Earnings release
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Meliá Hotels International – Q3 2025 Results Meliá reports another strong summer season and confirms a healthy normalization of growth Revenue per Available Room (RevPAR) aligns with forecasts, increasing by +5.6% (+5.2% over the nine-month period) Revenue excluding capital gains improves by +5.6% in the quarter (+4% over the nine -month period) On-the-books reservations reflect a positive outlook for the final stretch of the year, which is expected to close with a mid-single-digit RevPAR increase The Events segment shows solid momentum, with a +12% increase in bookings for 2026 compared to the volume contracted by the same date in 2024 for the current year The Group’s performance confirms the resilience of both domestic and international tourism, particularly in leisure demand Business performance: ∙ EBITDA excluding capital gains reached €192.2M during the period (+2.1% increase versus Q3 2024) ∙ The strength of direct channels (+6% in sales compared to 2024), along with the Corporate and Tour Operator segments, contributed significantly to the solid performance of the quarter. ∙ The Group’s B2B channel, MeliaPro, recorded a +9% increase in sales. ∙ The MICE and Corporate Travel segments stood out particularly in urban Spain, the UK, Germany, Milan, Mexico, and the Dominican Republic. ∙ There is a growing demand for premium products and room categories, reinforcing the Group’s strategic positioning. Debt and Liquidity: ∙ Net financial debt pre-IFRS 16 stood at €763 million as of September, with operating cash generation exceeding €90 million during this third quarter. ∙ The Company maintains its forecast to close fiscal year 2025 with a leverage ratio at 2024 levels, allowing it to approach gr owth opportunities with flexibility. Strategy and Growth: ∙ Meliá has signed 34 hotels to date, adding over 5,550 rooms—mostly under asset-light models—and has opened 15 hotels with 1,676 rooms, maintaining its annual target of opening at least 25 new hotels and signing a minimum of 35. ∙ The Company recently announced its debut in new destinations such as Roatán (Honduras), Bariloche (Argentina), and Bahrain in the Persian Gulf. ∙ Starting November 1st, Meliá will take over the management of the exclusive MiM Hotels collection, owned by Leo Messi. ∙ The Company continues to advance its repositioning strategy and strengthen alliances with leading institutions, such as Banca March, with whom it has just inaugurated the third hotel under its luxury all-inclusive brand Paradisus by Meliá in the Canary Islands: Paradisus Fuerteventura. ∙ Meliá reaffirms its position as the leading Spanish tourism company (and third worldwide) in the “World’s Most Trustworthy Company” ranking by Newsweek and Statista, and as a “Leading Company” in the 2025 ESG Transparency Awards. Outlook: ∙ The Company maintains its forecast to end the year with a mid-single-digit increase in RevPAR, driven by a balanced contribution from both rate growth and occupancy levels. ∙ Although macroeconomic growth has slowed and some source markets are stabilizing, travel demand remains resilient, supporting a positive outlook for the sector as the year draws to a close. ∙ A promising winter season is expected in sun -and-beach destinations, particularly in the Canary Islands, alongside robust corporate and events activity in urban destinations worldwide.
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Gabriel Escarrer, Chairman and CEO of Meliá Hotels International: “The third-quarter confirms the solid performance of Meliá Hotels International during a period marked by the strength of both domestic and international tourism, and by the consolidation of a healthy trend toward normalized demand growth following several years of unpreced ented acceleration. After a summer that once again positioned Spain and the Mediterranean among the world’s most sought -after destinations, the data reflects a positive season, with our main source markets showing resilience despite the surrounding geopolitical and macroeconomic volatility. Once again, our quarterly results support the Group’s management strategy, confirming earlier estimates of mid-single-digit growth in Revenue per Available Room (RevPAR), which reached +5.6%. They also reaffirm our commitment to leisure tourism, where Meliá maintains a strong leadership position across both sun-and-beach and urban leisure segments. The significant presence of resort hotels in our portfolio, combined with our repositioning strategy focused on upscale and luxury brands and segments, enabled M eliá to benefit from the growing demand for premium experiences, products, and rooms —clearly reflected in the summer of 2025. Revenues increased by 5.6% compared to the already strong summer of 2024, despite the temporary closure of one of our top-contributing hotels, Paradisus Cancún, which is undergoing a major renovation. Our outlook for the fourth quarter anticipates a favorable winter season in both Spanish resort and urban destinations, with clear progress in European cities and in the Group’s locations across the Caribbean and the United States. Additionally, demand is gradually recovering in Asia -Pacific countries, particularly in Vietnam. Alongside the strength of these key destinations, the resilience of the events segment—highly relevant for Meliá across major markets —continues to stand out, as it is typically booked further in advance and complements individual demand by providing a solid occupancy base for our hotels. With this positive environment and a strategy focused on strengthening our balance sheet and leveraging our ecosystem of trusted strategic partners, the Company is well positioned to pursue profitable and sustainable growth. ” Quarterly EBITDA Evolution | €M (excluding capital gains)
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Revenue Progression (excluding capital gains) Palma de Mallorca, October 30, 2025. Meliá Hotels International today announced its results for the first nine months of the year, following a positive third quarter that confirms the strength of both domestic and international business, particularly in the leisure segment where Meliá holds a leading position. Performance was especially strong in Spain, with the vacation segment led by the Canary and Balearic Islands, and solid results in urban hotels in terms of both rates and occupancy levels. Across all segments, Direct Customer and Tour Operation channels made a significant contribution. Globally, the quarter was also positive in EMEA, with notable growth in the UK and cities such as Milan, while France and Germany posted positive but modest results due to the challenging comparison with 2024, a year marked by major events such as the Olympics and the FIFA World Cup. In the Americas, improvements were seen in Mexico —despite the closure for renovation of the Group’s flagship property, Paradisus Cancún —as well as in the Dominican Republic and the United States. Meliá Hotels International reported third -quarter revenues excluding capital gains of €616.6 million (+5.6% versus the same period last year). For the first nine months of the year, revenues excluding capital gains reached €1,603.2 million (+4%). Consolidated earnings as of September reached €150.9 million, representing a +27.2% improvement compared to the same period last year. EBITDA excluding capital gains continued its positive trend, totaling €435.7 million (+2.3%). For the third quarter alone, EBITDA amounted to €192.2 million (+2.1% year-on-year). The positive results are reflected in RevPAR (Revenue per Available Room), which improved by +5.6% during the quarter, in line with estimates, driven by a balanced increase in rates and occupancy levels. This performance was supported by strong demand, par ticularly in the leisure segment —both resort and urban — and in premium products and rooms, whose inventory Meliá continues to expand through new additions and repositioning projects. Examples include the transformation of Meliá Gorriones in Fuerteventura into Paradisus Fuerteventura, the full renovation of Paradisus Cancún scheduled to reopen in mid -2026, and the upcoming refurbishment of the iconic Gran Meliá Don Pepe in Marbella over the next 12 months. The Company highlights the contribution of channels such as Direct B2C, with Melia.com growing 6% through September and now accounting for 47.9% of the Group’s total centralized sales . Also the growth of Tour Operation in Spain and Mexico and the strength of the Corporate segment across nearly all destinations, complemented by the dynamism of the MICE segment in Spain, the Americas, and European cities. The efficiency of the B2B channel MeliaPro for corporate and travel agency bookings also stands out, gaining share in sales volume and achieving a higher average daily rate (ADR) compared to other channels .
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The Group’s ethical, social, and environmental commitment continues to earn significant recognition in terms of reputation, having once again been named the most trusted company in Spain within the Travel, Dining and Leisure sector in 2025, and the third globally, according to the “World’s Most Trustworthy Companies” ranking by Newsweek and Statista. Likewise, Meliá Hotels International was reaffirmed as a global leader in the sector by TIME and Statista in the “World’s Most Sustainable Companies 2024” ranking, and as a leading company in the ESG Transparency ranking. Overall, the Company expects continued positive sector growth through year -end, supporting the projected mid-single-digit increase in RevPAR for the full year, with no signs of a slowdown in demand despite macroeconomic uncertainty and geopolitical tensions. Strategic and Qualitative Growth Meliá continues to expand its presence in destinations along the “vacation axis”—which includes the Caribbean, Mediterranean, Middle East, and Southeast Asia —as well as in major urban locations focused on business, leisure, and experiential travel. In total, the Company has signed 34 hotels to date across 13 countries, adding 5,555 rooms and meeting its annual signing targets, while entering new destinations such as Bahrain, the Maldives, and Honduras. With the 15 openings completed to date, the Group has continued to strengthen its luxury brands, such as ME by Meliá (with the recently inaugurated ME Lisbon), Paradisus by Meliá (with Paradisus Fuerteventura), and The Meliá Collection, featuring distinctive h otels like Casa Lucía in Buenos Aires, Five Flowers in Formentera, and Bristol Habana Vieja in Cuba. Soon, this unique collection will expand further with the addition of six MiM Hotels, owned by Leo Messi. Meliá continued to advance its “asset -right” strategy, combining owned hotels with properties under management, lease, and franchise agreements —capital-light models that enable more agile, strategic growth with lower leverage. All hotels signed in 2025 to date follow these models. The franchise model continues to evolve thanks to the value proposition offered to owners and operators who trust Meliá Hotels International and its brands to position their properties internationally. With 78 operational hotels a nd 21 in the pipeline, franchised properties now represent 21% of the Company’s portfolio and 17.3% of its rooms. Franchisees benefit from the use of renowned brands such as The Meliá Collection, Meliá Hotels & Resorts, INNSiDE by Meliá, Sol by Meliá, and Affiliated by Meliá, while hotels are directly connected to Meliá’s global distribution channel, driving demand and ensuring visibility across the highest-performing platforms. As of September 30, the current operating portfolio consists of 368 hotels, and the Group’s expansion pipeline includes 70 properties in the process of incorporation. Key Performance Indicators (Owned, Leased, and Managed Hotels) THIRD QUARTER €159.6 ARR +1.5% vs SPLY 66.7% OCCUPANCY RATE +2.6pp vs SPLY €106.4 REVPAR +5.6% vs SPLY 9 MONTHS €142.2 ARR +3.6% vs SPLY 62.3% OCCUPANCY RATE +0.9pp vs SPLY €91.7 REVPAR +5.2% vs SPLY
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RevPAR Evolution by Quarter | 2025 vs. 2024 (Owned, leased and managed hotels) Performance by region SPAIN Resort hotels generally delivered strong performance in the third quarter, with standout results from properties in the Canary Islands —particularly Tenerife and Gran Canaria —and a promising opening of the repositioned Paradisus Fuerteventura. The Balearic Islands also performed well, with Menorca leading growth. Tour Operation, along with Club Meliá and Direct Customer channels, recorded the highest growth, while Spain and the UK were once again the top -contributing markets in terms of volume and absolute g rowth. Demand from the United States continued to rise, supported by improved air connectivity with several Spanish destinations. Urban hotels also posted positive results in both rates and occupancy, with variations across cities and influenced mainly by properties in the launch phase following recent openings or reopenings. Cities such as Madrid and Seville benefited from major events, and in terms of distribution, Tour Operation and Direct Customer channels stood out again, complemented by corporate clients. Looking ahead to the fourth quarter for resort hotels, the Canary Islands stand out —providing the largest inventory volume at year-end—while the UK once again emerges as the leading market for the period, together with Spain as the fastest -growing source m arkets compared to last year. The Company also notes that this quarter marks the start of renovation works at Gran Meliá Don Pepe, one of Spain’s top-contributing hotels. By segment, the strongest performance is expected from Direct Customer and Club Meliá . As for urban hotels, year-end prospects remain positive, driven by segments such as MICE (Meetings, Incentives, Conferences, and Events), corporate travel, and Tour Operation, with growth recorded across all Spanish cities except Barcelona, where renovations have impacted performance—partially offset by the strong momentum of Gran Meliá Torre Melina. EMEA In Germany, the absence of the UEFA Euro—held in 2024—and of several major concerts and trade fairs across different cities impacted the comparison of rates and MICE segment occupancy versus the third quarter of last year, although the Company still achieved an overall improvement in occupancy during that period. T he Corporate segment also maintained solid demand. Looking ahead, Germany is preparing for a clearly positive fourth quarter compared to the trend seen so far, driven by strong demand for trade fairs and conferences and the solid performance of group and airline crew segments. Overall, the quarter benefits from a more robust event calendar and stable corporate demand, with varying dynamics depending on the month and location.
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In the UK, the third quarter delivered positive results, with London once again leading the way and other cities also posting sustained growth. Strong occupancy levels and stable rates drove an increase in RevPAR, with standout performance from the MICE and Corpora te segments, alongside OTAs (online travel agencies) —a trend that contributed to overall results and particularly to the sale of premium rooms. Looking ahead to the fourth quarter, the region maintains solid momentum, with results expected to surpass last year thanks to London’s dynamism and strong activity in the Groups and Crew segments. The slower pace observed in northern cities could recover with Champions League events and the winter season, and overall, the year is expected to close better than 2024, supported by more stable and diversified demand. Regarding Italy, the third quarter showed slightly positive results, with strong performance from the Group’s hotels in Milan driven by robust MICE activity, including major events such as Fashion Week and Formula 1. In contrast, Rome experienced more moderate growth duri ng the period. Looking ahead to the fourth quarter, performance is expected to vary by city: Rome anticipates increased MICE activity and higher demand from leisure travelers, particularly from North America, while Milan is set to host fewer events but expects a rebound in leisure travel during November and December. AMERICAS In the Americas, the temporary closure of Paradisus Cancún for renovations has reduced the number of available rooms in Mexico, which otherwise delivered a positive performance in the third quarter, driven by higher average rates and stable occupancy levels. Among the negative impacts were the depreciation of the U.S. dollar, which led to a slight decline in RevPAR in euros compa red to 2024, and reduced air connectivity with South America, causing a mild slowdown in direct customer channels and tour operati ons. The outlook for the fourth quarter points to an improvement over the previous year in both volume and average daily rate, supported by stronger direct sales and MICE segment activity, as well as a rebound in event -related and holiday bookings. Tour op erations remain stable, while last -minute bookings are gaining momentum. The exchange rate effect of the dollar against the euro is expected to continue having a negative impact. The third quarter was positive in the Dominican Republic, with strong performance from the Paradisus hotels and particularly from the MICE segment, which provided a solid occupancy base. While the U.S. market saw a slight decline, other source markets such as Argentina and Spain —recording the highest growth for the destination—gained ground. The fourth quarter is expected to show improvements over the previous year, with projected growth in both occupancy and average rates in local currency, especially during the holiday season, which is also expected to see a s urge in last -minute bookings. By market, European demand is on the rise, while U.S. demand is showing a slight decrease. In the United States, New York recorded strong performance during the third quarter, supported by favorable market conditions. The FIFA Club World Cup in July and the start of the corporate season in September boosted activity, further reinforced by the UN Summit at the end of the period. Positive momentum across all segments—Corporate, Leisure, and Groups —is expected to continue into the fourth quarter, reflecting the brand’s solid positioning in the city. Orlando, meanwhile, was impacted in the third quar ter by a decline in international travelers, only partially offset by commercial strategies focused on the domestic and Latin American markets. While the trend of reduced international travel is expected to persist in the fourth quarter, the La Liga competition event is set to generate a significant volume of bookings in October. ASIA In Asia, demand in China increased over the summer, although challenges persist due to oversupply in key cities, which continues to pressure competition and rates. The “visa-free” policy introduced with several markets is expected to drive international arrivals starting in the f ourth quarter. The country is also preparing to capitalize on domestic demand during holiday periods such as Golden Week, although the gradual recovery has not yet offset the excess supply in certain cities. In Southeast Asia, third-quarter performance was mixed. Vietnam stood out, driven by relaxed visa policies and investment in tourism infrastructure. Thailand revised its forecasts downward due to lower Chinese tourist arrivals, while Indonesia, Malaysia, and Laos showed gradual recovery, supported by domestic tourism and the growing appeal of sustainable and exotic travel experiences. Looking ahead to the fourth quarter, the region
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is expected to close the year on a positive note, although the slow recovery of Chinese tourism will continue to affect Thailand. Vietnam is set to lead the rebound, fueled by strong international market demand. Globally, the Company anticipates a positive fourth quarter, confirming the strength of both leisure and urban holiday segments across all its destinations. About Meliá Hotels International Rooted in Mallorca (Spain), with a global footprint, Meliá Hotels International has evolved over seven decades into one of the world’s leading hospitality groups. Today, we are proud to be recognized as Europe’s most sustainable hotel company by S&P Global , and as a Top Employer Large Enterprise 2025, reflecting our unwavering commitment to excellence, innovation and responsible tourism. With a portfolio of over 400 hotels across key destinations worldwide, we deliver differentiated guest experiences through our nine distinct brands: Gran Meliá Hotels & Resorts, ME by Meliá, The Meliá Collection, Paradisus by Meliá, Meliá Hotels & Resorts, ZEL, INNSiDE by Meliá, Sol by Meliá, and Affiliated by Meliá. Each brand is designed to meet the evolving expectations of our guests, while staying true to our Mediterranean roots and values. Our strategic focus on sustainability, talent development, and digital transformation continues to position Meliá as a benchmark in the global hospitality industry, driving long -term value for our stakeholders and creating meaningful experiences for millions of travelers around the world. For more information comunicacion@melia.com