Minor International Public Company Limited (MINT) is a global company operating two core businesses: hotels and restaurants. MINT ended the year with a diversified global portfolio of 636 hotels (91,601 rooms) and 2,746 restaurants across 68 countries. International operations accounted for 79% of Group revenue, reflecting the Group’s geographically diversified operations.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 165,804.71 | 165,362.27 | 153,049.24 | 124,205.85 |
| Expenses | 143,090.76 | 142,145.54 | 131,319.57 | 109,942.55 |
| Net Profit (Loss) | 9,009.34 | 7,750.22 | 5,407.06 | 4,286.37 |
| Assets | 357,329.67 | 346,844.93 | 359,195.92 | 358,209.76 |
| Liabilities | 260,344.01 | 247,708.10 | 271,901.37 | 275,600.79 |
| Shareholders' Equity | 89,270.14 | 87,833.74 | 76,637.22 | 71,058.94 |
| Operating | 33,160.50 | 40,790.70 | 38,017.10 | 30,139.17 |
| Investing | -4,197.78 | -8,643.56 | -8,264.06 | -111.83 |
| Financing | -32,879.02 | -32,366.64 | -38,918.26 | -31,881.52 |
| EPS (Baht) | 1.29 | 1.06 | 0.65 | 0.54 |
| GP Margin (%) | 43.60 | 43.79 | 44.60 | 43.51 |
| NP Margin (%) | 5.93 | 5.20 | 3.98 | 3.64 |
| D/E Ratio (x) | 2.68 | 2.50 | 3.11 | 3.34 |
| ROE (%) | 10.17 | 9.42 | 7.32 | 6.16 |
| ROA (%) | 6.50 | 6.51 | 5.81 | 4.38 |
MINT continues to execute a group‑wide strategy focused on strengthening its diversified global platform, enhancing earnings quality, and improving capital efficiency, supported by disciplined capital allocation and a resilient operating model. For Minor Hotels, the Company continues to pursue an asset‑light and fee‑based growth strategy, emphasizing expansion through management contracts, franchises, and selective portfolio additions across key international markets. The strategy focuses on strengthening a differentiated multi‑brand portfolio across various segments, enhancing recurring fee income, and improving operating leverage through effective cost control and portfolio optimization. The increasing role of branded residences and mixed‑use developments further supports project returns and earnings visibility. For Minor Food, the Company continues to focus on selective network expansion and portfolio optimization, supported by hub‑based operating strategies. Emphasis remains on franchising and brand development, alongside rationalization of underperforming outlets in certain markets to improve franchisee profitability and overall operating efficiency. Innovation in concepts, formats, and operating models remains a key priority to support scalability and sustainable performance amid varying macroeconomic conditions. MINT continues to prioritize balance sheet management, cost discipline, innovation and digital capability enhancement, and the integration of sustainability and good governance into business operations. These strategic priorities support long‑term growth, resilience, and value creation across both hotel and restaurant businesses.
Details of the sustainability development plan can be found at
https://www.minor.com/en/downloads/our-reporting
In 2025, MINT reported strong operating performance, reflecting the resilience of its global business platform and disciplined execution despite foreign exchange pressures. The hotel and mixed‑use segment remained the Company’s primary profit contributor, supported by robust demand in key markets. Effective cost management, improved operating efficiency, and lower interest expenses enhanced earnings quality. Prudent balance‑sheet management resulted in solid cash generation, strengthening financial flexibility and supporting long‑term value creation for shareholders.
Reported revenue and EBITDA in 2025 remained stable year‑on‑year at Baht 167,241 million and Baht 44,435 million, respectively, primarily impacted by the appreciation of the Thai Baht against major currencies. Reported net profit increased 16% year‑on‑year to Baht 9,009 million, supported by lower interest expenses and improved earnings quality. On a core basis, net profit rose 16% year‑on‑year to Baht 9,700 million. Minor Hotels remained the primary contributor, accounting for 73% of core profit in 2025. Overall Hotel & Mixed‑Use: In 2025, hotel & mixed‑use core revenue declined slightly on a reported basis to Baht 132,919 million, reflecting foreign exchange translation effects, but increased 2% year‑on‑year excluding FX impact, demonstrating solid underlying performance. Core EBITDA increased 1% year‑on‑year to Baht 37,644 million, or 4% excluding FX, with core EBITDA margin improving to 28.3% from 27.8% in 2024. Performance was supported by strong hotel operations across Europe, Thailand, Australia, and the Maldives, together with improved operating leverage and effective cost management across both hotel and mixed‑use segments. Minor Food: In 2025, Minor Food’s total core revenue increased 1% year‑on‑year to Baht 32,594 million, or 4% excluding FX impact, driven by sales growth in Singapore and Australia, partially offset by softer performance in Thailand and certain overseas markets. Franchise income declined 8% year‑on‑year to Baht 1,500 million, reflecting weaker performance in some international franchise operations. Core EBITDA remained stable at Baht 7,328 million, while core EBITDA margin eased slightly to 22.5%, compared to 22.8% in 2024, as cost savings were insufficient to fully offset margin pressure in overseas markets.
Major Developments in 4Q25
Restaurant
1.Opened 32 outlets, net q‑q, primarily Dairy Queen, GAGA, and Bonchon in Thailand; Dairy Queen and GAGA in Indonesia; and several brands in Singapore, net of store closures in Australia
2.Debuted first Sanook Kitchen store in India.
3.Introduced Krob Krob Station, a new Thai food concept
4.Launched the first Poulet restaurant in Indonesia.
Hotel & Mixed-Use
Opened a total of 3 hotels and Anantara Vacation Club units q-q;
1.Tivoli: One managed hotel in Brazil 2.Oaks: One managed hotel in Australia 3.Anantara Vacation Club: Two rooms in the UAE
Corporate
Announced a share buyback program of up to Baht 5 billion, reinforcing focus on shareholder value creation
Please visit Form 56-1 One Report on https://www.minor.com/en/investor-relations/downloads/yearly-report
Please visit https://www.minor.com/en/about-us/awards-and-rankings/corporate and https://www.minor.com/en/investor-relations/updates/press-releases
| as of 30/12/25 | MINT | TOURISM | SET |
|---|---|---|---|
| P/E (X) | 14.20 | 18.98 | 15.44 |
| P/BV (X) | 1.59 | 1.40 | 1.19 |
| Dividend yield (%) | 2.47 | 2.21 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 137,780.44 | 147,419.40 | 165,076.04 |
| Price (B/Share) | 24.30 | 26.00 | 29.50 |
| P/E (X) | 14.20 | 28.89 | 26.06 |
| P/BV (X) | 1.59 | 1.88 | 2.14 |
