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, Japan, and South Korea. 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.
| 3M26 | 3M25 | 2025 | 2024 |
|---|
| Revenues | 2,255.22 | 2,135.66 | 7,937.39 | 8,053.93 |
| Expenses | 1,694.43 | 1,602.57 | 6,363.13 | 6,267.79 |
| Net Profit (Loss) | 375.55 | 345.38 | 838.09 | 1,280.74 |
| Assets | 26,333.47 | 25,917.30 | 26,459.93 | 26,246.08 |
| Liabilities | 16,126.35 | 15,998.12 | 16,672.76 | 16,754.27 |
| Shareholders' Equity | 9,368.45 | 9,111.49 | 8,966.99 | 8,711.79 |
| Operating | 688.53 | 565.88 | 2,386.26 | 2,818.35 |
| Investing | -960.98 | -247.96 | -1,047.86 | -2,682.80 |
| Financing | -527.80 | -733.40 | -986.16 | 285.69 |
| EPS (Baht) | 0.08 | 0.07 | 0.17 | 0.27 |
| GP Margin (%) | 61.74 | 60.67 | 58.70 | 58.38 |
| NP Margin (%) | 17.35 | 16.98 | 11.40 | 16.30 |
| D/E Ratio (x) | 1.58 | 1.61 | 1.70 | 1.77 |
| ROE (%) | 9.40 | 15.22 | 9.48 | 17.03 |
| ROA (%) | 6.13 | 7.86 | 5.97 | 8.11 |
The Company aims to maintain a balanced investment portfolio through diversification and operational flexibility to support sustainable returns. Its hotel portfolio spans from luxury to economy segments, operates under internationally recognized brands and located in key destinations in Thailand and the Philippines, primarily serving international travelers. Our budget hotels, branded as “HOP INN,” continued to maintain a strong domestic customer base in Thailand and the Philippines, while expanding into Japan and commencing in South Korea in late Q1 2026. In addition to its location strategy, the Company seeks to enhance market share through operational efficiency, alongside ongoing asset enhancement and maintenance to sustain competitiveness. The Company continues to pursue new investment opportunities both domestically and internationally. Current expansion plans include hotel developments on long-term leasehold land near BTS Phrom Phong Station and Asoke stations, as well as continued expansion of the “HOP INN” portfolio. These initiatives aim to ensure appropriate returns on investment, maintain market leadership in Thailand and the Philippines, and expand the customer base across the Asia-Pacific region.
For detail on Sustainable Development Plan, please visit
www.theerawan.com/en/sustainability/home
In 1Q26, The Erawan Group Public Company Limited and its subsidiaries (“the Company”) delivered a record high first-quarter performance, reflecting the success of its growth and value-creation strategy supported by a diversified portfolio. Hotels across all segments, from Luxury to Economy, reported strong performance, driven by the continued recovery of Thailand's tourism industry. This was particularly supported by the increase in international tourist arrivals during February to March 2026, including the return of Chinese tourists. Meanwhile, the budget hotel segment continued to expand and delivered solid performance across all countries, supported by strong domestic demand in Thailand and the Philippines, as well as continued tourism growth in Japan. In 1Q26, the Company reported normalized total revenue of 2,255 million baht, representing an increase of 6% YoY. Normalized EBITDA was 835 million baht, up 6%, while normalized NPAT totaled 388 million baht, increasing by 12%. After including a one-time prepayment fee for early loan repayment of 13 million baht, undertaken as part of long-term financing cost optimization, the Company reported net profit of 375 million baht, an increase of 9% compared to 1Q25.
Hotel Business (1Q25 vs 1Q26)
1.1 Luxury, Midscale and Economy RevPAR increased by 4%, driven by 4% increases in OCC, while ARR remained stable. Total operating revenue amounted to 1,687 million baht, a 4% increase. Food and beverages revenue totaled 389 million baht, up 2%, while EBITDA was 660 million baht, reflecting a 5% increase.
1.2 HOP INN Thailand Total operating revenue amounted to 328 million baht, a 20% increase, while EBITDA was 162 million baht, a 24% increase.
1.3 HOP INN Philippines Total operating revenue amounted to 116 million baht, a 1% decrease. However, in local currency terms, revenue increased by 8%. EBITDA was 53 million baht, up by 5%.
1.4 HOP INN Japan Total operating revenue amounted to 74 million baht, representing a 6% decrease. However, in local currency terms, revenue increased by 4%. EBITDA was 35 million baht, decreasing by 13%.
1.5 HOP INN Korea The Company opened its first HOP INN hotel in South Korea, located in Myeongdong, in late March 2026. The hotel comprises 97 rooms and has received positive response from international travelers.
Rental Properties
The Company operates Erawan Bangkok, a luxury retail property adjacent to Grand Hyatt Erawan Bangkok Hotel. In 1Q26, rental and service income amounted to 35 million baht, a 3% increase from 1Q25.
For more details, please visit www.theerawan.com/en/investor-relations/document/quarterly-results
The Company commenced operations of its first HOP INN hotel in South Korea, located in Myeongdong, at the end of March 2026. The hotel comprises 97 rooms, marking a significant milestone in the expansion of the HOP INN brand into new international markets. In addition, the Company opened two new “HOP INN” locations in Thailand, Thungsong and Chonburi-Bowin, adding a total of 246 rooms to its portfolio. As a result, the Company operated a total of 106 hotels, with an aggregate room inventory of 12,578 rooms as of the end of 1Q26.
For more details, please visit www.theerawan.com/en/corporate-governance/risk-management-and-internal-control
For more details, please visit www.theerawan.com/en/our-pride
| as of 31/03/26 | ERW | TOURISM | SET |
|---|---|---|---|
| P/E (X) | 14.23 | 21.84 | 16.56 |
| P/BV (X) | 1.33 | 1.27 | 1.36 |
| Dividend yield (%) | 2.87 | 2.70 | 4.41 |
| 31/03/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 11,924.11 | 11,924.11 | 18,668.07 |
| Price (B/Share) | 2.44 | 2.44 | 3.82 |
| P/E (X) | 14.23 | 14.15 | 16.72 |
| P/BV (X) | 1.33 | 1.37 | 2.40 |
