Minor International (MINT) Q1 2026 earnings summary

Executive summary

• Delivered Q1 core revenue of THB 38,488 million, up 5% year-on-year, with core profit of THB 145 million, a 189% increase year-on-year, and reported net profit of THB 649 million, up 56% year-on-year, driven by both hotel and restaurant segments.

• Asset-light strategy accelerated with nine new fee-based hotel contracts signed in Q1 and a target of over 50 management contracts for the year.

• Continued expansion into new markets and rebranding of hotels, with notable openings in Thailand, Oman, Croatia, and Slovenia.

• Minor Food launched new concepts, expanded franchise operations, and opened 17 new outlets in Southeast Asia and beyond.

• Digital transformation, operational efficiency, and disciplined capital allocation remain core focuses to drive future growth.

Financial highlights

• Q1 core revenue grew 5% year-on-year to THB 38,488 million; core profit surged 189% year-on-year to THB 145 million; reported net profit reached THB 649 million, up 56% year-on-year.

• Minor Hotels contributed 79% of revenue, Minor Food 21% in Q1.

• RevPAR for owned and leased hotels in Europe and Americas rose 7% year-on-year in euro terms, led by ADR growth; Thailand hotel RevPAR surged 15% year-on-year.

• Core net profit margin improved by 30 basis points year-on-year; reported net profit margin up 60 basis points.

• Core EBITDA increased 2% year-on-year to Baht 8,525 million; EBITDA margin softened to 22.1%.

Outlook and guidance

• Bookings for Q3 and Q4 are higher than the same period last year, with strong ADR supporting growth.

• Net income for the full year is expected to exceed last year despite geopolitical and economic disruptions.

• By 2028, aim to reach 850 hotels and 4,150 restaurants, with over half of the hotel portfolio asset-light.

• Targeting high single-digit revenue growth, 15%-20% annual profit growth, and ROIC of 12% (three-year CAGR).

• Continued focus on cost management, digital transformation, and balance sheet strengthening.