Hotel Properties (H15) H1 2026 earnings summary

Executive summary

• H1 2026 revenue was $371.1m and net loss attributable to owners was $39.1m, versus $378.4m revenue and $11.4m net profit in H1 2025.

• Performance reflected lower gross profit, higher finance costs, investment mark-to-market losses and the absence of significant prior-year gains.

• Interim statements were unaudited and unreviewed.

Financial highlights

• Revenue fell to $371.1m from $378.4m; gross profit declined to $75.4m from $85.2m.

• Loss before income tax was $36.1m versus profit of $19.4m; H1 2025 included a $27.3m investment-property fair value gain.

• Net loss attributable to owners was $39.1m versus net profit of $11.4m; basic and diluted EPS were both -8.19 cents versus 1.34 cents.

• Finance costs rose to $54.3m from $51.0m, attributed to higher borrowings; mark-to-market loss on long-term investments was $4.8m versus $9.3m.

Outlook and guidance

• International tourism is expected to face Middle East conflict, elevated transport and accommodation costs, and broader economic challenges in 2026.

• Higher travel costs and uncertainty over air connectivity could weigh on travel demand; elevated hotel operating and financing costs are expected to persist.

• Geopolitical uncertainty may delay the anticipated easing of interest rates.