Minor International (MINT) Q4 2025 earnings summary

Executive summary

• Achieved 16% annual core and reported profit growth in 2025, driven by disciplined execution, operational efficiency, asset management, and brand expansion across hotels and food segments.

• Expanded global footprint with 23 new hotels opened, 40 management contracts signed, and 139 new restaurant outlets, emphasizing asset-light growth and entry into new markets such as the U.S., Japan, Egypt, and the Mediterranean.

• Enhanced shareholder returns through lower interest burden, improved margins, and plans for higher dividend payouts and share buybacks.

• Strategic focus on value-accretive growth, asset-light expansion, and unlocking value via REIT IPO, branded residences, and food IPO.

• Completed strategic hotel disposals and delisting for agile execution and flexibility.

Financial highlights

• Full-year 2025 core revenue was THB 165.5 billion, up 3% year-on-year; core net profit rose 16% to THB 9.7 billion.

• Q4 2025 core revenue reached THB 44.3 billion, up 4% year-on-year; core net profit was THB 3.5 billion, up 19%-21% year-on-year.

• Minor Hotels contributed 80% of annual revenue and 73% of core profit; Minor Food contributed 20% of revenue and 27% of profit.

• Q4 hotel RevPAR grew 9.2% year-on-year; Thailand RevPAR up 15%, Maldives up 13%, Europe and LATAM up 6%.

• Food segment Q4 net profit rose 6% year-on-year, with net margin improving to 8.6%.

Outlook and guidance

• By 2028, target to reach 850 hotels and 4,150 restaurants, with over 50% of the portfolio asset-light.

• Maintain high single-digit revenue growth and 15%-20% annual earnings growth, with ROIC at 12%.

• Net debt to equity targeted at 0.75x-0.85x, net debt to EBITDA below 4x.

• REIT IPO expected in the second half of 2026, with most proceeds used for debt reduction and balance sheet strengthening.

• Continued asset-light expansion in both hotels and food, focusing on high-growth markets and fee-based income.