Minor International Public Company Limited (SET: MINT) has delivered a resilient financial performance for the full year of 2025, headlined by a 16% year-on-year surge in core profit, which reached THB 9.7 billion.
This growth underscores the company’s ability to enhance earnings quality even as core revenue remained stable at THB 165,513 million, largely due to the appreciation of the Thai baht against major global currencies. Excluding these foreign exchange headwinds, underlying revenue would have grown by 3%.
A primary driver for the improved bottom line was a significantly reduced interest burden, as MINT benefited from a lower cost of funds and reduced financial costs throughout the year. Core EBITDA rose 1% to THB 44,973 million, while the core EBITDA margin expanded to 27.2% from 26.8% in 2024, reflecting disciplined execution and improved operational flow-through.
However, the group’s gross profit margin saw a slight contraction to 43.6% from 43.8%. This was largely attributed to rising raw material costs in Australia—specifically coffee beans—which have yet to be fully passed on to consumers, alongside the closure of several franchised stores.
Minor Hotels continued to be the group’s powerhouse, accounting for 73% of core profit in 2025. System-wide RevPAR grew by 1% in Baht terms, supported by robust demand in Europe and a 15% surge in Thailand’s RevPAR during the fourth quarter. Meanwhile, Minor Food saw 1% revenue growth, driven by expansion in Singapore and a notable recovery in China, where total system sales rose by 11.9% in 4Q25.
The reported net profit for 2025 also rose 16% to THB 9 billion. Despite this, the fourth quarter faced pressure from non-core expenses, including unrealized derivative losses and asset impairments in Germany.
Moving forward, MINT’s management remains optimistic, targeting a 15-20% annual core profit increase through its asset-light strategy and a planned REIT IPO in the second half of 2026.
