024	15/10/2024	Interim	17.00p	GBX
25/04/2024	31/05/2024	Final	20.00p	GBX
05/10/2023	27/10/2023	Interim	16.00p	GBX
27/04/2023	31/05/2023	Final	12.00p	GBX
15/09/2022	14/10/2022	Interim	3.00p	GBX

Year	Interim	Final	Currency	Total	Change
2024	17.000	20.000	GBX	37.000	32.140
2023	16.000	12.000	GBX	28.000	833.330
2022	3.000		GBX	3.000

Number of Shares:

Payment	Paid	Amount
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