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International Hotel Investments plc – Full-Year Results

Jonathan Falzon

April 27, 2026

27 April, 2026
7 min read
27 April, 2026
7 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 24 April 2026, International Hotel Investments plc published its Annual Report and Consolidated Financial Statements for the year ended 31 December 2025.

Revenue increased by 9.3% to a record of €335 million (2024: €307 million) reflecting higher demand for the Group’s hotels, with revenues rising across almost all countries, as well as the introduction of new revenue streams from hotels launched during 2025, including Corinthia Brussels and Corinthia Bucharest. Higher income was also recorded from rental agreements in Prague, St Petersburg and Tripoli.

On the expenditure side, operating costs increased to €273 million (2024: €254 million), driven primarily by higher employee benefit expenses which rose by 15.6% to €113.3 million (2024: €98.1 million). Moreover, pre-opening expenses of €2.2 million were incurred during 2025 relating to Rome and Brussels.

Excluding depreciation and amortisation, EBITDA amounted to €61.9 million, broadly in line with the prior year, resulting in an EBITDA margin of 18.5% (2024: 20.3%).

The financial performance of IHI was positively impacted by a net fair value uplift on investment property of €17.6 million, driven primarily by a €13.3 million uplift in the value of the Prague hotel and a €4 million uplift on the Tripoli Commercial Centre.

Consequently, operating profit (EBIT) increased by 5.9% to €50.0 million compared to €47.2 million in the prior year.

Finance costs remained broadly unchanged at €44.4 million but the Group also generated €2.3 million in finance income and benefitted from €2.5 million in currency exchange differences on borrowings.

Profit before tax amounted to €9.25 million compared to €2.34 million in 2024. After accounting for a tax credit of €1.95 million and a loss of €9.58 million attributable to minority interests, the net profit attributable to shareholders of IHI amounted to €20.8 million compared to €4.37 million in 2024.

The Statement of Financial Position as at 31 December 2025 showed that total assets increased by 1.5% (or €30 million) to €1.97 billion, consisting of €1.25 billion in property, plant and equipment, €277 million in investment property, €146 million in assets classified as held for sale (primarily the Lisbon hotel), as well as cash and equivalents of €93 million.

Total liabilities increased by 2.0% (or €21 million) to €1.05 billion, of which €790 million is debt (including €25.6 million in lease liabilities).

Shareholders’ funds grew by 6.1% (or €41 million) to €715.5 million, which translates into a net asset value per share of €1.162 (31 December 2024: €1.095).

Interim Dividend

The Board of Directors declared an interim gross dividend of €18.5 million, equivalent to €0.03 per share (net: €0.0255 for individuals resident in Malta), payable on 27 May 2026 to shareholders as at Friday 24 April 2026. The dividend is funded through proceeds from the sale of a majority interest in the Corinthia Hotel Lisbon.

Real Estate Development

IHI’s wholly-owned subsidiary Corinthia Real Estate Ventures (CREV) raised USD145 million in equity and debt for three adjacent properties in Beverly Hills. Preparatory design works are underway for the eventual development of a Corinthia hotel and residences in this area.

CREV also organised a joint venture for the development of a luxury development of a hotel and residences at Turks & Caicos and signed a preliminary deal for a significant hotel and residential project in Los Cabos, Mexico.

Outlook

In his statement, the Chairman highlighted the transaction relating to the partial sale of the Corinthia Hotel Lisbon, which valued the asset at €150 million, above its previous asset value recorded in the Group’s financial position. The net proceeds are being applied to reduce the Group’s overall debt, fund the dividend, and support new investments.

The Group is targeting the sale of its wholly-owned hotel in Prague, which carried an asset value of €110 million as at the end of 2025.

In Malta, the Corinthia Oasis development at Golden Bay obtained its planning permit in February 2026 and the Group is now seeking the optimal financial structures to proceed with the project. The Group will also continue to explore redevelopment or repositioning options for its hotel properties on the St George’s peninsula.

In terms of new hotel openings, Corinthia Rome opened at the end of February 2026. Construction continues to progress on upcoming Corinthia hotels in Riyadh, Dubai, Doha, the Maldives, while recently other new management contracts were secured for luxury properties in Lake Como, Puglia, Tuscany and China.

The Group is also aiming to affiliate the Verdi brand with a major international franchise partner to strengthen its marketing and distribution platform.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 24 April 2026, International Hotel Investments plc published its Annual Report and Consolidated Financial Statements for the year ended 31 December 2025.

Revenue increased by 9.3% to a record of €335 million (2024: €307 million) reflecting higher demand for the Group’s hotels, with revenues rising across almost all countries, as well as the introduction of new revenue streams from hotels launched during 2025, including Corinthia Brussels and Corinthia Bucharest. Higher income was also recorded from rental agreements in Prague, St Petersburg and Tripoli.

On the expenditure side, operating costs increased to €273 million (2024: €254 million), driven primarily by higher employee benefit expenses which rose by 15.6% to €113.3 million (2024: €98.1 million). Moreover, pre-opening expenses of €2.2 million were incurred during 2025 relating to Rome and Brussels.

Excluding depreciation and amortisation, EBITDA amounted to €61.9 million, broadly in line with the prior year, resulting in an EBITDA margin of 18.5% (2024: 20.3%).

The financial performance of IHI was positively impacted by a net fair value uplift on investment property of €17.6 million, driven primarily by a €13.3 million uplift in the value of the Prague hotel and a €4 million uplift on the Tripoli Commercial Centre.

Consequently, operating profit (EBIT) increased by 5.9% to €50.0 million compared to €47.2 million in the prior year.

Finance costs remained broadly unchanged at €44.4 million but the Group also generated €2.3 million in finance income and benefitted from €2.5 million in currency exchange differences on borrowings.

Profit before tax amounted to €9.25 million compared to €2.34 million in 2024. After accounting for a tax credit of €1.95 million and a loss of €9.58 million attributable to minority interests, the net profit attributable to shareholders of IHI amounted to €20.8 million compared to €4.37 million in 2024.

The Statement of Financial Position as at 31 December 2025 showed that total assets increased by 1.5% (or €30 million) to €1.97 billion, consisting of €1.25 billion in property, plant and equipment, €277 million in investment property, €146 million in assets classified as held for sale (primarily the Lisbon hotel), as well as cash and equivalents of €93 million.

Total liabilities increased by 2.0% (or €21 million) to €1.05 billion, of which €790 million is debt (including €25.6 million in lease liabilities).

Shareholders’ funds grew by 6.1% (or €41 million) to €715.5 million, which translates into a net asset value per share of €1.162 (31 December 2024: €1.095).

Interim Dividend

The Board of Directors declared an interim gross dividend of €18.5 million, equivalent to €0.03 per share (net: €0.0255 for individuals resident in Malta), payable on 27 May 2026 to shareholders as at Friday 24 April 2026. The dividend is funded through proceeds from the sale of a majority interest in the Corinthia Hotel Lisbon.

Real Estate Development

IHI’s wholly-owned subsidiary Corinthia Real Estate Ventures (CREV) raised USD145 million in equity and debt for three adjacent properties in Beverly Hills. Preparatory design works are underway for the eventual development of a Corinthia hotel and residences in this area.

CREV also organised a joint venture for the development of a luxury development of a hotel and residences at Turks & Caicos and signed a preliminary deal for a significant hotel and residential project in Los Cabos, Mexico.

Outlook

In his statement, the Chairman highlighted the transaction relating to the partial sale of the Corinthia Hotel Lisbon, which valued the asset at €150 million, above its previous asset value recorded in the Group’s financial position. The net proceeds are being applied to reduce the Group’s overall debt, fund the dividend, and support new investments.

The Group is targeting the sale of its wholly-owned hotel in Prague, which carried an asset value of €110 million as at the end of 2025.

In Malta, the Corinthia Oasis development at Golden Bay obtained its planning permit in February 2026 and the Group is now seeking the optimal financial structures to proceed with the project. The Group will also continue to explore redevelopment or repositioning options for its hotel properties on the St George’s peninsula.

In terms of new hotel openings, Corinthia Rome opened at the end of February 2026. Construction continues to progress on upcoming Corinthia hotels in Riyadh, Dubai, Doha, the Maldives, while recently other new management contracts were secured for luxury properties in Lake Como, Puglia, Tuscany and China.

The Group is also aiming to affiliate the Verdi brand with a major international franchise partner to strengthen its marketing and distribution platform.