Minor Hotels Europe & Americas (NHH) Q2 2025 earnings summary

Executive summary

• Strong business and leisure demand in H1 2025 drove balanced RevPAR growth, with both ADR and occupancy contributing across all regions.

• Revenues rose to €1,206m–€1,210m, up 5% year-over-year, with portfolio changes accounting for 34% of growth.

• Net recurring profit increased by €20m to €86m; total net profit reached €112m (+58%), aided by asset disposals.

• Net financial debt reduced by €130m to €114m, supported by asset rotation, strong cash flow, and disciplined capex.

• Demand trends remain healthy into Q3, in line with expectations.

Financial highlights

• H1 2025 revenue: €1,206m–€1,210m (+5% vs H1 2024); Q2 revenue: €710.5m–€711m (+3.7%).

• H1 RevPAR: €102 (+5.9%); ADR: €147 (+3%); occupancy: 69% (+1.8 p.p.).

• Reported EBITDA: €316.8m–€317m (+6.3%); recurring EBITDA (ex-IFRS 16): €177m (+8.6%).

• Net recurring profit: €86m (+30%); total net profit: €112m (+58%).

• Gross operating profit/EBITDAR: €432m (+6%), with a 40% flow-through ratio.

Outlook and guidance

• Q3 demand trends remain healthy and in line with expectations following sustained H1 growth.