Banyan Tree (B58) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 15% to S$206.1m; Operating Profit (EBITDA) increased 21% to S$43.3m, and profit attributable to owners reached S$9.0m.

• Residences handovers supported profit growth; 10 new management agreements were signed during 1H25.

Financial highlights

• Revenue increased S$26.3m YoY to S$206.1m; total costs and expenses rose 14% to S$166.7m.

• Core Operating Profit rose 19% to S$39.4m from S$33.2m in 1H24.

• Profit after taxation increased 52% to S$11.5m; profit attributable to owners rose 45% to S$9.0m.

• Finance costs fell 8% to S$11.2m; income tax expense increased to S$9.3m from S$1.6m.

• Total comprehensive loss was S$10.1m, with S$22.0m of foreign-currency translation losses, mainly from Thai baht and US dollar weakness against the Singapore dollar.

Segment performance

• Hotel Investments revenue rose 5% to S$107.9m; operating profit fell 8% to S$26.5m, mainly due to FX losses versus gains in 1H24.

• Residences revenue rose 41% to S$58.0m despite 87 units recognised versus 100; operating profit nearly tripled to S$16.1m, led by 83 Laguna Beachside handovers and two high-end projects.

• Fee-based revenue increased 11% to S$40.2m; operating profit was S$8.9m, including a S$2.7m investment-property fair value gain.