The Erawan Group Public Company Limited (SET: ERW) or “The ERAWAN Group”, an investor and operator with significant investment and business development in the hospitality industry across Thailand, Philippines, and Japan. The Company engages in hospitality business in all segments, ranging from luxury to budget hotels, and is expanding its investments in the Asia-Pacific region. For more information,
please visit our website at www.theerawan.com.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 5,677.64 | 5,818.65 | 8,053.93 | 7,046.29 |
| Expenses | 4,687.53 | 4,619.41 | 6,267.79 | 5,773.91 |
| Net Profit (Loss) | 464.99 | 902.92 | 1,280.74 | 742.66 |
| Assets | 25,461.13 | 24,928.59 | 26,246.08 | 23,674.93 |
| Liabilities | 15,980.02 | 17,094.49 | 16,754.27 | 17,304.99 |
| Shareholders' Equity | 8,683.45 | 7,778.25 | 8,711.79 | 6,329.58 |
| Operating | 1,570.86 | 2,047.89 | 2,818.35 | 2,289.09 |
| Investing | -719.57 | -2,418.82 | -2,682.80 | -2,255.75 |
| Financing | -1,432.55 | 418.23 | 285.69 | -344.29 |
| EPS (Baht) | 0.10 | 0.19 | 0.27 | 0.16 |
| GP Margin (%) | 57.00 | 57.30 | 58.38 | 56.57 |
| NP Margin (%) | 8.67 | 15.78 | 16.30 | 10.78 |
| D/E Ratio (x) | 1.69 | 2.18 | 1.77 | 2.72 |
| ROE (%) | 10.24 | 15.92 | 17.03 | 12.35 |
| ROA (%) | 6.27 | 7.46 | 8.11 | 5.87 |
The Company is committed to sustaining growth and ensuring stable returns through a diversified and flexible investment portfolio. Our luxury to economy hotels are operated under leading global hotel chains in popular tourist destinations in Thailand and Philippines, catering to the demand from international customers. Our budget hotels, branded as “HOP INN,” enjoy strong domestic demand in both Thailand and Philippines, with an expansion into Japan in early 2024. In addition to our strategic location choices, the Company increases its market share through efficient operations while maintaining and upgrading our properties to remain competitive. The Company also continues to explore new investment opportunities both domestically and internationally, with a hotel development plan on a long-term leasehold plot near the BTS Phrom Phong Station while continuing the focus on expanding the “HOP INN” brand. The goal is to ensure a return on each investment, maintain market leadership in Thailand and Philippines, and expand the customer base across the Asia-Pacific region.
For detail on Sustainable Development Plan, please visit
https://www.theerawan.com/en/sustainability/home
The performance of the Erawan Group Public Company Limited and its subsidiaries (“the Company”) in 9M25 continued to be affected by YoY decline in international tourist arrivals since 2Q25, particularly from East Asia markets, including Chinese tourists. Although there were positive factors from the increase in Indian tourists due to the expansion of direct flights and visa free policy and tourists from the Middle East during their peak travel season, these were only enough to partially offset the impact. During this challenging period, the Company remained focused on enhancing marketing efficiency, expanding sales channels, and strictly controlling over operating costs to sustain profitability.
For 9M25 normalized performance, the Company recorded total revenue of 5,679 million baht, on par YoY. Earnings before interest, tax, depreciation, and amortization (EBITDA) amounted to 1,762 million baht, a decrease of 2 percent YoY, while net profit was 465 million baht, a decrease of 13 percent YoY. Both EBITDA and net profit were partially affected by additional repair and maintenance expenses related to the earthquake, for which an insurance claim is underway. Excluding these expenses, EBITDA decreased YoY by only 1 percent, and net profit declined by 9 percent YoY.
Hotel Business (Performance 9M25 compared to 9M24)
1.1 Luxury, Midscale and Economy recorded RevPAR decreased 6 percent due to decreases in OCC by 4 percent and a decrease of ARR by 1 percent. Total operating revenue was recorded at 4,131 million baht, representing a 5 percent decrease. Food and beverages revenue reached 1,017 million baht, a 1 percent increase, while EBITDA was recorded at 1,314 million baht, reflecting a 17 percent decrease.
1.2 HOP INN Thailand recorded total revenue of 829 million baht, representing a 16 percent increase, while EBITDA was at 385 million baht, marking an increase of 17 percent.
1.3 HOP INN Philippines recorded total revenue of 351 million baht, marking a 14 percent increase, while Peso performance showed strong growth of 22 percent. EBITDA reached 147 million baht, a 3 percent increase.
1.4 HOP INN Japan recorded total revenue of 241 million baht, a 33 percent increase, while Yen performance showed a 41 percent increase. EBITDA reached 115 million baht, a 57 percent increase.
Rental Properties
For 9M25, the Company recorded 101 million baht, a decrease of 7 percent YoY. This is followed by the conclusion of the building management contract for the Ploenchit Center building on 23 January 2025
For more details, please visit
https://www.theerawan.com/en/investor-relations/document/quarterly-results
The Company recently opened 2 new “HOP INN” locations in Thailand, Chiang Mai and Phare adding a total of 156 rooms to its portfolio. With this addition, the Company now operates 101 hotels, boasting a combined inventory of 12,174 rooms as of 3Q25.
For detail on Risk Management Policy, please visit
https://www.theerawan.com/en/corporate-governance/risk-management-and-internal-control
For detail on our recent awards and recognitions, please visit
https://www.theerawan.com/en/our-pride
| as of 30/09/25 | ERW | TOURISM | SET |
|---|---|---|---|
| P/E (X) | 14.06 | 22.44 | 16.67 |
| P/BV (X) | 1.47 | 1.33 | 1.21 |
| Dividend yield (%) | 3.44 | 2.30 | 3.67 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 12,803.76 | 18,668.07 | 23,790.69 |
| Price (B/Share) | 2.62 | 3.82 | 5.25 |
| P/E (X) | 14.06 | 16.72 | 30.96 |
| P/BV (X) | 1.47 | 2.40 | 3.81 |
