BANGKOK – Minor International Public Company Limited (MINT) posted another quarter of solid, high-quality results. Core profit rose 21% to THB 3,472 million in 4Q25. For FY2025, core profit increased 16% year over year to THB 9,700 million. These results reflect the strength of MINT’s diversified global platform and consistent execution.
Results benefited from strong travel demand across key markets. In addition, the hotel business improved pricing and sales. Meanwhile, the restaurant business kept rolling out new products and expanded its network with a focus on profit. Tight cost control and active capital management helped turn revenue growth into better earnings and stronger cash flow.
Deleveraging, along with higher earnings, improved leverage metrics. At the same time, a stronger credit profile helped lower funding costs and interest expense. By the end of 2025, net debt to equity improved to 0.86x from 0.90x in the prior quarter. Net debt to EBITDA eased to 4.60x from 4.66x in 3Q25, supported by disciplined capital allocation and balance sheet optimization.
Minor Hotels: RevPar Growth, Global Mix, and Faster Asset-Light Progress
Minor Hotels delivered 32% year-over-year growth in core earnings in 4Q25. Strong operations in Europe, Thailand, and the Maldives supported the quarter, along with higher profit from residential unit sales. For 2025, net profit rose 32% on a core basis and 38% on a reported basis.
- Europe and the Americas: RevPar increased 6% year over year in 4Q25. ADR grew 4% thanks to pricing discipline and healthy leisure and corporate demand. Central Europe and Italy gained from business travel and MICE activity. Spain and the Benelux region also showed broad strength.
- Thailand: RevPar jumped 15% year over year and outperformed peers. ADR improved after renovations at flagship properties, and resort destinations performed well.
- Maldives: RevPar rose 13% year over year. A wider mix of feeder markets supported growth, including Russia, the UK, Germany, and the UAE.
Expansion also picked up during the quarter. New openings launched across the Middle East, Latin America, and Oceania. In addition, Minor Hotels signed more than 10 new hotel management contracts.
These included progress in the United States, added growth in China, Thailand, India, and Australia, the signing of the Colbert Collection brand in the UK, and MINT’s first stand-alone branded residences project in the Middle East.
Branded residences continue to build into a meaningful, high-margin growth driver. About 20% of the hotel pipeline now includes a residential component. As a result, capital efficiency improves, and fee income becomes more visible.
Overall, the growing pipeline supports MINT’s shift toward a more capital-light, fee-based earnings mix. That approach can lift returns on invested capital while reducing balance sheet intensity.
Minor Food: Scalable Brands, Franchise Growth, and Regional Momentum
Minor Food reported 6% year-over-year growth in core earnings in 4Q25. Better performance in Australia and China drove the gains after focused brand and operating actions. For 2025, net profit increased 5% on a core basis and 19% on a reported basis.
MINT’s restaurant portfolio continues to scale well. It also has room to expand in Thailand and overseas through franchising and asset-light formats.
Key updates include:
- A strong innovation pipeline across GAGA, Burger King, and Bonchon, supporting traffic and same-store sales
- Sizzler launched an expanded healthy buffet and salad bar in Bangkok, positioning it as a premium all-day dining option
- 32 net new store openings in 4Q25, mainly franchised Bonchon, GAGA, and Dairy Queen in Thailand, plus GAGA and Dairy Queen openings in Indonesia
- Poulet entered Indonesia, adding depth to the regional platform
Franchise demand continues to rise, supported by brand strength, attractive unit economics, and proven operating systems. Indonesia is becoming a key growth market. MINT also began expanding into India, with openings under the Sanook Kitchen and Scoop Wonder brands.
People and Platform: A Global Operating Engine
MINT’s results are backed by teams working across 65 countries. Continued investment in leadership, brand standards, digital and AI systems, and operating excellence has improved MINT’s ability to scale across markets and brands.
This platform supports quick onboarding of new management contracts, strong franchise support, and consistent guest and customer experiences across regions. That advantage matters as MINT speeds up asset-light growth.
Sustainability and Responsible Growth
Sustainability remains part of MINT’s long-term strategy and daily operations. Across Minor Hotels and Minor Food, the company continues to advance programs focused on energy savings, waste reduction, responsible sourcing, and community support.
These efforts strengthen environmental and social outcomes. They also support long-term durability, cost control, and risk management, which are important for sustainable shareholder value.
CEO Commentary
Dillip Rajakarier, Group CEO of Minor International, said:
“Our 2025 performance shows the strength of MINT’s diversified global platform and our ability to turn revenue momentum into higher-quality earnings. We’ve entered 2026 with clear growth visibility, a stronger balance sheet, and faster progress in our asset-light expansion strategy.”
He added, “For Minor Hotels, we expect another record year of management contract and master agreement signings, along with continued growth in branded residences. Several residential projects are set to support recurring revenue streams.
Residential sales from the THB 3 billion Kiara Reserve Phuket project are above 50%, with full delivery in 2026, which will generate added cash inflows.
For Minor Food, we see major opportunities across Southeast Asia and India, driven by scalable brands and strong franchise demand. We’ll stay focused on disciplined capital allocation, operational excellence, and responsible growth as we build long-term value for shareholders.”
About Minor International (MINT)
Minor International (MINT) is a global company with two main businesses, hospitality and restaurants. MINT owns, operates, and invests in hotels, with 636 properties under the Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana, The Wolseley, Colbert Collection, Minor Reserve Collection, iStay, Four Seasons, St. Regis, JW Marriott, and Radisson Blu brands in 63 countries across Asia Pacific, the Middle East, Africa, the Indian Ocean, Europe, and the Americas (including upcoming owned and committed JV, together with signed lease and management contracts).
MINT is also one of Asia’s largest restaurant companies. It operates 2,746 outlets system-wide in 26 countries under The Pizza Company, The Coffee Club, Riverside Grilled Fish, Sanook Kitchen, Benihana, Bonchon, Swensen’s, Sizzler, Dairy Queen, Burger King, and GAGA brands. In addition, it has more than 1,000 outlets through MINT’s strategic alliances (i.e., S&P and BreadTalk).
For more information, please visit www.minor.com.
