Mandarin Oriental International Limited
Mandarin Oriental International — H1 2025 Earnings Presentation
27 slides from Mandarin Oriental International's earnings presentation, 2025
Slide 1: Emirates Palace Mandarin Oriental, Abu Dhabi
Emirates Palace Mandarin Oriental, Abu Dhabi
Slide 2: 2025 1H Performance Highlights agenda
• 2025 1H Performance Highlights • Portfolio Update • Operating Performance • Financial Results • Outlook for 2025 2H MANDARIN ORIENTAL Mandarin Oriental Lutetia, Paris
Slide 3: 2025 1H Performance
EAR RESUL + B HAL FORMANCE
Slide 4: Operating and Financial Performance Highlights
Revenue per Combined Total Available Room Revenue Under Announced 4 44 hotels (RevPAR)1 Management2 management under contracts since Operating management the start of 2025 US$430 US$1,088m Performance ▲1 rebranding, ▲11% in net pipeline ▲11% (vs 2024 1H) ▲11% (vs 2024 1H) 3 management takeovers, key
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Slide 6: Rebrandings, takeovers and new management contracts
Rebranding of Management takeover of New management contract and takeover of a Mandarin Oriental Lutetia, Paris The Conservatorium Hotel in Amsterdam beachfront resort in Desaru Coast, Malaysia New management contract in Puerto Rico New management contract in Suzhou 6
Slide 7: Closure of Miami and disposal of Munich property
Closure of Mandarin Oriental, Miami Disposal of the hotel property in Munich and disposal of the Group’s stake Transaction expected to be closed in 2H 2025. A In May, the hotel closed its doors after 25 years of long-term management agreement is being service. A brand new hotel with residences is se
Slide 8: Hotel portfolio by region
AMERICA EUROPE ASIA Barcelona Boston Bodrum Bangkok Canouan Costa Navarino Desaru Coast, Malaysia (new, New York Geneva rebranding in 2026) Santiago Hyde Park, London Wangfujing, Beijing Istanbul Qianmen, Beijing Lake Como Guangzhou Lucerne Hong Kong Lutetia, Paris (new) Jakarta Madrid Kuala Lumpur
Slide 9: Hotel portfolio by region (updated)
AMERICA EUROPE ASIA Barcelona Boston Bodrum Bangkok Canouan Costa Navarino Desaru Coast, Johor, Malaysia New York Geneva (new, rebranding in 2026) Santiago Hyde Park, London Wangfujing, Beijing Istanbul Qianmen, Beijing Lake Como Guangzhou Lucerne Hong Kong Lutetia, Paris (new) Jakarta Madrid Kuala
Slide 10: Upcoming hotel openings
London New York Boston Bodrum Beverly Hills Madrid Barcelona Muscat Taipei Macau Bangkok 10
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Slide 12: % change in RevPAR 2025 1H vs 2024 1H
% change in RevPAR 2025 1H vs 2024 1H1 11% 11% 11% 1% 3% 5% 6% 10% 7% 6% 6% EMEA America Asia Total ADR Occupancy x% RevPAR 1. US dollar terms on a like-for-like basis which excludes new openings in 2024/25 and impacts of renovation or closure. 12
Slide 13: % change in Combined Total Revenue of Hotels Under Management
% change in Combined Total Revenue of Hotels Under Management 2025 1H vs 2024 1H1 18% 14% 11% 7% excl. closures 5% -2% EMEA America Asia Total Total (Comparable change1) 1. US dollar terms on a comparable basis which excludes impacts of renovation or closure. 13
Slide 14: Hotel management fees
• Total hotel management fees 14% higher than 2024 1H. • EMEA: 21% higher largely fuelled by strong performances in Abu Dhabi, Zurich, and recent openings. Mandarin Oriental Savoy, Zurich Mandarin Oriental, Macau • Asia: 10% higher driven by Macau and the newly opened hotel in Qianmen. • America: si
Slide 15: Owned hotels performance
• RevPAR of Owned Hotels exceeded 2024 1H by 6%. • Asia: All hotels recorded RevPAR growth, bolstered by strong intra-regional travel demand. Mandarin Oriental, Tokyo Mandarin Oriental, Geneva • Europe: Double digit RevPAR growth in Geneva and Madrid; lower RevPAR in London • America: RevPAR growth
Slide 16: 2025 Half Year Results: Financial Performance
Ze 2025 HALF YEAR RESULTS FINANCIAL PERFORMANCE 16
Slide 17: Consolidated Revenue
Consolidated Revenue Reported Comparable US$m 2025 1H 2024 1H Change Change1 Management Business 45 42 3 5 Subsidiary Hotels 213 219 (6) 12 Less: Intra Segment Revenue (10) (10) - - Total 248 251 (3) 17 1. Comparable Change: Management Business excludes impacts of renovation, closure, other minor op
Slide 18: Underlying EBITDA
Underlying EBITDA Reported Comparable Reported Comparable US$m 2025 1H 2024 1H 2025 1H 2024 1H Change Change1 Management Business 17 19 (11%) 12 11 11% Owned Hotels 52 54 (4%) 50 49 2% Property Development (2) (2) - (1) (1) - Total 67 71 (6%) 61 59 4% 1. Comparable Change: Management Business exclud
Slide 19: Underlying Profit Attributable To Shareholders
Underlying Profit Attributable To Shareholders Reported Comparable US$m 2025 1H 2024 1H Change Change1 Management Business 10 14 (4) (2) Owned Hotels 17 11 6 9 Property Development2 (3) (2) (1) - Total 24 23 1 7 1. Comparable Change: Management Business excludes impacts of renovation, closure, other
Slide 20: Loss Attributable to Shareholders
Loss Attributable to Shareholders Reported US$m 2025 1H 2024 1H Change Underlying Profit 24 23 1 Net Non-Trading Losses (88) (75) (13) Loss Attributable to Shareholders (64) (52) (12) 1. Net non-trading losses primarily comprise a fair value loss of US$103 million on One Causeway Bay (the Group’s mi
Slide 21: Summary Cash Flow Statement
Summary Cash Flow Statement US$m 2025 1H 2024 1H Commentary Higher operating cash inflows due to the improvement in working Operating Activities 39 24 capital and lower interest costs Continued investment in One Causeway Bay, partially offset by the Investing Activities (54) 142 net proceeds from di
Slide 22: Cash Flow From Operating Activities
Cash Flow From Operating Activities US$m 2025 1H 2024 1H Group’s underlying EBITDA excluding associates and joint ventures 47 52 Movements in working capital due to asset disposals - (9) Tax paid on asset disposals - (5) Net interest paid (2) (7) Dividends and interest from associates and joint vent
Slide 23: Cash Flow From Investing Activities
Cash Flow From Investing Activities US$m 2025 1H 2024 1H Net capital expenditure on existing properties (12) (9) Redevelopment of One Causeway Bay site (79) (65) Net proceeds from disposal of Miami hotel 37 - Net proceeds from disposal of Paris hotel and retail properties - 216 Total (54) 142 23
Slide 24: Net Debt and Liquidity
Net Debt and Liquidity US$m June 2025 December 2024 Net debt 152 94 Adjusted shareholders’ funds 1 4,328 4,427 Adjusted gearing 2 3% 2% Adjusted net asset value per share (US$) 3.42 3.50 Cash3 167 215 Undrawn committed debt facilities 450 424 Group liquidity 617 639 1. Includes the market value of t
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Slide 26: Upcoming Mandarin Oriental hotels and residences
MANDARIN ORIENTAL, VIENNA • Housed in an Art Nouveau building from the early 1900s MANDARIN ORIENTAL RESIDENCES, MADRID • In the heart of Salamanca neighborhood with luxury retail, bars, restaurants and leisure facilities MANDARIN ORIENTAL DOWNTOWN, DUBAI • Located in the iconic Wasl Tower, featurin
Slide 27: Questions to investors@mohg.com
QUESTIONS TO INVESTORS@MOHG.COM
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