Minor International (MINT) Q2 2025 earnings summary

Executive summary

• Achieved 11% year-over-year core profit growth in Q2 2025 (constant FX), with strong hotel and food segment performance despite external headwinds and currency impacts.

• First half 2025 core revenue reached THB 80.1 billion (+3% YoY constant FX), with core net profit up 22% YoY constant FX, driven by efficiency gains and reduced interest expenses.

• Asset-light strategy accelerated, with new hotel and food brand launches, expansion into high-growth markets, and continued portfolio diversification.

• Balanced portfolio and disciplined execution offset global uncertainty, keeping FY2025 profit targets on track.

• Core EBITDA remained stable YoY at Baht 12,542 million (constant FX), with hotel gains offsetting restaurant softness.

Financial highlights

• Q2 core profit grew 11% YoY; first half core net profit up 22% YoY constant FX.

• First half core revenue THB 80.1 billion (+3% YoY constant FX), but -3% reported due to THB appreciation.

• Interest expenses fell 19% YoY in Q2, and 17% YoY in H1, reflecting deleveraging and lower funding costs.

• Net margin expanded to 3.5% from 2.7% YoY in H1; core net profit margin reached 4.3% in 1H25.

• Free cash flow positive at Baht 2,501 million in 1H25.

Outlook and guidance

• Confident in achieving full-year 2025 profit target of approximately THB 9 billion, with double-digit core earnings growth targeted.

• Q3 and Q4 expected to be peak quarters, with strong forward bookings and renovated rooms returning to inventory.

• Three-year targets: high single-digit revenue CAGR, 15%-20% annual profit growth, ROIC >12%.

• 3-5 year outlook targets 1,000 hotels and 4,500 restaurants by 2029.

• Focus on balancing growth investments with deleveraging and disciplined capital expenditure.