NH Hotel Group Reports First Quarter Results Amid a Transitional Year
NH Hotel Group posted a net loss of €36 million for the first quarter, yet the numbers show a €40.9 million improvement from the same period a year earlier. Management pointed out that the January–March window traditionally marks the weakest phase for the business due to seasonal demand patterns, a caveat the group underscored when comparing current results with Q1 2022. The quarterly figures were disclosed in the company’s Monday update.
On the revenue front, NH Hotel Group delivered a notable rebound. Total first-quarter revenue reached €407 million, up 74.2% from the same period in 2022. The surge was driven by a healthier demand mix, a broader portfolio of operating properties, and a gradual normalization of travel behavior after pandemic restrictions. In a pre-pandemic context, the group noted that current quarterly revenue sits more than 15.4% above what was achieved in Q1 2019, excluding pandemic effects, signaling meaningful scale and demand recovery.
From an earnings perspective, the gross operating result, or EBITDA, stood at €59 million for the January–March period. This reflects a more than sixfold increase over EBITDA in the year-ago quarter, highlighting stronger operating efficiency and margin recovery. The company also cited a benchmark EBITDA of €83 million for the first three months of 2019, illustrating the post-pandemic trajectory and the resilience of the group’s earnings power.
Liquidity remained solid, with cash and cash equivalents exceeding €480 million after the voluntary repayment of the remaining €50 million in January. This repayment was complemented by the €250 million ICO loan drawn during the pandemic period. Taken together, these liquidity dynamics position the company to navigate ongoing market volatility and fund strategic initiatives moving forward.
On the financing side, the quarter reflected continued seasonality and ongoing capital expenditure. The group reported €23 million in capital expenditures for the first quarter, contributing to a net financial debt of €340 million. This debt level rose by €33 million for the period, a change management attributed to seasonal cash flow patterns and the timing of investments designed to support the recovery path and future growth.
Overall, NH Hotel Group demonstrated a clear revenue rebound and a substantial improvement in EBITDA, even as the period showed a quarterly loss driven by seasonal dynamics and upfront investments. The management team framed the first quarter as a transitional window, with the broader aim of sustaining profitability through ongoing demand recovery, prudent cost control, and disciplined capital allocation. The latest results align with the strategy to strengthen liquidity, exit conditions that favor growth, and position the portfolio to capitalize on improving travel trends in the United States and Canada where the company operates and targets growth. This assessment reflects inputs from NH Hotel Group as cited in the company’s official release.