Chaiyapat Paitoon, Chief Financial Officer of Minor International Public Company Limited (SET: MINT), revealed to “Kaohoon” that the overall performance for 2026 is expected to continue growing, driven by both the hotel and food businesses. The company sees ongoing positive signals at the beginning of 2026, as shown by a healthy level of advance room bookings.
For 2026, the company anticipates revenue growth of approximately 6-8% from 2025, thanks to the expansion of both the hotel and food businesses. Regarding profitability, the company expects to maintain a strong EBITDA margin through disciplined cost management, while net profit is likely to improve from the previous year due to reduced interest expenses. Additionally, the company has set a target for core profit growth in 2026 of about 15-20%.
The key revenue driver for the hotel business will be the improvement in revenue per available room (RevPar) across all regions. In Thailand, growth is driven by higher average daily rates (ADR), while in Europe and the Maldives, occupancy rates are the main contributors. Expansion into new markets such as the United States and new hotel management contracts in countries like Egypt and Morocco will also support growth, alongside non-room income from food and beverage, wellness, and tourism activities, which are steadily increasing and helping to enhance overall revenue quality.
For the food business, revenue growth will be driven by product innovation, new marketing promotions creating online sensation, expansion through franchising, flexible store formats, as well as expansion in the Indonesian market.
In 1Q26, advance room bookings are trending positively in terms of total revenue per room across many regions, including Europe, Asia-Pacific, and main tourist destinations. The growth in advance bookings and forward revenue per room reflect tourists’ confidence in the MINT brand and the company’s ability to manage revenue and set appropriate room prices, as well as target high-spending customers.
Regarding the European hotel business, although the first quarter is the off-peak season, 1Q26 advance bookings remain at a healthy level, with continued growth in average revenue per room driven by major city events, supporting both occupancy and room rates.
For hotels in Thailand, advance bookings in 1Q26 remain satisfactory in line with the tourist season, supported by high-spending foreign tourists and major hotel renovations that have helped improve average room rates. In the Maldives, advance bookings remain strong, in line with the tourist season, boosted by long-haul and luxury leisure travellers.
Chaiyapat added that the tourism industry is still expected to grow despite volatility. The hotel business is focused on “quality of revenue” through high-value stay experiences and tourism activities. The food business continues to be supported by consumers seeking value, convenience, and differentiated experiences, which benefit strong brands with continuous product development. The asset-light business model reduces cost risks and supports sustainable expansion and long-term profitability.
In terms of 2025 performance, results continued to improve, with 4Q25 growing year-on-year and quarter-on-quarter. The hotel business was supported by the recovery of international travel, especially in Europe, Asia, and the Middle East, alongside a focus on revenue quality, occupancy rates, and average room rates. The food business continued to grow from domestic consumption, branch expansion through the asset-light model, and effective cost management.
