PPHE Hotel Group (PPH) Q4 2025 TU earnings summary

Executive summary

• Achieved financial and strategic progress in 2025 despite volatile macroeconomic and geopolitical conditions.

• Completed the largest-ever investment programme, including the opening of art'otel Rome Piazza Sallustio.

• Strengthened long-term pipeline with acquisition of a mixed-use development site near the City of London.

Financial highlights

• 2025 total revenue and EBITDA expected to be in line with market expectations (£458.4m–£469.0m revenue, £133.2m–£137.8m EBITDA).

• Q4 2025 Group room revenue grew 4.9% and RevPAR grew 5.0% year-over-year, driven by a 7.8% increase in average room rate and FX tailwinds.

• Full-year reported Group room revenue expected at £330.4m, up 4.2% year-over-year; like-for-like room revenue up 2.4%.

• Reported RevPAR for 2025 improved 2.6% to £123.4, with average room rate up 1.7% to £164.3 and occupancy at 75.1%.

Outlook and guidance

• Full-year results expected to be in line with market expectations.

• Strategic Review process, announced in November 2025, remains ongoing.