Minor International Public Company Limited (SET: MINT) announced a significant milestone in its first-quarter 2025 results, delivering a core net profit of THB 50 million, a sharp rebound from a core loss of THB 352 million in the same period last year. This marks MINT’s first-ever Q1 core profit since acquiring Minor Hotels Europe & Americas (MHEA, formerly NH Hotel Group) in 2018, underlining the strength of its strategic transformation and global platform.
Despite ongoing macroeconomic volatility, FX headwinds, and regional challenges, MINT’s performance reflects broad-based recovery across all two businesses, Hotels and Restaurants, paired with rigorous financial management and global diversification.
1Q25 Strategic and Financial Highlights
- Core net profit of THB 50 million vs. core loss of THB 352 million in 1Q24.
- Total system sales for MINT reached THB 59 billion, a 56% increase compared to reported revenue, underscoring the effectiveness of our asset-light business model and strategic collaborations with prominent investment and development partners.
- TRIS Rating upgraded MINT’s company rating, highlighting strengthened financial position and consistent improvement in operating performance.
- Continued focus on deleveraging and cost optimization contributes to improved margin and earnings quality.
Hotels: Seasonal Weakness Narrowed; Underlying Momentum Strong
Minor Hotels posted resilient results despite 1Q’s seasonal low in Europe and adverse FX effects:
- Core revenue and EBITDA (excl. FX) grew 4% and 7% y-y, respectively.
- Europe delivered 8% y-y RevPar growth, with standout performance in Spain, Italy, and Benelux.
- Thailand hotel RevPar rose 10% y-y, driven by a recovery in international tourism, increased air traffic, and global exposure from HBO’s “The White Lotus Season 3”, filmed at four MINT resorts.
- Strategic pricing, direct booking growth, and brand strength helped narrow Q1 losses and build operating leverage heading into peak season.
Restaurants: Brand Equity and Operational Execution Deliver Solid Growth
Minor Food continued to show consistent gains across all core markets:
- Core revenue and EBITDA (excl. FX) rose 2% and 2% y-y, respectively.
- Growth was driven by strong performance of key brands such as The Pizza Company, Bonchon, Sizzler, and Burger King.
- Strategic campaigns, limited-time offerings, and targeted delivery expansion supported revenue growth and market share gains.
CEO Perspective: Positioned for Sustainable Value Creation
Dillip Rajakarier, Group CEO of Minor International, commented:
“Our first-ever Q1 core profit since the acquisition of MHEA reflects the structural strength of our diversified platform and the consistent execution of our long-term strategy. The TRIS Rating upgrade affirms our financial resilience and continued focus on balance sheet optimization. With robust brand equity, geographic reach, and disciplined cost management, we are well-positioned to deliver sustainable value to shareholders throughout 2025 and beyond.”
Global Reach, Balanced Growth
With operations in 66 countries, MINT’s 560+ hotels and 2,700+ restaurants enable the company to mitigate regional risks and capitalize on cross-market opportunities. Its balanced portfolio continues to drive long-term resilience and earnings visibility.
