Management repeatedly highlighted the pace of network expansion, particularly in managed and franchised. Steel said IWG signed more than 1,100 new center locations in 2025 and opened 782 centers—more than three centers per working day. Compared with 2024, the company opened 25% more and signed 26% more locations. Steel noted that 2025 cash flow benefited from some payments that were scheduled for 2025 but were ultimately paid in 2026, but said the overall cash performance was still strong and in line with g ...