Meliá Hotels International (MEL) Q2 2026 earnings summary

Executive summary

• Delivered solid first-half 2026 results with strong leisure and bleisure demand in core markets, robust operational performance, and resilience despite geopolitical volatility and challenges in Mexico and Cuba.

• Ceased operations in Cuba, resulting in a non-recurring impairment of EUR 79 million, classified as discontinued operations with no cash effect.

• Growth supported by RevPAR leadership, portfolio expansion, joint ventures, and recent acquisitions increasing scale and diversification.

• Healthy demand trends and strong execution in Spain, Italy, UK, Dominican Republic, and Southern Europe.

Financial highlights

• Consolidated revenue (excluding capital gains) rose 7.1% year-over-year for H1 2026 to EUR 1,047.4M; EBITDA (excluding capital gains) reached EUR 244.8M, up 2.5% year-over-year.

• EBIT increased 3.1% to EUR 125.0M; operating expenses rose 7.4% due to perimeter changes.

• Net profit was EUR 4.1M, significantly affected by the Cuba exit; net profit attributable to the parent was -EUR 7.5M due to impairments.

• Net debt stood at EUR 2,149.2M, down EUR 51.7M from FY2025; net debt excluding leases increased by EUR 65.1M due to investments.

• RevPAR for H1 was EUR 93.5 (+11.7%), and occupancy rose to 62.9% (+2.9pp).

Outlook and guidance

• Full-year guidance reaffirmed: high single-digit RevPAR growth at constant currency, 200 bps operational margin improvement, and at least EUR 565M EBITDA.

• On-the-books reservations and summer bookings are up double digits year-over-year, supporting a positive outlook.

• Development goal: sign at least 40 hotels in 2026, with 17 already signed by July.

• Committed to maintaining leverage below 2.5x net debt/EBITDA.