Minor Hotels Europe & Americas (NHH) Q4 2023 earnings summary

Executive summary

• 2023 revenue reached €2,163m, up 23.0% YoY and 25.9% vs 2019; total net profit was a record €128m.

• Strong leisure demand and the recovery of business and group travelers supported higher ADR, occupancy and RevPAR, with cost control helping EBITDA exceed 2019 levels.

Financial highlights

• 2023 revenue rose €404m YoY; excluding Argentina hyperinflation and FX effects of -€20m, revenue was €2,184m.

• Reported EBITDA was €595.5m, up €76.9m YoY; excluding Argentina hyperinflation and FX effects of -€8m, EBITDA was €604m.

• Recurring net profit reached €125.9m, up €50.2m YoY; total net profit was €128.1m, including €25m of net capital gains from asset rotation in 2022.

• Q4 revenue was €551m, up 10.0% YoY; reported EBITDA was €148m, while net recurring profit was €32.9m versus €44.7m in Q4 2022.

Outlook and guidance

• 2024 industry dynamics were expected to remain favorable, with robust demand and continued growth in international and business travelers.

• Capex was expected to increase gradually during coming quarters.