Meliã Hotels presented its results for the first quarter of 2026, with consolidated revenue up 3.8% to €461 million, EBITDA of €87 million (down 6.9%) and attributable net profit of €0, a sharp decline from the €6.7 million recorded in Q1 2025.
Report by Link Securities
Meliã Hotels (MEL) presented its results for the first quarter of the financial year (Q1 2026) on Thursday, from which we highlight the following aspects:
Meliã’s consolidated revenue in Q1 2026 increased by 3.8% year-on-year, to €461.6 million. Excluding capital gains, the increase was 4.4% despite the negative impact of the USD/EUR exchange rate, which was offset by the positive performance of RevPar, rising by 2.8% in owned and leased hotels, as well as by the higher number of available rooms on a like-for-like basis.
On the other hand, operating expenses rose by 5.2% compared with the same period last year, reaching €362.2 million. This increase is a result of the inclusion of a greater number of rooms in the Owned and Leased portfolio. Additionally, rental costs have increased by €5.7 million as a result of the renegotiations and inclusion of variable-rate leases carried out in the second half of the previous financial year.
As a result, operating cash flow (EBITDA) stood at €87.9 million (down 6.9% year-on-year). EBITDA excluding capital gains stood at €86.9 million, compared with €91.0 million in the previous financial year. The year-on-year change is due to the combination of the factors mentioned above. In terms of operating income, the EBITDA margin reached 19% in Q1 2026 (against 21.2%; Q1 2025).
Furthermore, after deducting depreciation and amortisation, operating profit (EBIT) fell by 31.9% year-on-year in Q1 2026, to €22.9 million. In terms of operating revenue, the EBIT margin stood at 5% at the end of March, compared with 7.6% in the same quarter of the previous year.
Consequently, Meliã’s profit before tax (PBT) fell by 68.3% year-on-year, to €4.5 million. Finally, Meliã recorded a attributable net profit of €0 in Q1 2026, a sharp decline from the €6.7 million recorded in Q1 2025.
Outlook:
Meliã informed the National Securities Market Commission (CNMV) that its CEO reported at the Annual General Meeting regarding financial targets that the objective for the 2026 financial year is to achieve an EBITDA of no less than €565 million, provided that the current trend in demand in the main markets continues, and to maintain the net debt ratio below 2.5 times. Furthermore, provided that current market conditions persist, Meliã expects a high single-digit increase in RevPar in constant currency at an aggregate level for 2026, and is committed to an improvement in the underlying operating margin of 200 basis points.
Following the outbreak of the conflict in the Middle East, Meliã has observed an increase in bookings, particularly to Spain, which continues to benefit as a holiday destination perceived as safe, allowing us to capitalise on our presence in major cities and tourist destinations.
