Minor Hotels Delivers 32% Profit Growth in 2025

• Total System Sales (LFL): +3% YoY
• Occupancy: 68% (+1pp YoY)
• ADR: +3% YoY
• RevPAR: +4% YoY
• Core revenue: THB 133.2 billion (-1% YoY)
• Core profit: THB 6.84 billion (+32% YoY)
• Development activity: 23 openings, 40 signings

Minor Hotels, a leading hotel owner and operator with a global portfolio of more than 640 properties, has delivered another year of record profitability in 2025, reflecting strong system-wide demand and improved financial discipline.

The group reported full-year core profit of THB 6.84 billion (approximately USD 217 million), an increase of 32% year-on-year. Operating performance remained broadly stable, with core revenue of THB 133.2 billion and operating expenses both easing around 1% year-on-year. The increase in core profit was primarily driven by lower net finance costs and below-the-line improvements, including lease accounting and foreign exchange movements.

Total System Sales (TSS) increased by 3% over the year on a like-for-like basis to THB 140.36 billion, and 4% overall to THB 166.1 billion, reflecting continued demand across Minor Hotels' managed, franchised and owned portfolio.

This performance was achieved despite significant renovations at several flagship owned properties, including Anantara Siam Bangkok Hotel, which constrained available inventory during the year, as well as a backdrop of ongoing macroeconomic and geopolitical uncertainty.

Key operating metrics also gained on 2024 figures, with occupancy increasing by one percentage point to 68%, system-wide average daily rate (ADR) rising by 3% year-on-year and system-wide revenue per available room (RevPAR) increasing 4%, indicating a continued focus on pricing rather than volume-led growth.

"The quality of our growth is becoming as important as the pace of our growth. By expanding through management and franchise partnerships while retaining a disciplined ownership position, we are pursuing an asset-right approach that supports earnings resilience. Together with strong system-wide demand, this helped deliver a record year of profit in 2025 and positions us well for further growth in 2026."

- Dillip Rajakarier, Group CEO of Minor International (SET:MINT), the parent company of Minor Hotels

EUAM reinforces role as earnings anchor

Europe and the Americas (EUAM), which accounts for more than half of Minor Hotels' global portfolio, continued to drive results in 2025, delivering double-digit growth in profit contribution and reinforcing the region's role as a stable earnings base. Performance was supported by strong leisure demand and improving corporate and MICE activity, particularly in the fourth quarter. Occupancy in EUAM increased by two percentage points year-on-year, while ADR rose by 2% and RevPAR increased by 4%, with strength reported in Spain and Italy.

Across the Middle East and Africa, RevPAR grew by 10%, driven primarily by strong rate growth, particularly in the luxury segment. In Asia and the Indian Ocean, rate-led growth drove RevPAR up by 12%, with the Maldives a key driver of performance.

Fourth quarter delivers strong bottom-line growth

Minor Hotels delivered strong earnings growth in the fourth quarter, with core profit increasing 32% year-on-year to THB 2.73 billion, supported by peak-season demand and improved operating leverage across both resort and urban markets.

Core revenue increased 5% year-on-year to THB 35.6 billion, while EBITDA rose 7%, reflecting disciplined cost management and the benefit of rate-led growth. Performance was again led by EUAM, where profit contribution increased 44% year-on-year, driven by strong leisure demand in Central Europe, Spain and Italy.

System-wide occupancy increased by two percentage points in the quarter to 70%, while ADR rose 4% and RevPAR grew 8% compared to the same period in 2024, underlining continued pricing strength across both resort and urban portfolios.

Asset-light pipeline to support 2026 growth

Minor Hotels enters 2026 with its strongest development pipeline to date, following a record year of expansion activity in 2025. During the year, the group signed 40 new hotel projects and master agreements and opened or rebranded 23 properties.

Looking ahead, Minor Hotels expects trading conditions in 2026 to remain supportive, underpinned by positive forward booking trends, continued demand across its global portfolio and the benefits of an increasingly diversified and asset-right growth model. The group expects to secure a further 25 deals in the first quarter of 2026, reflecting sustained owner and developer interest across priority markets.

In parallel, Minor Hotels continues to invest in long-term capability building. Through the Asian Institute of Hospitality Management, operated in academic association with Les Roches, the group continues to strengthen its talent pipeline, with 250 students from 25 countries enrolled in its BBA program in 2025.

To further support its growth strategy, Minor International, the parent company of Minor Hotels, is progressing plans for a hotel real estate investment trust (REIT) targeted for listing in 2026. The proposed REIT is expected to enable capital recycling from mature assets while retaining long-term operating and brand relationships, providing additional flexibility to invest in new markets and brand development.

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