First Half 2026 Results - Meliá Hotels International

Meliá Reports Recurring Net Profit of €83.4 Million, Prior to the Accounting Impact of the Extraordinary Provision Related to the Exit from Cuba of its Subsidiary Ilha Bela, and Confirms Another Strong Summer Season

Financial Performance
- Recurring Net Profit: €83.4M (excluding Cuba provision)
- Revenues: €1,047.4M, up 7.1% YoY
- RevPAR: +11.7% vs. prior year, +14.2% in Q2
- EBITDA: €244.7M (+2.5%), despite temporary closures for refurbishments
- Direct Customer Sales: +12%
- Operating Margin: Stable compared to last year

Strategic Growth
- New Hotels Signed: 17 (3,816 rooms)
- Hotels Opened: 14 (2,000+ rooms)
- Digital Channels:
- Meliá.com & App: +14%
- MeliáPro (B2B): +15%
- MeliáRewards: +15%
- Guest Satisfaction: NPS of 61.2%
- Sustainability: Ranked Europe’s most sustainable hotel company, 3rd globally (S&P Global ESG); recognized by TIME & Statista

Financial Management
- Increased investment in acquisitions and equity stakes
- Target leverage ratio: 2.0x–2.5x Net Debt-to-EBITDA
- Evaluating disposal of non-core assets to optimize capital allocation

Cuba Exit (Extraordinary Impact)
- Geopolitical and economic instability made operations unsustainable
- Activities classified as “Discontinued Operations”
- Provision generated €79.4M losses from discontinued operations
- No cash flow impact

Outlook
- Strong Q3 expected, with double-digit growth in on-the-books sales
- Target: sign at least 40 new hotels (8,400 rooms) and open 30 (3,500 rooms) in 2026
- RevPAR growth: high single-digit (constant currency)
- Operating margin expansion: ~200 basis points
- EBITDA target: ≥ €565M for 2026

Key Takeaway:
Meliá’s core business remains resilient and profitable, with strong demand, digital channel growth, and sustainability leadership. The Cuba exit is a one-off accounting hit, but the company is positioning itself for continued expansion and margin improvement.