Meliá Hotels International (MEL) Q1 2026 earnings summary

Executive summary

• Consolidated revenues for Q1 2026 rose 3.8% year-over-year to €461.6M, with RevPAR up 8.3% and ARR up 5.2%.

• EBITDA for Q1 2026 was €87.9M, down 6.9% year-over-year; EBITDA excluding capital gains was €86.9M, down 4.5%, impacted by Cuba operations, pre-opening costs, and higher variable lease expenses.

• Net profit for Q1 2026 was €3.3M, a decrease of €7.2M compared to the same quarter last year.

• Net debt increased by €27.6M to €2,228.5M, mainly due to seasonality and investment in asset repositioning.

• Maintains a leading position as the #1 leisure group worldwide and #1 hotel group in Spain.

Financial highlights

• Revenue ex-capital gains for Q1 2026 was €460.6M, up 4.4% year-over-year despite negative FX impact and temporary hotel closures.

• EBITDA (ex-capital gains) was €86.9M, down from €91.0M in Q1 2025.

• EBIT fell 31.9% year-over-year to €22.9M.

• EPS for Q1 2026 was €0.00, down €0.03 year-over-year.

• Net debt at Q1 2026 was €2,228.5M, up €27.6M from year-end 2025.

Outlook and guidance

• Signed an €800M syndicated loan in February 2026 to refinance debt and extend maturities beyond 2030, with no increase in leverage.

• High single-digit systemwide RevPAR growth in constant currency expected for 2026, with operational margin improvement of 200 bps.

• Targeting at least €565M in EBITDA for 2026.

• Focus remains on asset-light growth, digitalization, and portfolio diversification.

• Plans to sign a minimum of 40 new hotels (8,400 rooms) and open at least 30 (3,500 rooms) in 2026.