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 excluding capital gains was €86.9M, down 4.5% year-over-year, impacted by Cuba operations, pre-opening costs, and higher variable lease expenses.

• Net profit attributable to the parent company was €0.0M, a decrease of €6.7M from Q1 2025.

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

Financial highlights

• Consolidated revenues (ex-capital gains) grew 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.

• Net profit for the group was €3.3M, down from €10.5M in Q1 2025.

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

Outlook and guidance

• 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.

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

• Bookings remain in double-digit growth over prior year, especially in Spain and key resort destinations.