PPHE Hotel Group (PPH) Q3 2025 TU earnings summary

Executive summary

• Achieved 5.2% revenue growth and 2.7% RevPAR growth in Q3 2025, led by strong UK hotel performance and new art'otel openings in London and Rome.

• Croatian operations delivered solid results despite adverse weather, while Netherlands and Germany saw subdued trading.

• Full-year 2025 expectations remain unchanged, with trading in line with guidance.

Financial highlights

• Q3 2025 reported revenue rose to £155.9 million, up 5.2% year-over-year; like-for-like revenue up 4.9%.

• Q3 reported occupancy improved to 80.2% (up 70 bps); like-for-like occupancy at 80.8%.

• Q3 reported RevPAR increased to £140.3, up 2.7%; like-for-like RevPAR up 3.0%.

• Nine-month 2025 reported revenue reached £355.8 million, up 4.9% year-over-year.

• Analyst consensus for FY2025: revenue £458.4–£480.4 million, EBITDA £136.0–£137.8 million.

Outlook and guidance

• Board reiterates unchanged full-year 2025 guidance despite macroeconomic volatility.

• Forward bookings and activity levels remain consistent with 2024.