IWG PLC
$IWGFF is a real FTSE 250 workspace platform on a thin Pink quote — fee mix exploding, company buying ~400k shares/day, price still parked a
Pink Limited | Real tape is LSE:IWG | Not a shell
FTSE 250 flexible workspace (Regus / Spaces / HQ / Signature). U.S. line is a thin 12g3-2(b) piggyback quote. No Caveat Emptor.
Tape (26 Aug 2026)
LSE 180.20p | IWGFF ~$2.48–2.50
52w: 163.5p–250.8p | YTD roughly −22–24% | Cap ~£1.71bn
Shares out ex-treasury: ~946.0m and falling
OTC volume: low tens of thousands. London is the book.
H1 2026 (to 30 Jun)
System-wide rev $2.40bn (+11%) | Group $1.97bn (+6%)
Adj. EBITDA $265m (+1%) | Op profit $38m (−44%)
CF before corp $(55)m | Net debt $880m
Network 4,974 centers (+17%) | Openings 425 | Signings 728 | ~96% capital-light
Fee engine
M&F partner rev $535m (+36%) | Recurring managed fees $35m (+84%)
Open M&F rooms 358k (from ~154k H1’24) | Pipeline 257k | Open+contracted >610k
Mgmt: once mature → >$2bn system rev from that estate
Fee guide: $80m 2026 → $125m 2027
M&F now ~22% system rev / ~32% open rooms
Guide + call
Adj. EBITDA $585–625m | Co-owned rev ≥4% | Fees $80m
CFO Steel: “good chance of exceeding” the EBITDA range + H2 cash recovery
Capital returns
Buybacks since 31 Dec 2025: 48.38m shares | Issued now 945.99m
Still buying ~400k/day
CEO Schmitz bought 150k (~£259k) on 19 Aug around 172p
Bull
Capital-light network + fee mix ramping | Buybacks + CEO buy | Call tone better than the H1 P&L | Path from lease operator → fee platform (HYL/Askola thesis: ~5x 2027 EBITDA vs hotel platforms)
Bear
H1 growth without leverage | SG&A +26% must reverse | $5.4bn lease ROU still there | Fees growing off smaller base | Thin OTC line | Office/hybrid cycle
Bottom line
Price parked ~180p / ~$2.50. Company eating stock daily. Fee mix real. Proof is H2 opex + cash. Prefer LSE:IWG over Pink for size.
Not advice. Do your own work.