Minor Hotels Europe & Americas, S.A

NHH

Equity

ISIN ES0161560018 / Valor 10714

BME Bolsas y Mercados Espanoles - Renta Variable (2026-02-20)

EUR 6.50%

Minor Hotels Europe & Americas, S.A
UMushroom community rating:

4.00 1 votes No rating yet

NegativeNeutralPositive

About company

NH Hotel Group S.A is a prominent hotel chain in Spain with a history dating back to 1978. The company has established a strong reputation in the Spanish tourist industry, consistently ranking among the top companies in terms of corporate responsibility and governance. NH Hotel Group has expanded its presence over the years, with establishments in key cities such as Madrid, Barcelona, and Zaragoza. The company has also been recognized for its environmental excellence and sustainability efforts, receiving awards for its green initiatives. Additionally, NH Hotel Group has been acknowledged for its strong reputation among consumers, ranking in the Top 20 companies with the best reputation in Spain according to the Reputation Institute.

Summarized from source with an LLMView SourceSector: Consumer Services

Revenue & RevPAR

H1 2025 revenues €1,206m (+€61m/+5% vs H1 2024); Like‑for‑Like (constant FX, excluding refurbishments/perimeter) +4% in H1. Consolidated RevPAR €102 (+5.9%); excluding perimeter changes RevPAR +3.5%. ADR accounted for ~55% of RevPAR growth in H1.

Profitability & margins

GOP/EBITDAR reached €432m (first six months) with a c.40% flow‑through. Reported EBITDA €317m (+6%); recurring EBITDA excluding IFRS‑16 and disposals €177m (+9%) with a 23% flow‑through. Net recurring profit €86m (+30%); total net profit €112m (+58%), aided by asset disposals.

Quarter (Q2 2025) snapshot

Q2 revenues €711m (+4% vs Q2 2024); Q2 RevPAR €122 (+4.0%; LFL +2.3%). Q2 reported EBITDA €235m (+3%); recurring EBITDA (ex IFRS‑16) ~€165m. Q2 net recurring profit and total net profit both ~€108m.

Regional performance

Occupancy rose across all regions. Spain, Italy and Benelux delivered solid like‑for‑like revenue gains; Benelux strong with H1 RevPAR +8%. Central Europe lagged vs strong 2024 event calendar (UEFA Euro) with some Q2 drag. LatAm: H1 RevPAR +21% driven by Brazil (ADR +18%); excluding Brazil LatAm ADR down due to currency moves.

Cash, debt and liquidity

Net Financial Debt reduced to €114m (vs €244m at 31.12.2024) — a €130m decrease driven by asset rotation, operating cash generation and despite €78m ordinary capex. Liquidity at 30.06.2025 = €669m (cash €344m + undrawn credit €325m).

Financing & capital actions

On 2 July 2025 the group fully redeemed the €400m 2026 Senior Secured Notes using cash and a new €200m Term Loan (signed in April); the new secured financing also includes a €200m RCF (replacing prior €242m RCF). Following the repayment, Moody’s and Fitch ratings were withdrawn. H1 disposals (2 hotels) generated non‑recurring gains contributing to H1 net profit.

Costs, capex and outlook

Management reported disciplined cost control despite higher occupancy and inflation: staff costs +6.3% and other operating expenses +3.5% in H1. Capex paid in H1 €78m. Management states demand remains healthy into Q3 and in line with expectations.

Summarized from source with an LLMView Source

Key figures

2.69%1Y

75.2%3Y

80.1%5Y

Performance

7.01%1Y

27.1%3Y

32.1%5Y

Volatility