Minor International (MINT) Q3 2025 earnings summary

Executive summary

• Achieved strong growth in Q3 and 9M25, with core revenue up 2% and core net profit up 14% year-over-year at constant FX, driven by hotel and restaurant performance and operational gains.

• Asset-light expansion accelerated globally, with new management contracts, JVs, and property launches in key markets such as Egypt, Japan, Australia, and Peru.

• Food business expanded internationally, especially in Indonesia, Africa, Singapore, and Australia, with new brands and concepts launched to capture diverse market segments.

• Lifestyle segment growth driven by successful launches such as Pop Mart and Sunnies, with further brand introductions and investments planned.

• Streamlined operations with the delisting of Minor Hotels Europe & Americas, supporting REIT formation and operational flexibility.

Financial highlights

• 9M25 core revenue reached THB 121,664 million, up 2% year-over-year at constant FX; core net profit was THB 6,229 million, up 14% year-over-year at constant FX.

• Minor Hotels contributed 70-80% and Minor Food 20-30% of total/core revenues and profits.

• Net debt to equity at 0.9x in Q3/3Q25, targeting 0.8x–0.9x by year-end/2025; net debt to EBITDA at 4.6x–4.7x, aiming for 4.5x–4.6x.

• Interest expenses decreased by 19% year-over-year due to debt reduction and lower funding costs.

• Interim cash dividend payout of THB 0.30 per share, close to a 50% payout ratio for 1H25.

Outlook and guidance

• Targeting 15%-20% CAGR in profit growth and high single-digit revenue growth annually over the next three years.

• ROIC targeted at 12%, with current year close to 11%.

• By 2028, aiming for 850 hotels and 4,000 restaurants, with asset-light model comprising 51% of hotel portfolio; by 2030, targeting 1,000 hotels and 4,500 restaurants.

• REIT and Minor Food IPO planned for next year to unlock value and reduce leverage.

• Focus on asset-light expansion, strategic partnerships, and business portfolio realignment to drive growth and higher returns.