International Workplace Group, the world's largest flexible workspace platform operating in over 120 countries through brands like Regus and Spaces, has announced strong half-year results for the six months ended 30 June 2025.
The company achieved record system-wide revenue of $2.16 billion, up 2% from the previous year, alongside adjusted EBITDA growth of 6% to $262 million. Cash flow from operations before growth capex improved to $48 million compared to $36 million in the first half of 2024.
The Managed & Franchised division showed particularly strong momentum, with system-wide revenue jumping 26% to $361 million and fee income rising 43% to $50 million. Recurring management fee income surged 163% to $19 million, while the division now operates 220,000 rooms with a further 186,000 signed but not yet open.
IWG returned $59 million to shareholders through dividends and buybacks, more than 3.5 times the combined total of the previous five years. The company expanded its buyback programme to at least $130 million from the previous $100 million and declared an interim dividend of 0.45 cents per share.
"We set out a clear strategy for capital-light growth to deliver cashflow, and business simplification. We have been delivering against this strategy and will continue to do so," said Mark Dixon, Chief Executive of IWG. "In the last six months, more locations were opened than in the entire first decade of our existence. We now have around 1 million rooms in 121 countries with a significant pipeline."
