Key points
- 957 billion for the first six months of the year, representing a 13% increase from the same period in 2025 despite geopolitical and tourism-related pressures in several markets.
- Dillip Rajakaria, Chief Executive Officer of MINT Group, said the company was pleased to have generated profit growth despite operating in a volatile environment, describing the result as evidence of the strength of its business platform.
- For the remainder of the year, management expects performance to improve compared with the same period in 2025, with continued hotel growth and stronger advance bookings providing important support.
Minor International Public Company Limited (MINT) is heading into the second half of 2026 with growing confidence in its hotel operations after reporting a strong first-half performance, supported by resilient international travel demand, higher room rates and an expanding global hotel network. The Thailand-based hospitality and restaurant group recorded a net profit of THB 3.957 billion for the first six months of the year, representing a 13% increase from the same period in 2025 despite geopolitical and tourism-related pressures in several markets.
Image Credit: Minor Group
The performance was achieved during a period that included Middle East geopolitical tensions and softer tourism demand in certain destinations, particularly during the second quarter. MINT’s geographical diversification, combined with revenue management and operational discipline, helped limit the impact of those headwinds. At the same time, this Thailand Hotel News report highlights the growing importance of the group’s hotel operations to its overall earnings outlook. Core operating profit for the first half reached THB 3.658 billion, increasing 6% year on year, supported by travel demand in Europe, revenue management in Thailand and the Maldives, and an improving restaurant business.
Hotel Business Emerges as a Major Earnings Driver
Minor Hotels delivered one of the strongest components of MINT’s first-half performance, recording a reported net profit of THB 2.575 billion, a 32% increase compared with the corresponding period last year.
Core operating profit from the hotel business reached THB 2.381 billion, rising 7% year on year. The result reflected favorable foreign exchange movements as well as solid performances from properties in Europe and Thailand.
Europe and the Americas continued to benefit from leisure travel and major events. Revenue per available room, or RevPAR, increased 5% year on year across these markets, supported by continued increases in average room rates. Italy, Latin America, Spain and Central Europe were among the strongest-performing markets.
Thailand produced particularly notable pricing results. RevPAR at MINT’s Thai hotels increased 11% from the previous year, while average daily rate, or ADR, climbed 18%. The higher pricing helped compensate for weaker demand associated with unrest in the Middle East and demonstrated the group’s ability to use revenue management and targeted sales strategies to attract higher-value travelers.
In the Maldives, RevPAR increased 4% year on year. Performance was supported by long-haul tourism demand and the continuing recovery of arrivals from China.
Advance Bookings Strengthen Second-Half Outlook
The momentum across the hotel portfolio has given MINT increased visibility for the remainder of 2026. Advance bookings in key markets are running ahead of last year, providing management with greater confidence that hotel operations can continue supporting earnings growth during the second half.
Dillip Rajakaria, Chief Executive Officer of MINT Group, said the company was pleased to have generated profit growth despite operating in a volatile environment, describing the result as evidence of the strength of its business platform.
For the remainder of the year, management expects performance to improve compared with the same period in 2025, with continued hotel growth and stronger advance bookings providing important support.
Nevertheless, MINT is continuing to monitor global economic uncertainty, geopolitical developments and changing consumer spending patterns. Management said operational discipline, efficiency improvements and debt reduction would remain priorities as the group seeks to strengthen its long-term financial position.
Asset-Light Hotel Expansion Accelerates
MINT is simultaneously expanding its international footprint through an asset-light strategy designed to increase its hotel network without requiring the same level of capital investment associated with property ownership.
During the period, the company opened seven new hotels through management and franchise agreements across Thailand, Italy, Zambia, Laos and Australia, while also entering Turkey for the first time.
More than 20 additional hotel agreements have been signed across Asia, the Middle East and Europe, demonstrating continued progress in the group’s development pipeline and towards its broader hotel signing targets.
An important part of that strategy is the recently introduced Colbert Collection, MINT’s luxury soft brand. The concept is designed to appeal to independent luxury hotel owners seeking access to an international brand network and operational support while preserving the individual identity and character of their properties.
The model potentially gives MINT another route to accelerate its global expansion while limiting additional financial exposure, an increasingly important consideration as the company simultaneously works to reduce debt.
MINT’s wider hotel portfolio now encompasses 647 properties across 67 countries, including owned, managed, invested and committed future properties. Its hospitality brands include Anantara, Avani, Oaks, Tivoli, NH Collection, NH, nhow, Elewana, The Wolseley, Colbert Collection and Minor Reserve Collection, alongside investments involving other international hotel brands.
Minor Food Adds Another Layer of Growth
Although hotels are expected to remain the principal growth engine in the second half, MINT’s restaurant operations also improved during the first six months of 2026.
Minor Food generated core operating profit of THB 1.277 billion, up 3% year on year. Thailand returned to positive same-store sales growth, while China recorded its fourth consecutive quarter of same-store sales growth.
Bonchon, Dairy Queen and Swensen’s were among the brands supporting the Thai recovery, while Sizzler received a positive response to its new store format.
MINT has also established a partnership with PTT Oil and Retail Public Company Limited to expand The Pizza Company, Dairy Queen, The Steak & More and Chiho Ramen through PTT’s nationwide service-station network. The collaboration targets more than 150 new branches by 2030 and represents another application of MINT’s asset-light expansion strategy.
Debt Reduction Remains a Strategic Priority
Growth is being pursued alongside efforts to reshape MINT’s capital structure. The company’s debt ratio increased during the quarter following the refinancing of subordinated perpetual securities through a syndicated loan.
Management described the move as part of a proactive capital restructuring plan rather than an indication of financial strain. MINT continues to pursue its debt reduction strategy and is evaluating asset-rotation opportunities that could gradually lower long-term interest-bearing debt.
The combination of stronger hotel earnings, rising room rates in Thailand, resilient European travel demand and higher advance bookings gives MINT several potential growth levers heading into the remainder of 2026. Its expanding asset-light hotel network could further strengthen the platform while requiring less capital than traditional ownership-led expansion.
What will matter during the coming months is whether strong forward bookings can translate into sustained earnings while MINT navigates geopolitical uncertainty, uneven consumer demand and its debt reduction programme. First-half results indicate that the hotel portfolio is providing substantial resilience, with Thailand’s 11% RevPAR growth and 18% ADR increase demonstrating particularly strong pricing power. Combined with international expansion and disciplined capital management, the group enters the second half with a clearer growth path, although external economic and geopolitical risks remain firmly on management’s radar.
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