In 2025, IWG opened more new centres than during the first 15 years of its operations combined. The continued global rise of flexible working has given new momentum to the company’s growth: it achieved its highest-ever system-wide revenue of $4.5 billion while expanding its network at a record pace – opening 782 new centres and signing agreements for more than 1,100 additional locations. Growth was primarily driven by the company’s capital-light expansion model based on partnerships with local landlords, as well as sustained demand for hybrid working solutions.

The company’s performance clearly reflects the ongoing transformation in the world of work: more and more companies and employees are choosing flexible, multi-location working arrangements to drive productivity, boost engagement and operational resilience, increasing global demand for local and flexible workspace solutions.

Key highlights for 2025

Record revenue and improved operating performance

• IWG achieved its highest-ever system-wide revenue of $4.5 billion, representing 4% growth year-on-year
• Group revenue reached $3,762 million
• Adjusted EBITDA increased by 6% to $531 million, also a record for the company
• Cashflow before corporate activities rose 60% to $162 million

Accelerating growth in the partnership model

IWG’s capital-light, partnership-driven business model continued to strengthen.

• System-wide revenue in the Managed & Franchised segment increased 28% to $876 million
• Fee income rose 60% to $126 million
• Recurring management fee income grew 2.4x to $45 million

The segment now accounts for 20% of system-wide revenue and is playing an increasingly important role in the company’s growth.

Record pace of global network expansion

In 2025, IWG achieved the fastest network expansion in its history.

• 1,132 new centre deals were signed
• 782 new centres opened globally

99% of new locations were opened through IWG’s capital-light partnership model.

Strong financial position and enhanced shareholder returns

  • IWG returned $144 million to shareholders, including
    • $14 million in dividends
    • $130 million in share buybacks
  • Net debt / EBITDA stood at 1.35×, with no refinancing requirements before 2029

The company also announced that its share buyback programme will continue in 2026, with the programme increased by a further $50 million to $100 million.

Mark Dixon, CEO of IWG, said:
“We set out a clear strategy at our first Investor Day in New York in December 2023 for capital light growth to deliver cashflow and business simplification. As we outlined in our Investor Day in December 2025 – this is what we have been delivering on, and we will continue to do so.

We continue to have structural tailwinds and a business which is both prepared for and delivering network growth. In the last twelve months, more locations were opened than we had open after fifteen years of operating. We now have over 1 million rooms in over 120 countries with a significant pipeline. This is expected to drive our future growth in revenue, EBITDA and cash flow”.

Outlook

The company remains cautiously optimistic for 2026. IWG expects full-year adjusted EBITDA to be in the range of $585 million to $625 million, primarily driven by revenue growth. The company will continue to pursue its capital-light expansion strategy based on partnerships.

You can see the full report HERE.

About International Workplace Group PLC 

International Workplace Group is the global leader in hybrid work solutions and workspace brands. We create personal, financial, and strategic value for businesses of every size. From some of the most exciting companies and well-known organizations on the planet, to individuals and the next generation of industry leaders. All of them harness the power of International Workplace Group’s hybrid working platform to increase their productivity, efficiency, agility, and market proximity.

International Workplace Group’s unrivalled network coverage includes approximately 5,000 locations across more than 120 countries and 83% of Fortune 500 companies are amongst our growing customer base.

Through our brands including Regus, Spaces, HQ and Signature, we help millions of people and their businesses to work more productively. We do so by providing the world’s leading hybrid work platform with professional, inspiring and collaborative workspaces and digital services all available via the International Workplace Group’s app.

For more information 

Visit www.iwgplc.com and for more information on partnering with International Workplace Group, see: https://www.iwgplc.com/develop-a-location