Management Discussion and Analysis
Overview 4Q25 and 2025 Performance 13 February 2026 Summary: Minor International Public Company Limited ("MINT") delivered another quarter and year of strong, high-quality earnings, underpinned by the resilience of its diversified global platform and disciplined execution.In 4Q25, MINT recorded core revenue growth of 5% y-y to Baht 43,849 million. Hotel performance was supported by solid RevPAR growth across key markets and contributions from newly opened properties. The mixed-use segment benefited from additional residential unit sales, alongside improved performance from AVC and UK restaurant operations. Within the restaurant segment, continued recovery in China, strong contributions from Nomad manufacturing in Australia, and expansion of new concepts in Singapore supported portfolio growth.
Core EBITDA in 4Q25 increased by 10% y-y to Baht 12,015 million, outpacing revenue growth with EBITDA margin expanding to 27.4%, up from 26.2% in the prior year. Margin improvement was driven by effective cost discipline across both hotel and restaurant operations in multiple regions.
Core profit reached Baht 3,472 million in 4Q25, 21% y-y increase while core profit margin improved to 7.9% from 6.9% in the same period last year. Profitability was supported by MINT's ability to capture demand, broaden customer base, enhance operational efficiency, and benefit from lower interest expenses following a reduced cost of funds.
In 2025, core revenue was stable y-y but grew 3% y-y excluding the impact from THB appreciation against major currencies, reaching Baht 165,513 million. Growth was driven by improved hotel performance in Europe, Australia, and the Maldives, together with Minor Food's continued network expansion in selected markets and successful execution of hub-focused strategies. Meanwhile, core EBITDA increased 1% y-y (+4% excluding FX effects) to Baht 44,973 million. Lower interest burden further enhanced earnings quality, leading to a 16% increase in core profit to Baht 9,700 million.
Including non-core items and FX impact, as outlined in the appendix, MINT reported revenue of Baht 44,308 million for 4Q25, up 6% y-y, while reported EBITDA decreased by 3% y-y to Baht 11,570 million. Reported net profit for the quarter was at Baht 2,953 million, down from Baht 3,632 million in 4Q24, mainly attributable to unrealized derivative losses and impairment of land and buildings related to hotel assets in Germany recorded in 4Q25, compared with unrealized derivatives gains in 4Q24.
For 2025, reported revenue and EBITDA remained stable at Baht 167,241 million and Baht 44,435 million, respectively, mainly as a result of translation effects from THB appreciation. Reported net profit rose 16% y-y, demonstrating lower interest expenses.
Financial Performance |
Minor Hotels remained the dominant contributor, accounting for 73% of core profit in 2025.
4Q25 | 4Q24 | %Chg | 4Q24 | %Chg | |
Bt million | (Constant FX) | (Constant FX) | |||
Core* | |||||
Total Revenue** | 43,849 | 41,757 | 5 | 42,138 | 4 |
Total EBITDA | 12,015 | 10,949 | 10 | 11,059 | 9 |
EBITDA Margin | 27.4 | 26.2 | 26.2 | ||
Total Net Profit | 3,472 | 2,876 | 21 | 2,922 | 19 |
Net Profit Margin | 7.G | 6.G | 6.G | ||
As Reported | |||||
Total Revenue** | 44,308 | 41,936 | 6 | 42,324 | 5 |
Total EBITDA | 11,570 | 11,895 | -3 | 12,006 | -4 |
EBITDA Margin | 26.1 | 28.4 | 28.4 | ||
Total Net Profit | 2,953 | 3,632 | -19 | 3,679 | -20 |
Net Profit Margin | 6.7 | 8.7 | 8.7 | ||
2025 | 2024 | %Chg | 2024 | %Chg | |
Bt million | (Constant FX) | (Constant FX) | |||
Core* | |||||
Total Revenue** | 165,513 | 166,034 | -0 | 161,010 | 3 |
Total EBITDA | 44,973 | 44,572 | 1 | 43,234 | 4 |
EBITDA Margin | 27.2 | 26.8 | 26.G | ||
Total Net Profit | 9,700 | 8,390 | 16 | 8,389 | 16 |
Net Profit Margin | 5.G | 5.1 | 5.2 | ||
As Reported | |||||
Total Revenue** | 167,241 | 166,409 | 0 | 161,367 | 4 |
Total EBITDA | 44,435 | 44,441 | -0 | 43,088 | 3 |
EBITDA Margin | 26.6 | 26.7 | 26.7 | ||
Total Net Profit | 9,009 | 7,750 | 16 | 7,745 | 16 |
Net Profit Margin | 5.4 | 4.7 | 4.8 | ||
* Exclude non-core items as detailed in the appendix
** Include share of profit and other income
Performance Breakdow | n by Business* | ||
2025 | % Core Revenue | % Core EBITDA | % Core Profit |
Contribution | Contribution | Contribution | |
Hotel C Mixed-use | 80 | 84 | 73 |
Restaurant Services | 20 | 16 | 27 |
Total | 100 | 100 | 100 |
* Exclude non-core items as detailed in the appendix
Major Developments in 4Q25 Restaurant
Opened 32 outlets, net q-q, primarily the store openings of (i) Dairy Queen, GAGA, and Bonchon in Thailand and (ii) Dairy Queen and GAGA in Indonesia, (iii) several brands in Singapore, netted off with store closures of The Coffee Club in Australia, in line with efforts to enhance franchisee profitability through a more focused store network.
Debuted first store of Sanook Kitchen in India.
Introduced new brand, Krob Krob Station, the elevated Thai food concept
Launched the first Poulet restaurant in Indonesia.
Hotel s Mixed-UseOpened a total of 3 hotels and Anantara Vacation Club q-q;
Tivoli: One managed hotel in Brazil
Oaks: One managed hotel in Australia
Anantara Vacation Club: Two rooms in the UAE
Corporate
Announced share buyback program of up to Baht 5 billion, strengthening focus on shareholder value creation
At the end of 2025, MINT owns 370 hotels and manages 196 hotels and serviced suites in 56 countries. Altogether, these properties have 81,611 hotel rooms and serviced suites, including 54,193 rooms that are equity-owned and leased and 27,418 rooms that are purely-managed under the Company's brands including Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana Collection, and Colbert Collection. Of the total, 6,005 rooms in Thailand accounted for 7%, while the remaining 75,606 rooms or 93% are located in 55 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 636 hotels.
Hotel Rooms by Owned Equity and Management
2025 | Chg q-q | Chg y-y | |
Owned Equity* | 54,193 | -105 | -1,631 |
- Thailand | 3,559 | 46 | 1 |
- Overseas | 50,634 | -151 | -1,632 |
Management | 27,418 | 63 | 1,898 |
- Thailand | 2,446 | 0 | 139 |
- Overseas | 24,972 | 63 | 1,759 |
Total Hotel Rooms | 81,611 | -42 | 267 |
* Owned equity includes all hotels which are majority-owned, leased and joint-venture.
Hotel Rooms by Ownership
2025 | Chg q-q | Chg y-y | |
Owned Hotels | 17,260 | 243 | -1,262 |
Leased Hotels | 35,180 | -348 | -285 |
Joint-venture Hotels | 1,753 | 0 | -84 |
Managed Hotels | 20,749 | 85 | 2,356 |
MLRs* | 6,669 | -22 | -458 |
Total Hotel Rooms | 81,611 | -42 | 267 |
* Properties under management letting rights in Australia and New Zealand
Hotel Performance Analysis by Ownership Overall Hotel PortfolioIn 4Q25, THB continued to strengthen y-y against most major currencies, albeit at a more moderate pace than in the first half of 2025. Specifically, THB appreciated by 5% y-y against the USD and AUD, while depreciating 3% y-y against the EUR. Despite currency movements, stronger hotel performance across all regions supported reported RevPAR growth of 9% y-y in THB.
For 2025, MINT's entire portfolio system-wide RevPAR increased by 1% y-y in THB term. On a local currency basis, RevPAR would have grown at a faster pace, reflecting the underlying strength of operational performance across all key markets.
Owned s Leased HotelsMINT's owned and leased hotels contributed approximately 82% of core hotel and mixed-use revenues in 4Q25. System-wide RevPAR in THB terms increased 9% y-y, supported by improved underlying operations in Europe, Thailand, and the Maldives.
Europe s Americas: RevPar in 4Q25 increased 6% y-y in EUR term, supported by resilient demand and enhanced pricing power, despite depreciation of Argentine Peso against the EUR. Average occupancy rose to 72% in 4Q25 from 70% in 4Q24, driven by major events such as the pharmaceutical congress in Germany and the cardiology congress in Italy while room rate increased 4% y-y to EUR 154. Central Europe led RevPar growth, followed by Italy, Benelux, and Spain. Asia: Hotels in Thailand reported robust performance. Thailand RevPAR surged 15% y-y in 4Q25, solely driven by room rate growth following a completion of renovations at flagship properties. Performance was supported by continued strong positioning in capturing high-spending travelers from key source markets including the UK, Israel, Russian, and UAE. Resort destinations demonstrated resilience and continued to outperform city hotels.The Maldives maintained strong growth trajectory, with RevPAR in USD surging 13% y-y in 4Q25, supported by higher occupancy rates and solid demand from diversified feeder markets, including Russia, UK, Germany, and China.
Management Letting Rights (MLRs) in Australia and New ZealandThe MLR portfolio contributed 8% of core hotel C mixed-use revenues in 4Q25. RevPAR in AUD rose 6% y-y, supported primarily by higher average room rate, while occupancy rate remained solid at 81%. Strong
school holiday Melbourne.
travel, along with sporting and music events, supported leisure demand, particularly in
Management ContractsThe management contract portfolio, accounting for 2% of MINT's core hotel and mixed-use revenues in 4Q25, saw system-wide RevPAR up by 10% y-y in THB term. Hotels in Thailand and the Middle East led the outperformance.
Under the asset-light growth strategy, Minor Hotels continued to expand its portfolio with new openings in the quarter, including Tivoli Maiorana Belém Pará Hotel in Brazil and Oaks Trafalgar Shopfront in Australia, further strengthening fee-based income and geographic reach.
Hotel Business Performance by Ownership
(System-wide) Occupancy (%) | ||||||
4Q25 | 4Q24 | Chg y-y (%) | 2025 | 2024 | Chg y-y (%) | |
Owned Hotels | 71 | 69 | 2 | 70 | 69 | 1 |
Joint Ventures | 45 | 38 | 7 | 38 | 36 | 2 |
Managed Hotels | 67 | 64 | 3 | 62 | 62 | - |
MLRs* | 81 | 80 | 1 | 79 | 79 | - |
Average | 70 | 6G | 1 | 6G | 68 | 1 |
(System-wide) ADR (Bt/night) | ||||||
4Q25 | 4Q24 | %Chg | 2025 | 2024 | %Chg | |
Owned Hotels | 6,066 | 5,671 | 7 | 5,913 | 5,904 | 0 |
Joint Ventures | 8,350 | 8,367 | -0 | 8,817 | 8,467 | 4 |
Managed Hotels | 6,459 | 6,155 | 5 | 5,769 | 5,826 | -1 |
MLRs* | 5,251 | 5,243 | 0 | 4,956 | 5,308 | -7 |
Average | 6,083 | 5,744 | 6 | 5,822 | 5,860 | -1 |
(System-wide) RevPar (Bt/night)
4Q25 | 4Q24 | %Chg | 2025 | 2024 | %Chg | |
Owned Hotels | 4,289 | 3,929 | 9 | 4,126 | 4,049 | 2 |
Joint Ventures | 3,781 | 3,149 | 20 | 3,360 | 3,014 | 11 |
Managed | ||||||
Hotels | 4,329 | 3,946 | 10 | 3,600 | 3,606 | -0 |
MLRs* | 4,249 | 4,218 | 1 | 3,892 | 4,204 | -7 |
Average | 4,283 | 3,G40 | G | 3,GG0 | 3,G62 | 1 |
* Properties under Management Letting Rights in Australia C New Zealand
Mixed-Use BusinessMINT'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.