Banyan Tree (B58) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 25% to S$477.4m and Core Operating Profit increased 59% to S$109.8m, led by record Residences performance.

• The portfolio reached 100 hotels across 21 countries after nine FY25 openings; 24 contracts were signed across 10 countries.

Financial highlights

• Revenue was S$477.4m vs S$380.6m; Core Operating Profit was S$109.8m vs S$69.0m.

• Operating Profit, defined as EBITDA, was S$126.0m vs S$103.2m; PATMI was S$42.5m vs S$42.1m.

• Core Operating Profit excludes one-off gains or losses; reported Operating Profit included S$16.2m of adjustments and one-off gains, compared with S$34.2m in FY24.

Outlook and guidance

• Targeting 15 managed hotel openings in 2026, including Tanzania, Benin and the Dominican Republic; 27 new hotels are projected over the next three years.

• Signed-project keys are projected to grow at 7% CAGR to over 17,000 by end-2028; managed hotels, franchise and co-development are expected to account for 90% of keys vs 88% in 2025.

• S$604.4m of unrecognised Residences revenue is expected to be recognised in 2026 and beyond, with 32% estimated for 2026.

• 1Q26 forward bookings were up 8% on a same-store basis as of 15 Jan 2026; owned hotels grew 1% and managed hotels 11%.

• Expansion priorities include entering new markets through a disciplined, asset-light growth model focused on sustainable, purpose-driven growth.