Overview 1Q26 Performance

Management Discussion and Analysis

In 1Q26, MINT core revenue increased by 5% y-y to Baht 38,488 million, supported by top-line growth of both hotel and restaurant businesses. Hotel performance was supported by solid RevPAR growth of existing hotels across key markets and contributions from newly opened properties while the mixed-use segment benefited from improved performance at AVC. In the restaurant segment, stronger contributions from Nomad manufacturing in Australia, continued network expansion in Singapore, and higher franchise income in both domestic and international markets supported the growth.

Core EBITDA in 1Q26 showed a 2% increase y-y to Baht 8,525 million, growing at a slower pace than revenue, with EBITDA margin slightly easing to 22.1% from 22.8% in the prior year. Stronger profitability of hotels in Thailand and the Maldives was offset by higher operating costs across other regions.

MINT recorded a positive core profit of Baht 145 million in 1Q26, nearly tripling from core earnings of Baht 50 million in the same period last year despite low seasonality in its primary European operations. Core profit outpaced revenue and EBITDA growth, mainly attributable to lower financial costs resulting from lower cost of funds and effective tax management.

On a reported basis, including non-core items and FX impact as outlined in the appendix, revenue and EBITDA in 1Q26 saw 3% and 4% y-y increases to Baht 38,653 and Baht 9,073 million, respectively. Reported net profit reached Baht 649 million in 1Q26, exceeding core earnings, supported by favorable foreign exchange movements and representing a 56% y-y increase.

Minor Hotels remained the dominant contributor, accounting for 79% of core revenue in 1Q26.

Bt million

Core*

Total Revenue** Total EBITDA EBITDA Margin

* Exclude non-core items as detailed in the appendix

** Include share of profit and other income

* Exclude non-core items as detailed in the appendix

• Opened 17 outlets, net q-q, primarily the store openings of (i) Dairy Queen, GAGA, and The Steak C More in Thailand and (ii) Dairy Queen, GAGA, and Sanook Kitchen in Indonesia, (iii) Sanook Kitchen and Scoop Wonder in India, netted off with store closures of Riverside in China and The Pizza Company and Swensen's in Cambodia.

• Debuted first store of Sanook Kitchen in Indonesia.

• Introduced new brand, The Stone, a Japanese dining concept specializing in hot stone udon.

• Initiated first franchise expansion of The Steak C More.

• Increased shareholding in GAGA Beverage Thailand from 70% to 100% (May 2026)

  Hotel s Mixed-Use

• Opened a total of 4 hotels q-q;

  • Tivoli: One managed hotel in Oman

  • NH: One managed hotel in Thailand

  • Other brands: Two managed hotel in Slovenia (will later be rebranded to Minor Reserve Collection) and Croatia (will later be rebranded to Anantara)

• Rebranded 3 NH hotels to iStay brand

At the end of 1Q26, MINT owns 368 hotels and manages 197 hotels and serviced suites in 57 countries. Altogether, these properties have 81,394 hotel rooms and serviced suites, including 53,766 rooms that are equity-owned and leased and 27,628 rooms that are purely-managed under the Company's brands

including Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana Collection, Minor Reserve Collection, and Colbert Collection. Of the total, 6,125 rooms in Thailand accounted for 8%, while the remaining 75,269 rooms or 92% are located in 56 other countries in Asia, Oceania, Europe, the Americas and Africa.

Including upcoming owned and committed JV, together with signed lease and management contracts, MINT owns and manages a total of 643 hotels.

* Properties under management letting rights in Australia and New Zealand

In 1Q26, MINT's entire portfolio system-wide RevPAR increased by 7% y-y in THB term, attributable to strong performance of hotels across all key markets, reflecting the effectiveness of Minor Hotels' sales, pricing, and brand initiatives. The Middle East conflict had a very limited impact on hotel operations across most regions, supported by the Group's diversified portfolio.

MINT's owned and leased hotels contributed approximately 81% of core hotel and mixed-use revenues in 1Q26. System-wide RevPAR in THB terms increased 10% y-y, supported by improved underlying operations in Europe, Thailand, and the Maldives.

related demand in Milan, while Spain and Central Europe also recorded solid growth. In THB terms, RevPAR increased 11% y-y supported by FX movements.

The Maldives maintained strong growth trajectory, with RevPAR in USD surging 9% y-y in 1Q26. Higher occupancy rates were the key driver, rising to 74% from 68% in the same quarter last year. Demand remained strong from diversified feeder markets, including Russia, UK, Germany, and Italy, alongside a recovery in demand from China. Including the impact from THB appreciation against USD, RevPar rose 1% y-y.

The MLR portfolio contributed 8% of core hotel C mixed-use revenues in 1Q26. RevPAR in AUD rose 1% y-y, attributable to higher average room rate. Performance was supported by strong demand in Sydney CBD hotels, while New Zealand benefited from music events and business travel, including film production crews. Given favorable FX translation, with THB depreciating against AUD, RevPar in THB grew 4% y-y.

The management contract portfolio, accounting for 3% of MINT's core hotel and mixed-use revenues in 1Q26, saw system-wide RevPAR up by 1% y-y in THB term. Strong performance of hotels in Thailand more than offset the impact of the Middle East conflict on properties in the region.

Under the asset-light growth strategy, Minor Hotels continued to expand its portfolio with new openings in the quarter, further strengthening fee-based income and geographic reach. This included expansion in Thailand and Oman- NH Hua Hin and Tivoli LA VIE Muscat Hotel, as well as entry into new markets such as Croatia and Slovenia with Anantara Adriatic Istria Resort and Hotel Palace Portoroz, Minor Reserve Collection.

* Properties under Management Letting Rights in Australia C New Zealand

MINT's mixed-use business includes plaza and entertainment, residential development, vacation club businesses, restaurants in the UK, and retail trading. The Company owns and operates three shopping plazas in Bangkok, Phuket and Pattaya, along with seven entertainment outlets in Pattaya, including the famous Ripley's Believe It or Not Museum and The Louis Tussaud's Waxworks.

MINT's residential development business develops and sells properties alongside its hotels. There are currently five ongoing projects in Thailand, Indonesia and Malaysia, along with an office development project to sustain future real estate growth.

Anantara Vacation Club (AVC), MINT's point-based vacation club, had a total inventory of 397 units across Thailand, New Zealand, Indonesia, China and the UAE by the end of 1Q26. Membership increased by 3% yy to 19,800 members.

The Wolseley Hospitality Group operates nine restaurants in the UK including The Wolseley, Delaunay, Brasserie Zedel, Colbert, Fischers, Bellanger, Soutine, Manzi's, and Wolseley City.

For retail trading business, MINT is one of Thailand's largest distributors of lifestyle brands. Its brands include Anello, Charles C Keith, Crash, BergHOFF, Joseph Joseph, Pop Mart, Zwilling J.A. Henckels, Sunnies, Villeroy C Boch, and Minor Smart Kids.

In 1Q26, core revenue from hotel C mixed-use business grew by 6% y-y to Baht 30,330 million, reflecting stronger performance across both segments. Core revenue from hotel operations and related services reported a 6% increase as a result of Minor Hotels' effective sales and pricing strategies to capture demand across key regions including Europe and Americas, Thailand, Australia, and the Maldives. Management income rose by 4% y-y, supported by new hotel management contracts added during the year and RevPar growth at managed properties. Within the mixed-use segment, improved performance at AVC from higher points sold and increased price per point led to 5% y-y increase in mixed-use revenue, despite the absence of residential income during the quarter.

Core EBITDA in 1Q26 increased by 3% y-y to Baht 6,735 million, growing at a slower pace than revenue. As a result, core EBITDA margin softened slightly to 22.2%, compared to 22.8% in 1Q25. Stronger profitability of hotels in Thailand and the Maldives was offset by lower operating leverage in Europe due to wage increase, higher IT and marketing expenses, increased rental costs, as well as the absence of high-margin residential sales. Note that the rise in rental expenses was mainly due to lease renegotiations from fixed to