Minor International Public Company Limited (SET: MINT) demonstrated the strength of its diversified, globally-balanced business model, delivering 13% year-on-year net profit growth to THB 3,957 million in 1H26, a result achieved despite a second quarter marked by heightened geopolitical tensions in the Middle East and softer regional travel sentiment. MINT’s broad geographic footprint and disciplined execution turned a challenging environment into another period of earnings growth.
Core net profit rose 6% year-on-year to THB 3,658 million in 1H26, contributed by resilient European travel demand, revenue management in Thailand and the Maldives, and steady improvement across key restaurant markets.
Minor Hotels: Pricing Power on Full Display
Minor Hotels delivered standout results, with 1H26 reported earnings up 32% year-on-year to THB 2,575 million and core profit up 7% to THB 2,381 million, benefiting from favorable FX movements and improved underlying operating performance across Europe and Thailand.
- Europe & Americas: RevPAR +5% year-on-year, supported by sustained leisure demand, a strong events calendar, and continued rate growth across most markets, with standout performances in Italy, Latin America, Spain, and Central Europe
- Thailand: RevPAR +11% year-on-year, an 18% rise in average room rates more than compensated for softer demand from Middle East-related disruption, a direct demonstration of MINT’s pricing power, disciplined revenue management, and targeted sales initiatives focused on high-potential source markets
- Maldives: RevPAR +4% year-on-year on resilient long-haul demand and continued recovery in Chinese arrivals.
The Group’s asset-light strategy is accelerating: seven new management and franchise hotels opened in Thailand, Italy, Zambia, Laos, and Australia, MINT entered Turkey for the first time, and more than 20 new hotel agreements were signed across Asia, the Middle East, and Europe, keeping MINT on track for its 50+ contract 2026 target. The newly launched Colbert Collection luxury soft-brand platform is already drawing strong interest from property owners seeking global distribution and brand support while retaining individual hotel identities, expanding MINT’s footprint without adding balance-sheet risk.
Minor Food: Momentum Building, Partnership Locked In
Core profit rose 3% year-on-year to THB 1,277 million in 1H26, with momentum accelerating through the second quarter despite consumer spending headwinds in select markets. Thailand returned to positive same-store sales growth while China delivered its fourth consecutive quarter of same-store sales growth, a sign of durable recovery, not a one-off. Sales growth in Thailand was led by Bonchon, Dairy Queen, and Swensen’s, with Sizzler also gaining traction behind its new store format.
The quarter’s headline strategic win: a new partnership with PTT Oil and Retail Business to roll out The Pizza Company, Dairy Queen, The Steak & More, and Chiho Ramen across PTT’s nationwide network, targeting 150+ new outlets by 2030 and expanding Minor Food’s asset-light growth runway.
Balance Sheet Discipline Continues
MINT’s leverage ratio rose in the quarter, reflecting the refinancing of perpetual securities via a syndicated loan facility, a proactive, planned move, not a sign of strain. Management remains firmly committed to deleveraging, with asset rotation opportunities under active evaluation to reduce interest-bearing debt over time.
CEO Commentary
Dillip Rajakarier, Group CEO of Minor International, said:
“We are pleased to deliver profit growth in a dynamic operating environment, demonstrating the strength of our operating platforms. Looking ahead, we expect performance to improve year-on-year during the remainder of 2026, supported by continued growth in our hotel business and a healthy on-the-books position across key markets. Forward bookings remain ahead of the prior year, providing increased visibility for upcoming periods. While we remain mindful of macroeconomic uncertainties, geopolitical developments, and evolving consumer spending patterns in certain markets, we continue to focus on disciplined execution, operational excellence, and deleveraging initiatives to further strengthen the Group’s long-term financial position.”
