Millennium & Copthorne Hotels New Zealand (MCK) H2 2025 earnings summary

Executive summary

• Achieved a 5-year high in total revenue, driven by strong hotel momentum and strategic execution of the Revive to Thrive strategy.

• Celebrated 40 years of continuous operations in New Zealand and 30 years of the MHR brand.

• Positioned to capitalize on the rebound in tourism and property sectors.

Financial highlights

• Total revenue reached $186.7m, up 6.0% year-over-year, the highest in five years.

• NZ hotel revenue grew 19.5% to $130.9m, with average occupancy up 3% to 70%.

• Group profit before tax declined 29.8% to $33.0m, and EPS fell 25.6% to 12.78c.

• Dividend maintained at 3c per share.

• Book value of property assets at $752.2m; market value estimated at $1.1b.

Outlook and guidance

• Expect continued global and domestic economic recovery to drive hotel demand in 2026.

• Priorities include increasing room utilization, ongoing refurbishments, growing loyalty program, and advancing development pipeline.

• Property market recovery anticipated to be gradual but optimistic.