Minor Hotels Europe & Americas (NHH) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose to €496m, up 8% year-over-year, driven by organic growth, portfolio changes, and acquisitions in Brazil and new properties in Vienna and Helsinki.

• Net profit reached €4m, supported by non-recurring gains from the disposal of hotels in Portugal and Germany.

• RevPAR grew 8.6% to €82, with occupancy at 64% (+2.1 p.p. vs Q1 2024) and ADR up 5.1% to €127; all regions posted occupancy and ADR gains.

Financial highlights

• Total revenue: €496m (+7.8% vs Q1 2024); like-for-like revenue up 5.5% at constant FX.

• Reported EBITDA: €81.8m (+19% vs Q1 2024); Recurring EBITDA (ex-IFRS 16): €12.4m (+€10.6m), with a 30% conversion rate.

• Gross Operating Profit (GOP/EBITDAR): €132m (+13% vs Q1 2024), 43% flow through ratio.

• Net Financial Debt reduced to €207m (down €33m), mainly due to asset disposals.

• Liquidity at quarter-end: €580m (€255m cash, €325m undrawn credit lines).

Outlook and guidance

• Q2 demand trends remain in line with expectations, with no material change observed post-Q1; outlook remains cautiously optimistic.

• Fitch revised outlook to positive and affirmed 'BB-' rating in March 2025, citing strong performance and deleveraging.