Minor International (MINT) Q2 2026 earnings summary

Executive summary

• Opened seven hotels and rebranded one property in Q2, expanding asset-light portfolio in Thailand, Italy, Australia, Zambia, Laos, and entered Turkey.

• Debuted Colbert Collection in Asia, expanded Tivoli and Avani brands in Italy and Australia, and launched new food concepts and brands.

• Signed 30 new fee-based contracts in H1, on track for over 50 signings in 2026, with a geographically diversified pipeline.

• Acquired Bonchon IP outside the Americas for $50 million, expected to be earnings accretive from day one.

• Achieved resilient 1H26 results with reported revenue of THB 82,765MN (+3% y-y) and reported net profit of THB 3,957MN (+13% y-y), with hotels contributing 65% and restaurant services 35% of core profit.

Financial highlights

• Core revenue reached THB 82,969MN (+2% y-y); core net profit was THB 3,658MN (+6% y-y); reported net profit increased 13% y-y to THB 3,957MN.

• Hotels segment core revenue: THB 66,057MN (+3% y-y), core profit: THB 2,381MN (+7% y-y); Food segment core revenue: THB 16,708MN (+4% y-y), core profit: THB 1,277MN (+3% y-y).

• RevPAR growth in key hotel regions: Europe & LATAM +5% y-y, Thailand +11% y-y, Maldives +4% y-y.

• SSSG in food: Thailand +0.8%, Singapore -2.5%, China +8.2%, Australia -2.5%.

• CapEx for 2026 expected at THB 15-16 billion, with 57% allocated to hotel maintenance & upgrades, 18% to restaurant expansions.

Outlook and guidance

• Targeting 850 hotels and 4,150 restaurants by 2028, driven by asset-light growth and selective market entry.

• Aiming for high single-digit revenue growth, 15%-20% annual profit growth (3-year CAGR), and ROIC around 12%.

• Net debt to equity targeted at 0.75x-0.85x and net debt to EBITDA below 4x, subject to asset rotation and market conditions.

• Margin protection and expansion expected from 2027 onward, with cost efficiency and digital initiatives as key drivers.

• On-the-book revenues for H2 ahead YoY in Europe, Americas, Asia, and Oceania.