PPHE Hotel Group (PPH) H2 2025 earnings summary

Executive summary

• Achieved 5.3% revenue growth to GBP 466.4 million and EBITDA of GBP 138.2 million in 2025, with RevPAR up 2.6% to GBP 123.4 and stable EPRA EPS at GBP 1.25, supporting a 22p dividend per share.

• Operates as an integrated real estate and hospitality company with asset ownership, development, and operations across 18 markets, focusing on London, Amsterdam, and Pula.

• Completed the largest multi-year investment program, exceeding GBP 300 million, with new openings and asset repositioning now contributing to EBITDA.

• Strategic review announced in November 2025 remains ongoing.

• Focused on automation, cost control, and ramping up new openings for 2026.

Financial highlights

• Total revenue rose to GBP 466.4 million in 2025 from GBP 442.8 million in 2024; EBITDA increased to GBP 138.2 million from GBP 136.5 million.

• RevPAR grew 2.6% year-over-year to GBP 123.4, with occupancy at 75.1% and average room rate at GBP 164.3.

• EPRA earnings per share stable at GBP 1.25, supporting a full-year dividend of GBP 0.39 per share.

• Proposed final dividend increased to GBP 0.22 per share, total dividend GBP 0.39 per share.

• EPRA NRV per share was GBP 27.4 at year-end 2025, with total property value at GBP 2,219.7 million.

Outlook and guidance

• Board expects to further grow revenue and EBITDA in 2026, driven by recent investments and new hotel openings.

• Forward booking momentum is strong across all regions, with continued focus on operational efficiencies and technology.

• Confident in delivering results for FY 2026 in line with market expectations.