Mandarin Oriental International Limited
Mandarin Oriental International — Mandarin Oriental Hotel Group — FY2024 Earnings Presentation
30 slides from Mandarin Oriental International's earnings presentation, Mar 5, 2025
Slide 1: 2024 Annual Results
2024 Annual Results Mandarin Oriental Hotel Group 5 March 2025 MANDARIN ORIENTAL Mandarin Oriental, Tokyo
Slide 2: Agenda
Agenda • 2024 Performance Highlights • Strategic Update • Group Portfolio • Operating Performance • Financial Results • Outlook for 2025 MANDARIN ORIENTAL Mandarin Oriental Qianmen, Beijing
Slide 3: Performance Highlights
2 0 2 4 A N N UA L R E S U LT S PERFORMANCE HIGHLIGHTS 3
Slide 4: 2024 Performance Highlights
2024 Performance Highlights 5 OPENINGS IN 2024, ACCELERATED PORTFOLIO GROWTH, 13% G R O W T H I N C O M B I N E D T O TA L R E V E N U E , 1 5 % G R O W T H I N H O T E L MANAGEMENT FEES Revenue per Combined Total Available Room Revenue Under 41 hotels Announced 8 (RevPAR) Management1 management und
Slide 5: Strategic Update
2 0 2 4 A N N UA L R E S U LT S STRATEGIC UPDATE 5
Slide 6: Strategic Update
Strategic Update M A N DA R I N O R I E N TA L T O E L E VA T E I T S L U X U RY P R O P O S I T I O N W I T H A N E W V I S I O N A N D A B R A N D - L E D , G U E S T- C E N T R I C STRATEGY Elevate Mandarin Oriental to Accelerate growth to double Innovate with guest Purposeful operations rooted G
Slide 7: Acceleration in Development: 5 Openings and Rebranding in 2024
Strategic Update A C C E L E R A T I O N I N D E V E L O P M E N T: 5 O P E N I N G S A N D REBRANDING IN 2024 Second hotel in London: One of the highest rates in Rebranding of Mandarin New branded residences in First hotel in Oman: Mandarin Oriental Mayfair, mainland China: Mandarin Oriental Al Fai
Slide 8: The Group Expects to Open Five New Hotels and Residences in 2025
Exceptional Opening in 2025 THE GROUP EXPECTS TO OPEN FIVE NEW HOTELS AND RESIDENCES IN 2025 CONSERVATORIUM HOTEL, AMSTERDAM • Scheduled to open in 1H 2025 • The rebranding of the HÔTEL LUTETIA , PARIS Conservatorium Hotel • Scheduled to open in 1H • The Group's debut project in 2025 the Netherlands
Slide 9: Eight New Management Contracts Announced Since the Start of 2024
New Project in Pipeline EIGHT NEW MANAGEMENT CONTRACTS ANNOUNCED SINCE THE S TA R T O F 2 0 2 4 Rome, Italy Amsterdam, Netherlands Suzhou, China • Rebranding of the • Located on the • A collection of Conservatorium Hotel east bank of Jinji villas in the heart • The Group's debut Lake of Rome forming
Slide 10: Group Portfolio
Lorem ipsum dolor est sit amet 2 0 2 4 A N N UA L R E S U LT S GROUP PORTFOLIO 04 March 2025
Slide 11: The Group Operates 41 Managed Hotels
Group Portfolio – Managed Hotels THE GROUP OPERATES 41 MANAGED HOTELS AMERICA EUROPE ASIA Barcelona Boston Bodrum Bangkok Canouan Costa Navarino Wangfujing, Beijing Miami Geneva Qianmen, Beijing (new) New York Istanbul Guangzhou Santiago Lake Como Hong Kong Hyde Park, London Jakarta Lucerne Kuala Lu
Slide 12: Of Which 12 Are Owned or Partially Owned Hotels
Global Portfolio – Owned Hotels O F W H I C H 1 2 A R E O W N E D O R PA R T I A L LY O W N E D H O T E L S AMERICA EUROPE ASIA Barcelona Boston Bodrum Bangkok Canouan Costa Navarino Wangfujing, Beijing Miami Geneva Qianmen, Beijing (new) New York Istanbul Guangzhou Santiago Lake Como Hong Kong Hyde
Slide 13: The Group Manages 12 Branded Residences
Group Portfolio – Branded Residences THE GROUP MANAGES 12 BRANDED RESIDENCES London New York Boston Bodrum Beverly Hills Madrid Barcelona Muscat Taipei Macau Bangkok Group Portfolio 13
Slide 14: Operating Performance
Lorem ipsum dolor est sit amet 2 0 2 4 A N N UA L R E S U LT S OPERATING PERFORMANCE
Slide 15: FY 2024 RevPAR Performance
FY 2024 Revenue Per Available Room (‘RevPAR’) Performance R E C O R D R E V PA R A C H I E V E D I N A L L R E G I O N S M O S T LY D R I V E N B Y O C C U PA N C Y ; N O TA B L E G R O W T H I N A S I A % change in RevPAR FY 2024 vs FY 2023 (US$ terms) 14% 3% 8% 7% 6% 4% 1% 11% 10% 7% 5% 5% -1% -2%
Slide 16: All Regions Delivered Higher Revenue Than Last Year
FY 2024 Combined Total Revenue of Hotels Under Management ALL REGIONS DELIVERED HIGHER REVENUE THAN LAST YEAR Average % change in Combined Total Revenue of Hotels Under Management 2024 vs 2023 (US$ terms) 14% 13% 13% 11% 4% EMEA America Asia Total Total (Comparable change1) 1. Comparable change excl
Slide 17: Management Business Performance
Management Business Performance S U B S TA N T I A L G R O W T H I N T H E M A N A G E M E N T B U S I N E S S DRIVEN BY A 15% INCREASE IN HOTEL FEE INCOME • Total hotel management fees 15% higher than 2023. • Growth of hotel management fees in EMEA (+15% YoY) and Asia (+20% YoY) was largely fuelled
Slide 18: Owned Hotels Performance
Owned Hotels Performance OWNED HOTELS CONTRIBUTION REDUCED AFTER SALE OF THE PA R I S P R O P E R T I E S • RevPAR of Owned Hotels exceeded 2023 by 7%. • All hotels in Asia recorded growth in RevPAR, bolstered by strong intra-regional travel demand, particularly Tokyo and Singapore. Mandarin Orienta
Slide 19: Financial Results
Lorem ipsum dolor est sit amet 2 0 2 4 A N N UA L R E S U LT S FINANCIAL RESULTS
Slide 20: Consolidated Revenue
Consolidated Revenue R E D U C T I O N I N C O N S O L I DA T E D R E V E N U E D U E T O D I S P O S A L O F PA R I S P R O P E R T I E S Consolidated Revenue Comparable US$m 2024 2023 Reported Change Change1 Management Business 95 94 1 7 Subsidiary Hotels 454 487 (33) 17 Less: Intra Segment Revenu
Slide 21: Underlying EBITDA
Underlying EBITDA U N D E R LY I N G E B I T DA WA S L OW E R I N T H E M A NA G E M E N T BU S I N E S S AS HIGHER FEE INCOME WAS OFFSET BY LOWER BRANDING FEES A N D I N V E S T M E N T I N C O R P O R A T E C A PA B I L I T Y T O S U P P O R T L O N G - TERM GROWTH Underlying EBITDA Comparable US$
Slide 22: Underlying Profit and Loss
Underlying Profit and Loss L O W E R U N D E R LY I N G P R O F I T P R I M A R I LY D U E T O R E D U C E D P R O F I T S F R O M T H E M A N A G E M E N T B U S I N E S S A N D O N E - O F F TA X CREDIT RECEIVED IN 2023 Underlying Profit/(Loss) Attributable To Shareholders Comparable US$m 2024 202
Slide 23: Loss Attributable to Shareholders
Loss Attributable to Shareholders D E C R E A S E I N L O S S A T T R I B U TA B L E T O S H A R E H O L D E R S P R I M A R I LY D U E T O L O W E R N O N - T R A D I N G L O S S E S F R O M T H E R E VA L UA T I O N O F O N E C A U S E W A Y B A Y Loss Attributable to Shareholders US$m 2024 2023 R
Slide 24: Cash Flow Statement
Cash Flow Statement N E T I N C R E A S E I N C A S H P R I M A R I LY D U E T O H I G H E R C A S H INFLOW FROM INVESTING ACTIVITIES Summary Cash Flow Statement US$m 2024 2023 Commentary Lower operating cash inflows due to disposals, lower Operating Activities 78 141 branding fees, and a one-off ta
Slide 25: Cash Flow From Operating Activities
Cash Flow Statement LOWER CASH INFLOW FROM OPERATING ACTIVITIES P R E D O M I NA N T LY D U E TO D I S P O S A L S , L OW E R B R A N D I N G F E E S , A N D H I G H E R TA X Cash Flow From Operating Activities US$m 2024 2023 Group's EBITDA excluding associates and joint ventures 128 150 Movements i
Slide 26: Cash Flow Statement – Investment Activities
Cash Flow Statement – Investment Activities INCREASE IN NET CASH INFLOW FROM INVESTING ACTIVITIES P R I M A R I LY A T T R I B U TA B L E T O T H E D I S P O S A L O F T H E PA R I S PROPERTIES Cash Flow From Investing Activities US$m 2024 2023 Net capital expenditure on existing properties (14) (14
Slide 27: Net Debt and Gearing
Net debt and Gearing LIQUIDITY POSITION STRENGTHENED; NET DEBT REDUCED BY US$131 MILLION Net Debt and Liquidity US$m December 2024 December 2023 Net debt 94 225 Adjusted shareholders’ funds 1 4,427 4,637 Adjusted gearing 2 2% 5% Adjusted net asset value per share (US$) 3.50 3.67 Cash 215 190 Undrawn
Slide 28: Outlook for 2025
Lorem ipsum dolor est sit amet 2 0 2 4 A N N UA L R E S U LT S OUTLOOK FOR 2025 04 March 2025
Slide 29: Outlook for 2025
Outlook for 2025 2025: EXECUTE AGAINST THE NEW BRAND -LED, GUEST CENTRIC , LONG -TERM GROWTH STRATEGY Continued growth in demand for Clear vision, disciplined execution, and strong governance luxury leisure and resort hotels at a normalising pace Outlook for 2025 29
Slide 30: Questions to Investors@mohg.com
Questions to Investors@mohg.com
Mandarin Oriental Hotel Group — FY2024 Earnings Presentation on 6ix