Minor Hotels Europe & Americas (NHH) Q4 2024 earnings summary

Executive summary

• Achieved record-setting 2024 results with revenue of €2,427m, up 12% year-over-year, driven by strong demand, pricing strategy, and high operating efficiency.

• RevPAR increased to €101 (+7.5%), ADR up 6%, and occupancy at 69%, nearing 2019 levels.

• Q4 revenue rose 16% to €639m, with notable contributions from Brazil and Argentina devaluation effects.

• Net recurring profit reached €210m (+67% vs 2023); total net profit was €212m (+65%), both record highs.

• Net financial debt decreased to €244m, with liquidity of €533m; Moody's upgraded the rating to Ba3.

Financial highlights

• Revenue grew by €264m (+12%) to €2,427m; LFL revenue up 7.9%.

• Recurring EBITDA (ex-IFRS 16) was €407m (+25% vs 2023), with margin up 2 p.p. to 17%.

• Q4 recurring EBITDA (ex-IFRS 16) was €110m (+39% vs Q4 2023), with a 35% flow-through ratio.

• Operating cash flow was €343m; liquidity at year-end was €533m (cash €220m, credit lines €313m).

• Staff costs increased 14.8% and other operating expenses 11.7% year-over-year.

Outlook and guidance

• Management expects a favorable 2025, with continued travel industry growth but at a moderated pace after recent strong years.