Melia 1H26 results: FY guidance reiterated, in line with expectations

Research evidence excerpt

Melia 1H26 results: FY guidance reiterated, in line with expectations

NSTEIN FLASHMAIL

30 July 2026

Sabrina Blanc

+33 1 42 13 47 32

Global Hotels & Leisure sabrina.blanc@bernsteinsg.com

Melia Hotels International

Rating

Outperform

Price Target

MEL.SM 10.30 EUR

Melia 1H26 results: FY guidance reiterated, in line with

expectactions

Meliá’s 1H26 results, published this evening, confirmed the trajectory outlined at the Nice Conference (link). The group

reiterated its FY26 guidance for high-single-digit RevPAR growth at constant currency (cc) and EBITDA of at least €565m (Bloomberg

consensus €569m, Bernstein €554m). Meliá has benefited from the Iran-war stalemate, with Middle Eastern tourist flows rerouting

towards alternative destinations, including Meliá’s key markets. At the same time, the group has been affected by declining traveler

appetite for Mexico amid security-related concerns and by the geopolitical situation in Cuba, which ultimately led the group to

permanently exit the country. The group has continued to focus on asset enhancement and hotel repositioning, notably across flagship

properties such as the Paradisus Cancun in Mexico, which reopened in April, and the Gran Meliá Don Pepe in Marbella, which is expected

to reopen in 4Q. We reiterate our Outperform rating.

1H26 RevPAR up 5.6% yoy, excluding Cuba exit. On a reported basis, RevPAR grew 11.7% yoy, largely driven by the reduction in available

rooms following Meliá’s permanent exit from Cuba. Most source markets performed well, partly supported by the rerouting of tourists

who had planned to visit Gulf destinations, notably to Spain, Southern Europe and Caribbean.

Total revenues stood at €1,049m, up 6.8%, marginally beating consensus of €1,038m and our estimate of €1,034m. The Hotel