REG-Dalata Hotel Group PLC Dalata Hotel Group PLC: H1 2025 Results
Today 07:02
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Dalata Hotel Group PLC (DAL,DHG)
Dalata Hotel Group PLC: H1 2025 Results
27-Aug-2025 / 07:00 GMT/BST
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Revenue growth and strong Free Cashflow delivered in H1 2025
Continued Portfolio Expansion and recommended cash offer of €6.45 per share following rigorous Strategic Review
ISE: DHG LSE: DAL
Dublin and London | 27 August 2025: Dalata Hotel Group plc (‘Dalata’ or the ‘Group’), the UK and Ireland's largest
independent four-star hotel operator, with a growing presence in Continental Europe, announces its results for the
six-month period ended 30 June 2025.
€million H1 2025 H1 2024 Variance*
Revenue 306.5 302.3 +1%
Adjusted EBITDA1 102.5 107.6 (5%)
Profit after tax 19.6 35.8 (45%)
Basic earnings per share (cents) 9.3c 16.0c (42%)
Adjusted basic earnings per share1 (cents) 12.7c 16.9c (25%)
Free Cashflow1 45.7 48.1 (5%)
Free Cashflow per Share1 (cents) 21.6c 21.5c -
Group key performance indicators (as reported)
RevPAR (€)1 108.61 110.77 (2%)
Average room rate (ARR) (€)1 140.75 142.67 (1%)
Occupancy % 77.2% 77.6% (40bps)
Group key performance indicators (‘like for like’ or ‘LFL’)
‘Like for like’ or ‘LFL’ RevPAR (€)1 109.78 111.69 (2%)
*Throughout this release, all percentage variance comparisons are made comparing the performance for the six-month period
ended 30 June 2025 (H1 2025) to the six-month period ended 30 June 2024 (H1 2024), unless otherwise stated.
Dermot Crowley, Dalata Hotel Group CEO, commented:
“The first half of 2025 has certainly been a busy one for everyone in Dalata. After announcing a strategic review on March
6th, the Board and executive team worked tirelessly in ensuring that the best result was achieved for shareholders. On July
15th, the Board recommended an all-cash offer of €6.45 per share from the Pandox Consortium which represents a 49.7%
premium to the twelve-month volume-weighted average share price up to March 6th. I believe that this represents a very
positive outcome for shareholders which is why the Board is unanimously recommending the offer.
Having met with Pandox and Scandic on a number of occasions, I am confident that the acquisition will also be a very
positive outcome for the people working within Dalata. I look forward to working in close partnership with our new owners
to enable Dalata and its people to continue to grow and prosper within a larger international hotel company.
Despite the potential for distraction by the strategic review, our team remained focused and delivered a very strong
operational performance as well as continuing to grow our development pipeline. Notwithstanding the external commentary of
a challenging year for tourism in Ireland, on a ‘like for like’ basis, our RevPAR in Dublin and Regional Ireland is at the
same level as the same period last year. However, continued increases in costs and especially pay rates puts downward
pressure on our margins. The UK market has been more challenging, and this has impacted on our RevPAR performance with a
3.5% reduction versus last year. Our focus on innovation and looking for smarter ways to do things has helped to protect
our margins across all geographies.
Growing a development pipeline whilst in the midst of a strategic review and ‘formal sales process’ is challenging and in
that respect, I am especially pleased that we secured a second hotel opportunity in Edinburgh and our first hotels in
Berlin and Madrid. We also completed the purchase of the Radisson Blu hotel in Dublin Airport which will be rebranded
Clayton next year. Construction continues at our new Maldron hotel in Croke Park, our new Clayton hotel in Edinburgh and
the extension at our Clayton hotel in Cardiff Lane. For the first time in the history of Dalata, when you include the
pipeline rooms, we will have more rooms outside the Republic of Ireland than within it – we truly have become an
international hotel company.
Since I took over as CEO, I have placed our people and our customers amongst my highest priorities. I am delighted to
report that both our employee engagement scores, and customer satisfaction scores are at the highest levels in the history
of Dalata. Innovation has also been a high priority and this year alone, we have rolled out a new CRM, a customer
experience platform, a new revenue management system and a new recruitment tool. Our focus on sustainability continues to
be recognised with industry leading scores across a range of third-party measurement platforms.
I passionately believe in the potential of our Clayton and Maldron brands. The digital transformation of our marketing
activities together with the brands refresh that we carried out last year are contributing to the ongoing growth in direct
bookings – up 8% on a ‘like for like’ basis versus the same period last year.
If shareholders approve the recommended offer on September 11th, and the other regulatory conditions are satisfied, this is
likely to be our last financial results announcement as a PLC. While in some ways that is a sad occasion, I am happy that
the Board is recommending a strategy that is in the best interests of shareholders. This strategy will also allow the
people within Dalata to continue to deliver the ‘heart of hospitality’ to our guests whilst growing the Clayton and Maldron
brands within a powerful international hotel company”.
Attractive portfolio delivers resilient operational performance
• Revenue of €306.5 million, up 1%, supported by new additions to the portfolio.
• Adjusted EBITDA1 of €102.5 million, down 5% due to lower RevPAR and the impact of cost inflation.
• Free Cashflow1 generation remains strong; €45.7 million (21.6 cent per share) for the first six months of 2025 after
refurbishment capex and finance costs.
• Profit after tax decreased to €19.6 million primarily driven by Strategic Review related costs and an increase in
non-cash accounting charges.
• ‘Like for like’ RevPAR1 of €109.78, down 2% versus H1 2024, with Dalata Dublin hotels outperforming the Dublin market.
• ‘Like for like’ Hotel EBITDAR margin1 down 210 bps to 37.5% (H1 2024: 39.6%). In a lower RevPAR environment, meaningful
progress has been achieved in offsetting general cost rises and payroll inflation through new systems and technologies,
operational efficiencies and innovation, further supported by a reduction in energy costs.
• Continued focus on people and service, with strong employee engagement scores (H1 2025: 9.0; H1 2024: 8.9) and
consistently high customer satisfaction ratings (H1 2025: 87%; H1 2024: 85%).
• Continued growth in direct bookings (+8% on ‘like for like’ basis versus H1 2024), and brand share of online transient
room nights.
Portfolio Growth
• Dalata has delivered strong execution of its expansion strategy, securing four hotels in prime capital city locations
during the period, which will add over 1,000 rooms to the portfolio with an additional extension potential of 250+
rooms at Dublin Airport.
• Clayton Hotel Tiergarten, Berlin: a 274-bedroom hotel centrally located between the Kurfürstendamm and the
Brandenburg Gate under a 25-year operating lease with an 18-month refurbishment programme due to open in H2 2026.
• Clayton Hotel Valdebebas, Madrid: a 243-bedroom hotel near Madrid International Airport under a 15-year operating
lease due to open in H1 2029, with two 5-year tenant extension options.
• Radisson Blu Hotel Dublin Airport: a 229-bedroom existing property located within 600m of Terminal 2 Dublin
Airport, acquired for €83 million and completed in June 2025 (extension potential of 250+ rooms). To be rebranded
Clayton next year.
• Clayton Hotel Morrison Street, Edinburgh: a 256-bedroom development ideally located next to the Edinburgh
International Conference Centre, expected to open in H1 2028.
• Excellent progress on the construction development works at Maldron Hotel Croke Park, Dublin (Q2 2026), Clayton
Hotel St. Andrew Square, Edinburgh (Q4 2026) and Clayton Hotel Cardiff Lane, Dublin extension (Q2 2027).
• Capex requirements for projects currently under development estimated to be in excess of €70 million.
Robust financial position
Dalata continued to apply a disciplined, capital allocation strategy, pursuing acquisitions, developments and lease
arrangements that meet its strict financial and operational criteria.
• Hotel assets valued at approximately €1.8 billion as of 30 June 2025, with 74% of the portfolio value located in key
urban markets of Dublin and London, positioning the business to drive future performance and growth.
• Portfolio remains well-maintained, supported by €11.4 million in refurbishment investment during H1 2025, including the
upgrade of 135 bedrooms.
• Long-term, stable lease profile with a weighted average unexpired lease term 27.3 years, (excluding land leases with a
lease term of 100 years and over) and predominantly fixed rent structures until 2026.
• Net Debt to EBITDA after rent¹ of 1.7x.
• Normalised Return on Invested Capital¹ of 11.7% for the 12 months ended 30 June 2025 (year ended 31 December 2024:
12.5%).
Continue to progress sustainability strategy
• Achieved a 37% reduction in scope 1 and 2 carbon emissions per room sold in H1 2025 versus H1 2019.
• Received the top industry rating from Sustainalytics (Low Risk - 16.4) and maintained our AAA (Leader) rating from
MSCI, recognising Dalata as a leading industry performer.
• Attained the ‘Gold’ standard from Green Tourism for all hotels.
• The Group published its first sustainability report in March in line with CSRD reporting obligations and is working to
establish new near-term reduction targets.
Successful conclusion to rigorous Strategic Review
On 6 March 2025, Dalata announced its intention to explore strategic options aimed at optimising capital opportunities and
enhancing shareholder value.
• A comprehensive sales process followed, attracting strong interest from trade buyers, strategic investors, financial
institutions and financial sponsors. In parallel, the Board also evaluated additional strategic alternatives, including
extending on-market share buy-back programmes, larger capital returns to shareholders, and considering asset disposals
or significant sale and leaseback arrangements.
• On 15 July 2025, the Board unanimously recommended a cash offer by Pandox Ireland Tuck Limited (Bidco) a
newly-incorporated company wholly-owned by Pandox AB (“Pandox”) and Eiendomsspar AS (“Eiendomsspar”, and together with
Pandox and Bidco, the “Consortium”) for the entire issued and to be issued share capital of Dalata (other than Dalata
Shares in the beneficial ownership of Bidco) (the Acquisition), to be implemented by way of a Scheme of Arrangement
under Chapter 1 of Part 9 of the Irish Companies Act 2014 (the Scheme).
• Under the terms of the Acquisition, Dalata Shareholders will be entitled to receive €6.45 in cash per Dalata Share. The
offer represents a 35.5% premium to the closing price of €4.76 per Dalata Share on 5 March 2025 (being the last
business day prior to the launch of the Strategic Review and Formal Sale Process) and a 49.7% premium to the
volume-weighted average price of €4.31 per Dalata Share for the twelve-month period ended on 5 March 2025 and an equity
value of approximately €1.4 billion on a fully diluted basis.
• The consortium of Pandox and Eiendomsspar are established hotel investors, well positioned to support Dalata’s
long-term growth ambition.
• Framework agreement with Pandox’s long-term operating partner, Scandic Hotels Group AB, to be an operating partner for
the existing Dalata portfolio.
• The Dalata Board believes that the Acquisition is in the best interests of Dalata Shareholders and represents the most
effective route to enhance value for shareholders, relative to Dalata’s other strategic options which have been
considered as part of the Strategic Review. As publicly announced, the Board posted a scheme document to Dalata
Shareholders on 12 August 2025 (the Scheme Document) and has convened Scheme Meetings and an EGM to be held at Clayton
Hotel Dublin Airport, Stockhole Lane, Clonshagh, Swords, Co. Dublin, K67 X3H5 on 11 September 2025.
• The Acquisition is conditional on, among other things, (i) the approval by Dalata Shareholders of the Scheme Meeting
Resolution and the EGM Resolutions (other than the Rule 16 Resolution) (as such terms are defined in the Scheme
Document); (ii) the receipt of any necessary regulatory or other approvals, in particular from the European Commission;
and (iii) the sanction of the Scheme by the High Court. If the Scheme is approved and becomes effective it will be
binding on all scheme shareholders, irrespective of whether or not they attended or voted in favour or at all at the
Scheme Meetings or the EGM. The Scheme is expected to become Effective in November 2025.
• Having regard to the Acquisition and its expected timetable, the Board has resolved not to propose an interim dividend
for the first half of 2025. This is consistent with the terms of the recommended offer and means the offer price is not
reduced by the amount of any dividend distribution.
Outlook
The Group’s ‘like for like’ RevPAR1 for July/August is expected to be c. 2.5% behind on 2024 levels. RevPAR for the ‘like
for like’ Dublin and UK portfolios are expected to be 2.5% and 2.3% behind for the same period respectively, while RevPAR
for the ‘like for like’ Regional Ireland portfolio is expected to be 2.4% ahead.
We continue to monitor the economic backdrop and market uncertainty, demand levels are supported by strong levels of flight
volumes and an event schedule that will drive international interest particularly in Dublin. The second half of the year
will also benefit from the acquisition of Radisson Blu Hotel Dublin Airport and the full year impact of the four UK
openings in mid-2024.
The business benefits from its exceptional portfolio of modern, centrally located hotels, its access to a pool of talented
staff supported in their learning and development by the Dalata Academy and the growing customer awareness of the Clayton
and Maldron brand in its core markets. Looking ahead to the rest of the year we remain confident in our ability to continue
to perform strongly as a business.
ENDS
About Dalata
Dalata Hotel Group plc is the UK and Ireland's largest independent four-star hotel operator, with a growing presence in
Continental Europe. Established in 2007, Dalata is backed by €1.8bn in hotel assets with a portfolio of 56 hotels,
primarily comprising a mix of owned and leased hotels operating through its two main brands, Clayton and Maldron hotels.
For the six-month period ended 30 June 2025, Dalata reported revenue of €306.5 million, basic earnings per share of 9.3
cent and Free Cashflow per Share of 21.6 cent. Dalata is listed on the Main Market of Euronext Dublin (DHG) and the London
Stock Exchange (DAL). For further information visit: 1 www.dalatahotelgroup.com
Conference Call
There will be no conference call accompanying this results release. Any questions can be directed to the contacts below.
Contacts
Dalata Hotel Group plc investorrelations@dalatahotelgroup.com
Dermot Crowley, CEO Tel +353 1 206 9400
Carol Phelan, CFO
Graham White, Head of Investor Relations and Strategic Forecasting
Joint Group Brokers
Davy: Anthony Farrell Tel +353 1 679 6363
Berenberg: Ben Wright / Clayton Bush Tel +44 203 753 3069
Investor Relations and PR | FTI Consulting Tel +353 87 737 9089
Declan Kearney/Sam Moore / Rugile Nenortaite dalata@fticonsulting.com
Note on forward-looking information
This Announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions
concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results, performance or achievements of the Group or the
industry in which it operates, to be materially different from any future results, performance or achievements expressed or
implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at
the date of this Announcement. The Group will not undertake any obligation to release publicly any revision or updates to
these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate regulatory authority.
Half Year 2025 financial performance
€million Six months ended 30 June 2025 Six months ended 30 June 2024
Revenue 306.5 302.3
Hotel EBITDAR1 113.5 117.9
Hotel variable lease costs (0.9) (1.5)
Hotel EBITDA1 112.6 116.4
Other income (excluding gain on disposal of property, plant and 0.7 0.7
equipment)
Central costs (8.0) (7.9)
Share-based payments expense (2.8) (1.6)
Adjusted EBITDA1 102.5 107.6
Adjusting items1,2 (7.6) (2.8)
Group EBITDA1 94.9 104.8
Depreciation of property, plant and equipment and amortisation (20.4) (19.1)
Depreciation of right-of-use assets (17.8) (16.1)
Operating profit 56.7 69.6
Interest on lease liabilities (26.5) (23.3)
Other interest and finance costs (6.9) (4.4)
Profit before tax 23.3 41.9
Tax charge (3.7) (6.1)
Profit for the period 19.6 35.8
Earnings per share (cents) – basic 9.3c 16.0
Adjusted earnings per share1 (cents) – basic 12.7c 16.9
Hotel EBITDAR margin1 37.0% 39.0%
Group KPIs (as reported)
RevPAR1 (€) 108.61 110.77
Occupancy 77.2% 77.6%
Average room rate (ARR) (€) 140.75 142.67
‘Like for like’ Group KPIs1
RevPAR (€) 109.78 111.69
Occupancy 77.9% 77.9%
Average room rate (ARR) (€) 140.93 143.38
Summary of hotel performance
The Group delivered revenue of €306.5 million in the first six months of 2025, representing an increase of 1.4% versus H1
2024. The growth is driven primarily by contributions from new openings and additions, which added €16.4 million to
revenue. This was partially offset by the sale of two hotels, Maldron Hotel Wexford (Nov 2024) and Clayton Whites Hotel,
Wexford (Jan 2025), which resulted in a €6.9 million revenue reduction period on period. Revenue at ‘like for like’ hotels
decreased by €6.6 million, primarily driven by the Continental Europe and UK portfolios.
Reported Group RevPAR1 of €108.61 for H1 2025 was 2.0% below H1 2024, primarily due to a UK RevPAR reduction. Group ‘LFL’
RevPAR1 of €109.78 was 1.7% behind H1 2024 with an increase of 1.0% for the first three months of the year, offset by a
3.6% decrease in Q2 2025.
Dublin portfolio ‘LFL’ RevPAR1 experienced growth of 0.1% in the first six months of the year compared to H1 2024, a
positive result given the strong events calendar in 2024. RevPAR1 at the ‘LFL’ Regional Ireland hotels increased by 0.2% in
comparison to 2024 levels.
UK portfolio ‘LFL’ RevPAR1 was 3.5% down in the first six months of the year compared to H1 2024 with a reduction in London
hotels and some regional UK locations.
There has been a general softening in demand in the Continental Europe portfolio. In addition, Düsseldorf was a host city
of Euro 2024 and there was an absence of large fair events in H1 this year.
The Group’s food and beverage (‘F&B’) revenue declined by 2.7% in H1 2025 to €57.2 million (H1 2024: €58.8 million), driven
by disposals in the portfolio of two Wexford hotels and softer demand in Continental Europe. ‘Like for like’ F&B revenue
decreased by 2.1%. However, ongoing initiatives including refreshed menus, enhanced service training and new digital
ordering solutions are enhancing customer engagement and upselling to support margin preservation and future growth.
Overall, the Group delivered Hotel EBITDAR1 of €113.5 million, representing a 3.7% decrease (H1 2024: €117.9 million). On a
‘like for like’ basis Hotel EBITDAR1 decreased by €8.0 million (down 6.8%) to €108.6 million. The Group managed payroll
costs well on the back of innovation initiatives which limited the overall payroll increase to 2.4%, €1.8 million, despite
minimum wage increases of 6.3% in Ireland from January 2025 (12.4% in January 2024), National Living Wage increases of 6.7%
in the UK from April 2025 (9.8% in April 2024) and significant increases to National Insurance contributions in the UK from
April 2025.
‘Like for like’1 gas and electricity costs decreased by €0.8 million (7%) from H1 2024 to €10.8 million primarily due to
improved unit pricing, in addition to further consumption savings.
The Group achieved a ‘like-for-like’ Hotel EBITDAR margin of 37.5% in H1 2025, 210bps below the 2024 figure of 39.6%,
despite cost pressures and a more challenging RevPAR environment. The underlying performance was supported by the Group’s
decentralised structure, where on-the-ground operations teams respond dynamically to shifting market conditions.
€million Revenue Operating costs Adjusted EBITDA1
Six months ended 30 June 2024 302.3 (194.7) 107.6
Movement at ‘like for like’ hotels1 (6.6) (1.1) (7.7)
Hotels added to the portfolio during either period3 16.4 (11.4) 5.0
Hotel disposals3 (6.9) 5.5 (1.4)
Movement in other income and Group expenses - (1.4) (1.4)
Effect of FX 1.3 (0.9) 0.4
Six months ended 30 June 2025 306.5 (204.0) 102.5
Performance review | Segmental analysis
The following section analyses the results from the Group’s portfolio of hotels in Dublin, Regional Ireland, the UK and
Continental Europe.
1. Dublin Hotel Portfolio
€million Six months ended 30 June 2025 Six months ended 30 June 2024
As reported
Room revenue 101.7 102.0
Food and beverage revenue 25.4 25.1
Other revenue 9.2 8.7
Revenue 136.3 135.8
Hotel EBITDAR1 60.5 62.6
Hotel EBITDAR margin %1 44.3% 46.0%
Performance statistics (‘like for like’3) Six months ended 30 June 2025 Six months ended 30 June 2024
RevPAR1 (€) 126.19 126.11
Occupancy 82.5% 80.9%
Average room rate (ARR) (€) 153.05 155.87
Dublin owned and leased portfolio 30 June 2025 30 June 2024
Hotels at period end 18 17
Room numbers at period end 4,675 4,446
The Dublin portfolio consists of eight Maldron hotels and seven Clayton hotels, The Gibson Hotel, The Samuel Hotel and
Radisson Blu Hotel Dublin Airport. 11 hotels are owned, and seven hotels are operated under leases. The acquisition of the
Radisson Dublin Blu Hotel Dublin Airport for €83 million completed in June 2025, adding 229 rooms to the Dublin portfolio.
Like for Like RevPAR1 for the first six months of 2025 has marginally increased at 0.1% versus the 2024 comparative
outperforming the 0.2% decline in the wider Dublin market as reported by STR (Smith Travel Research). The January and
February period started strongly, outperforming 2024 comparative RevPAR by 5.7%. Dalata’s Dublin portfolio achieved
occupancy above 82% for the first six months of the year with 32 compression nights where occupancy exceeded approximately
95%, versus 26 in the wider market, and limited ARR1 decline to 1.8%. The Dublin market continues to absorb additional room
supply, driven by new hotel openings and the return of government-contracted room stock, adding roughly 400 rooms in H1
2025.
Total revenue for H1 2025 was €136.3 million, marginally above H1 2024 levels, driven by 1% growth in F&B revenues to €25.4
million and a €0.5 million increase in other revenue. The Dublin portfolio delivered Hotel EBITDAR1 of €60.5 million for
the six-month period ended 30 June 2025, representing a 3% decline versus H1 2024 impacted by a 6.3% increase in the
National Minimum Wage from January 2025. The portfolio achieved Hotel EBITDAR margin1 of 44.3% for the first six months of
2025 (2024: 46.0%). Ongoing efficiency and innovation projects continue to mitigate the impact of payroll inflation on
Hotel EBITDAR margins.
2. Regional Ireland Hotel Portfolio
€million Six months ended 30 June 2025 Six months ended 30 June 2024
As reported
Room revenue 29.3 33.2
Food and beverage revenue 10.6 13.5
Other revenue 4.2 4.5
Revenue 44.1 51.2
Hotel EBITDAR1 12.8 15.0
Hotel EBITDAR margin %1 29.0% 29.4%
Performance statistics (‘like for like’3) Six months ended 30 June 2025 Six months ended 30 June 2024
RevPAR1 (€) 100.96 100.76
Occupancy 73.7% 74.6%
Average room rate (ARR) (€) 137.02 135.00
Regional Ireland owned and leased portfolio 30 June 2025 30 June 2024
Hotels at period end 11 13
Room numbers at period end 1,599 1,867
The Regional Ireland hotel portfolio comprises six Maldron hotels and five Clayton hotels located in Cork (x4), Galway
(x3), Limerick (x2), Portlaoise and Sligo. 10 hotels are owned, and one is operated under a lease.
LFL RevPAR1 for the first six months of 2025 increased by 0.2% versus 2024 levels. LFL ARR rose 1.5% to €137.02, occupancy
of 73.7% was 90 bps below H1 2024 with January affected by adverse weather which disrupted travel and short-stay activity.
Total revenue for the six months ended 30 June 2025 was €44.1 million, €7.1 million (14%) behind H1 2024 levels, primarily
due to the disposal of two Wexford hotels.
The region delivered LFL Hotel EBITDAR1 of €12.9 million for the six-month period ended 30 June 2025, a 6% reduction on H1
2024 ‘like for like’ levels. The ‘like for like’ portfolio achieved an EBITDAR margin1 of 29.4% for the first six months of
2025, 190 bps lower than 2024 due to a lower RevPAR environment and increasing costs, particularly wage increases despite
ongoing innovations and efficiencies.
3. UK Hotel Portfolio
Local currency - £million Six months ended 30 June 2025 Six months ended 30 June 2024
As reported
Room revenue 73.9 64.9
Food and beverage revenue 14.7 13.4
Other revenue 4.4 3.8
Revenue 93.0 82.1
Hotel EBITDAR1 30.3 29.4
Hotel EBITDAR margin %1 32.6% 35.8%
Performance statistics (‘like for like’3) Six months ended 30 June 2025 Six months ended 30 June 2024
RevPAR1 (£) 80.72 83.63
Occupancy 76.1% 76.9%
Average room rate (ARR) (£) 106.08 108.80
UK owned and leased portfolio 30 June 2025 30 June 2024
Hotels at period end 22 19
Room numbers at period end 5,080 4,430
At 30 June 2025, the UK hotel portfolio comprised 12 Clayton hotels and 10 Maldron hotels. Five hotels are situated in
London, four in Manchester following the opening of Maldron Hotel Manchester Cathedral Quarter in May 2024, 10 in other
large regional UK cities and three in Northern Ireland. 10 hotels are owned, 10 are operated under long-term leases and two
hotels are effectively owned through a 122-year lease and a 200-year lease.
‘LFL’ RevPAR1 for the UK portfolio decreased by 3.5% for the first six months of 2025 versus 2024 levels, with decreases
across both occupancy (-80 bps) and average room rate (-2.5%). Four hotels added in 2024 continue to ramp up and have
increased EBITDAR by £4.1 million during the period.
Overall, total revenue for the six months ended 30 June 2025 was £93.0 million, £10.9 million (13%) ahead of H1 2024
levels, with hotels added to the portfolio during 2024 contributing the £13.6 million of uplift offset by the ‘LFL’ hotels
contributing to a decrease of £2.7 million.
The UK portfolio delivered Hotel EBITDAR1 of £30.3 million, 3% ahead of H1 2024 levels. Food and beverage revenue of £14.7
million performed 10% ahead of H1 2024 levels (£13.4 million). The uplift is primarily driven by hotels added to the
portfolio during 2024.
‘Like for like’ Hotel EBITDAR margin1 of 33.1% decreased by 270 bps period on period, reflecting the lower revenues and the
increased cost environment, particularly the 6.7% increase in the National Living Wage from April 2025 which followed an
April 2024 increase of 9.8%.
4. Continental Europe Hotel Portfolio
€million Six months ended 30 June 2025 Six months ended 30 June 2024
As reported
Room revenue 11.4 13.7
Food and beverage revenue 3.7 4.5
Other revenue 0.6 0.9
Revenue 15.7 19.1
Hotel EBITDAR1 4.4 5.9
Hotel EBITDAR margin %1 27.9% 30.9%
Performance statistics (as reported) Six months ended 30 June 2025 Six months ended 30 June 2024
RevPAR1 (€) 110.98 132.58
Occupancy 67.6% 71.2%
Average room rate (ARR) (€) 164.10 186.15
Continental Europe leased portfolio 30 June 2025 30 June 2024
Hotels at period end 2 2
Room numbers at period end 566 566
The Continental Europe hotel portfolio includes Clayton Hotel Düsseldorf (393 rooms) which was added to the portfolio in
February 2022 and Clayton Hotel Amsterdam American (173 rooms) which was added in October 2023.
The portfolio’s current performance is back in H1 2025 when compared to a very strong H1 2024. Düsseldorf was a host city
for Euro 2024 benefitting from high occupancy levels which contributed to higher revenue levels in H1 2024. Clayton Hotel
Amsterdam American was partially impacted by refurbishment works ongoing until May 2025 (capital expenditure of €1.3
million incurred during the period). A new meeting and events space (M&E) is now open, and the reception area of the hotel
has been completely refurbished.
Central costs and share-based payment expense
Central costs totalled €8.0 million for the six months ended 30 June 2025, broadly in line with the prior period (H1 2024:
€7.9 million).
Adjusting items to EBITDA
€million Six months ended 30 June 2025 Six months ended 30 June 2024
Reversal of previous impairment charges - 1.7
Impairment charges (0.5) (3.2)
Hotel pre-opening expenses (0.2) (1.3)
Disposal-related costs (0.1) -
Acquisition-related costs (0.6) -
Strategic review transaction costs (6.2) -
Adjusting items1 (7.6) (2.8)
Strategic review transaction costs of €6.2 million were incurred during the period in connection with the Strategic Review
and Formal Sale Process.
In November 2024, it was announced that Dalata had exchanged contracts for the purchase of the entire issued share capital
of CG Hotels Dublin Airport Limited, which holds the long leasehold interest in The Radisson Blu Hotel, Dublin Airport, for
a consideration of €83.1 million. On 19 June 2025, the Group received approval from the Competition and Consumer Protection
Commission and subsequently completed the acquisition on 26 June 2025. Further detail can be found in note 10 to the
interim financial statements. €0.6 million of acquisition-related costs were incurred in relation to this transaction
during the period ended 30 June 2025.
Disposal-related costs relate to the completion of the sale of the Clayton Whites Hotel Wexford in January 2025.
In line with accounting standards, impairment tests and reversal assessments were carried out on the Group’s
cash-generating units (‘CGUs’) at 30 June 2025. Each individual hotel is deemed to be a CGU for the purposes of impairment
testing, as the cash flows generated are independent of other hotels in the Group. As at 30 June 2025, the carrying value
of each CGU did not exceed its respective recoverable amount, and no impairment provisions were required.
The Group’s property assets were revalued at 30 June 2025, resulting in unrealised revaluation gains of €4.0 million which
were reflected in full through other comprehensive income and the revaluation reserve; (H1 2024: €11.5 million), there was
no impact to the profit or loss. Further detail is provided in the ‘Property, plant and equipment’ section of the
consolidated interim financial statements.
Depreciation of right-of-use assets
Under IFRS 16, the right-of-use assets are depreciated on a straight-line basis to the end of their estimated useful life,
typically the end of the lease term. The depreciation of right-of-use assets increased by €1.7 million to €17.8 million for
the six-months ended 30 June 2025, primarily due to the full year impact of three leased hotels which opened in the summer
of 2024 and a lease amendment made to Clayton Hotel Manchester Airport in October 2024.
Depreciation of property, plant and equipment and amortisation
Depreciation of property, plant and equipment and amortisation increased by €1.3 million to €20.4 million for the six-month
period ended 30 June 2025. The increase is due to an acceleration of depreciation on fixtures and fittings at Maldron Hotel
Dublin Airport that cannot be transferred on expiry of the licensing agreement in January 2026 and also relates to the
additional depreciation of the Maldron Hotel Shoreditch from August 2024.
Finance costs
€million Six months ended 30 June 2025 Six months ended 30 June 2024
Interest expense on bank loans and borrowings 6.1 10.0
Impact of interest rate swaps - (4.5)
Net foreign exchange loss on financing activities 0.8 -
Other finance costs 0.8 0.5
Finance costs before capitalised interest and excluding lease 7.7 6.0
liability interest
Capitalised interest (0.8) (1.6)
Finance costs excluding lease liability interest 6.9 4.4
Interest on lease liabilities 26.5 23.3
Finance costs 33.4 27.7
Weighted average interest cost, including the impact of hedges
- Sterling denominated borrowings 6.2% 3.3%
- Euro denominated borrowings 4.0% 5.0%
Finance costs related to the Group’s loans and borrowings (before capitalised interest) amounted to €7.7 million in H1
2025, increasing by €1.7 million from H1 2024 (€6.0 million). The increase is due to a €0.8 million net foreign exchange
loss on financing activities, higher weighted average interest rates, and higher commitment fee charges that reflect the
increased debt package from the October 2024 refinancing.
Interest on loans and borrowings of €0.8 million (H1 2024: €1.6 million) was capitalised to assets under construction, as
this cost was directly attributable to the construction of qualifying assets.
Interest on lease liabilities for the six-month period increased by €3.2 million to €26.5 million in H1 2025 primarily due
to the full period impact of the lease of three new leased hotels opened in the summer of 2024 as well as the lease
remeasurement of Clayton Hotel Manchester Airport in October 2024.
Tax charge
The tax charge for the six-month period ended 30 June 2025 of €3.7 million mainly relates to current tax in respect of
profits earned in Ireland during the period. The Group’s effective tax rate of 15.8% in H1 2025 has increased from 14.6% in
the comparative H1 2024.
At 30 June 2025, deferred tax assets of €33.1 million (31 December 2024: €33.1 million) have been recognised. The majority
of the deferred tax assets relate to corporation tax losses and interest expense carried forward of €25.1 million (31
December 2024: €25.0 million).
Earnings per share (EPS)
The Group’s profit after tax of €19.6 million for H1 2025 (H1 2024: €35.8 million) represents basic earnings per share of
9.3 cents (H1 2024: 16.0 cents). The Group’s profit after tax declined by €16.2 million (45%) to €19.6 million due
primarily to the impact of adjusting items2 in the period (€7.6 million) and increases in non-cash accounting charges
(depreciation of property, plant and equipment and IFRS 16 charges), in addition to the underlying performance at ‘like for
like’ hotels. Adjusting items2 in H1 2025 primarily related to the transaction costs for the Strategic Review and Formal
Sale Process of €6.2 million. Excluding the impact of adjusting items1, adjusted basic earnings per share1 decreased by 25%
to 12.7 cents.
Strong cashflow generation
The Group continues to generate strong Free Cashflow1. Free Cashflow1 for the first six months of 2025 totalled €45.7
million, a reduction of €2.4 million from H1 2024, driven primarily by lower after-rent earnings from the ‘like for like’
portfolio and a rise in net interest and finance costs reflecting the impact of higher debt servicing costs. Net cash from
operating activities increased by €4.5 million mainly driven by working capital movements. Free Cashflow per Share1 was
21.6 cent in H1 2025, marginally ahead of 2024 levels.
At 30 June 2025, the Group’s Debt and Lease Service Cover1 remains strong at 2.5x (30 June 2024: 2.7x) with cash and
undrawn committed debt facilities of €301.7 million (30 June 2024: cash and undrawn debt facilities of €282.4 million).
Free Cashflow1 Six months ended 30 June 2025 Six months ended 30 June 2024
Net cash from operating activities 96.0 91.5
Add back acquisition-related costs paid 0.3 -
Add back refinancing costs paid 1.7 -
Add back strategic review costs paid 0.4 -
Add back pre-opening costs 0.2 1.4
Fixed lease payments (33.6) (29.1)
Refurbishment capital expenditure paid1 (11.2) (10.8)
Other interest and finance costs paid (8.1) (4.8)
Free Cashflow1 45.7 48.1
Weighted average shares outstanding - basic (million) 211.4 223.9
Free Cashflow per Share1 (cent) 21.6c 21.5c
The Group made fixed lease payments of €33.6 million in the first six months of 2025, a €4.5 million increase on H1 2024,
driven primarily by the addition of three new leases to the portfolio along with impacts from rent reviews. Lease payments
payable under lease contracts as at 30 June 2025 are projected to be €33.5 million for the six months ending 31 December
2025 and €64.6 million for the year ending 31 December 2026. The Group has also committed to non-cancellable lease rentals
and other contractual obligations payable under agreements for leases which have not yet commenced at 30 June 2025. Further
detail is included in note 12 to the consolidated interim financial statements.
The Group made refurbishment capital expenditure payments totalling €11.2 million during the six months ended 30 June 2025
(€10.8 million in H1 2024). The expenditure is primarily related to enhancements to hotel public areas, upgrades to plant
and machinery infrastructure, and improvements to health and safety systems across the portfolio and to the refurbishment
of 135 bedrooms across the Irish portfolio.
The Group spent €88.4 million on growth capital expenditure during the first six months of 2025, relating to the
acquisition of the Radisson Blu Hotel Dublin Airport, and the ongoing development works at Clayton Hotel St. Andrew Square,
Edinburgh and Clayton Hotel Cardiff Lane, Dublin. At 30 June 2025, the Group has future capital expenditure commitments
under its contractual agreements totalling €47.3 million, of which €35.5 million relates to the development of Clayton
Hotel St. Andrew Square, Edinburgh. It also includes committed capital expenditure at other hotels in the Group.
During the six-month period ended 30 June 2025, a final dividend for 2024 of 8.4 cents per share was paid on 8 May 2025 at
a total cost of €17.8 million (year ended 31 December 2024: €18.0 million). The Board is not proposing an interim dividend
for the first half of 2025.
During the period, 1.2 million shares were repurchased by the Employee Benefit Trust (‘the Trust’), which were used to
satisfy the exercise of vested options under the 2017 Long Term Incentive Plan award. At 30 June 2025, 6,654 ordinary
shares were held by the Trust. The cost of these shares (€37,844) was recorded directly in equity as Treasury Shares.
Balance sheet
€million 30 June 2025 31 December 2024
Non-current assets
Property, plant and equipment 1,781.5 1,711.0
Right-of-use assets 743.9 760.1
Intangible assets and goodwill 56.5 53.6
Other non-current assets4 37.6 41.9
Current assets
Trade and other receivables and inventories 48.5 33.6
Cash and cash equivalents 28.2 39.6
Assets held for sale - 20.8
Total assets 2,696.2 2,660.6
Equity 1,399.8 1,419.4
Loans and borrowings at amortised cost 313.7 271.4
Lease liabilities 772.9 778.6
Trade and other payables 108.0 88.6
Other liabilities5 101.8 102.6
Total equity and liabilities 2,696.2 2,660.6
The Group maintains a robust balance sheet position at 30 June 2025 with property, plant and equipment of €1.8 billion,
cash and undrawn debt facilities of €301.7 million, and Net Debt to EBITDA after rent1 of 1.7x.
Property, plant and equipment
Property, plant and equipment amounted to €1,781.5 million at 30 June 2025. The increase of €70.5 million since 31 December
2024 is driven by additions of €105.5 million, net unrealised revaluation gains on property assets of €3.5 million,
capitalised borrowing and labour costs of €0.9 million, partially offset by a depreciation charge of €20.3 million for the
six-month period and a foreign exchange loss on the retranslation of Sterling-denominated assets of €19.1 million.
74% of the Group’s property, plant and equipment is located in Dublin and London. The Group revalues its property assets,
at owned and effectively owned trading hotels, at each reporting date using independent external valuers. The principal
valuation technique utilised is discounted cash flows which utilise asset-specific risk-adjusted discount rates and
terminal capitalisation rates. The independent external valuation also has regard to relevant recent data on hotel sales
activity metrics.
Weighted average terminal capitalisation rate 30 June 2025 31 December 2024
Dublin 7.34% 7.41%
Regional Ireland 8.57% 8.56%
UK 6.31% 6.31%
Group 7.16% 7.17%
Additions through acquisitions and capital expenditure
Six months ended 30 June 2025 Six months ended 30 June 2024
€million
Acquisition of freehold 83.0 -
Construction of new build hotels, hotel extensions and 6.0 12.1
renovations
Other development expenditure 5.1 2.2
Total acquisitions and development capital expenditure 94.1 14.3
Total refurbishment capital expenditure1 11.4 11.8
Additions to property, plant and equipment 105.5 26.1
During the period, the Group incurred €11.1 million of development capital expenditure with €4.4 million mainly relating to
the refurbishment of the ground floor and the ongoing 115-bedroom extension of Clayton Hotel Cardiff Lane, €4.5 million
(£3.8 million) relating to the development of the site of Clayton Hotel St. Andrew Square, Edinburgh and €1.1 million
relating to Clayton Hotel Amsterdam American for the full refurbishment of its meeting and events spaces.
The Group allocates approximately 4% of revenue to refurbishment capital expenditure. The Group incurred €11.4 million of
refurbishment capital expenditure during the first half of the year which included the refurbishment of 135 bedrooms across
the Group along with enhancements to food and beverage infrastructure, health and safety upgrades and energy efficient
plant upgrades.
Right-of-use assets and lease liabilities
At 30 June 2025, the Group’s lease liabilities amounted to €772.9 million and right-of-use assets amounted to €743.9
million.
Lease Right-of-use
€million
liabilities assets
At 31 December 2024 778.6 760.2
Depreciation charge on right-of-use assets - (17.8)
Acquisitions through business combinations 7.7 7.7
Remeasurement of lease liabilities 6.1 6.1
Interest on lease liabilities 26.5 -
Lease payments (33.6) -
Translation adjustment (12.4) (12.3)
At 30 June 2025 772.9 743.9
Right-of-use assets are recorded at cost less accumulated depreciation and impairment. The initial cost comprises the
initial amount of the lease liability adjusted for lease prepayments and accruals at the commencement date, initial direct
costs and, where applicable, reclassifications from intangible assets or accounting adjustments related to sale and
leasebacks.
Lease liabilities are initially measured at the present value of the outstanding lease payments, discounted using the
estimated incremental borrowing rate attributable to the lease. The lease liabilities are subsequently remeasured during
the lease term following the completion of rent reviews, a reassessment of the lease term or where a lease contract is
modified. The weighted average lease life of future minimum rentals payable under leases is 83.0 years (31 December 2024:
82.8 years). Excluding land leases with a lease term of 100 years and over, the weighted average lease life of future
minimum rentals payable under leases would be 27.3 years.
On 26 June 2025, the Group completed the acquisition of the entire issued share capital of CG Hotels Dublin Airport
Limited, which holds the long leasehold interest in The Radisson Blu Hotel, Dublin Airport after exchanging contracts in
November 2024. The Group became party to a ground lease as part of the acquisition and recognised lease liabilities and
right-of-use assets of €7.7 million.
Following agreed rent reviews and rent adjustments, which formed part of the original lease agreements, certain of the
Group’s leases were reassessed during the period. This resulted in an increase in lease liabilities and related
right-of-use assets of €6.1 million.
Further information on the Group’s leases including the unwind of right-of-use assets and release of interest charge is set
out in note 12 to the consolidated interim financial statements.
Loans and borrowings
The amortised cost of bank loans and private placement notes at 30 June 2025 was €313.7 million (31 December 2024: €271.4
million). The drawn bank loans and private placement notes, being the amount owed to the lenders, was €314.9 million at 30
June 2025 (31 December 2024: €272.6 million).
Sterling borrowings Euro borrowings
At 30 June 2025 Total borrowings €million
£million €million
Term Loan 100.0 100.0
Revolving credit facility:
- Drawn in euro - 91.5 91.5
Private placement notes:
- Issued in sterling 52.5 61.4 61.4
- Issued in euro - 62.0 62.0
External loans and borrowings drawn at 30 June 2025 52.5 314.9 314.9
Accounting adjustment to bring to amortised cost (1.2)
Loans and borrowings at amortised cost at 30 June 2025 313.7
In October 2024, the Group successfully completed a refinancing of its existing banking facilities securing a €475 million
multicurrency loan facility consisting of a €100 million green term loan and €375 million revolving credit facility for a
five-year term to 9 October 2029, with two options to extend by a year. In October 2024, the Group also completed its
inaugural issuance of €124.7 million of green loan notes to institutional investors for terms of five and seven years.
At 30 June 2025, €10.0 million of the revolving credit facility was carved out as an ancillary facility for use by the
Group as guarantees for hotels in the Continental Europe portfolio.
The Group’s covenants, comprising Net Debt to EBITDA (as defined in the Group’s bank facility agreement which is equivalent
to Net Debt to EBITDA after rent1) and Interest Cover1, were tested on 30 June 2025. The Group complied with its covenants
as at 30 June 2025, with covenants stipulating that the Net Debt to EBITDA limit is 4.0x (30 June 2025: 1.7x) and the
Interest Cover minimum is 4.0x (30 June 2025: 14.3x).
The Group limits its exposure to foreign currency by using Sterling debt to act as a natural hedge against the impact of
Sterling rate fluctuations on the Euro value of the Group’s UK assets. The Group is also exposed to floating interest rates
on its debt obligations and uses hedging instruments to mitigate the risk associated with interest rate fluctuations. This
is achieved by entering into interest rate swaps which hedge the variability in cash flows attributable to the interest
rate risk. As at 30 June 2025, the interest rate swaps cover 100% of the Group’s term euro denominated borrowings of €100.0
million for the period to 9 October 2028. The final year of the term debt, to 9 October 2029, is currently unhedged. The
Group’s drawn revolving credit facilities of €91.5 million as at 30 June 2025 are unhedged.
See Supplementary Financial Information which contains definitions and reconciliations of Alternative Performance Measures
(‘APM’) and other definitions.
2 Adjusting items in H1 2025. The adjusting items comprise transaction-related costs of €6.2 million (H1 2024: nil),
acquisition-related costs of €0.6 million (H1 2024: nil), an impairment charge of €0.5 million (H1 2024: nil), hotel
pre-opening expenses of €0.2 million (H1 2024: €1.4 million), and disposal-related costs of €0.1 million (H1 2024: nil).
Further detail on adjusting items is provided in the section titled ‘Adjusting items to EBITDA’.
3 The reference to ‘like for like’ hotels in the performance statistics comparing to H1 2024 for the Dublin segment
excludes Radisson Blu Hotel Dublin Airport, which was acquired in June 2025. The reference to ‘like for like’ hotels in the
performance statistics comparing to H1 2024 for the Regional Ireland segment excludes Maldron Hotel Wexford, which was sold
in November 2024, and Clayton Whites Hotel, Wexford, which was sold in January 2025. The reference to ‘like for like’
hotels in the performance statistics comparing to H1 2024 for the UK segment excludes Maldron Hotel Manchester Cathedral
Quarter (May 2024), Maldron Hotel Brighton (July 2024), Maldron Hotel Liverpool City (July 2024), and Maldron Hotel
Shoreditch (August 2024).
4 Other non-current assets comprise deferred tax assets, investment property and other receivables.
5 Other liabilities comprise deferred tax liabilities, provision for liabilities, current tax liabilities and derivative
liabilities.
Principal risks and uncertainties
We have considered our risk environment, emerging risks, and risk profiles since we published an assessment of the Group’s
principal risks and uncertainties with our 2024 annual results announcement (and the 2024 Annual Report). The principal
risks and uncertainties currently facing the Group are:
External, geopolitical and economic factors – Dalata operates in an open market, where its activities and performance are
influenced by uncertainty from broader geopolitical, economic and government policy factors outside the Group’s direct
control. Nonetheless, these factors can directly or indirectly impact the Group’s strategy, our labour and direct cost
base, performance, and the economic environments in which the Group operates.
The Board and executive management team continuously focus on the impact of external factors on our business performance.
The Group, with its experienced management team and resilient information systems, is well-equipped to navigate the
influence of external factors on our strategy and performance.
Health, safety and security - The Group now operates 56 hotels in Ireland, the UK and Continental Europe. Health, safety,
and hotel security concerns will always be a key priority for the Board and executive management.
We have a well-established and resourced health, safety and security framework in our hotels. There is ongoing investment
in hotel life, fire and safety systems and servicing, with identified risks remediated promptly. External health and safety
risk assessments and food safety audits are conducted across our hotel portfolio. Our new hotels are built to high health
and safety standards, and all refurbishments include health and safety as a primary consideration.
Innovation –- We recognise the business imperative to innovate in our business, and innovation is a core objective for
senior leadership. Several initiatives have already been implemented across our hotels, improving productivity, customer
service, and meeting our customers’ needs better.
Executive management also continues to focus on trends across the hospitality market. The Group performs detailed customer
research and reviews market trends with feedback from customers and teams on initiatives taken. We allocate resources to
develop and implement business efficiencies and innovation and embrace enhanced use of business systems, new and emerging
technologies, and information to support innovation.
Developing, recruiting and retaining our people – Our people are a key asset to our business. Our strategy is to develop
our management and operational expertise, where possible, from within our existing teams. This expertise can be deployed
throughout our business, particularly at management levels in our new hotels. We also recruit and retain well-trained and
motivated people to deliver our desired customer service levels at our hotels.
The Group invests in extensive development programmes, including hotel management and graduate development programmes
across various business-related areas. These programmes are continually reviewed to reflect growing business needs and
competencies. We also implement a broad range of retention strategies (such as employee benefits, workplace culture,
training, employee development programmes, progression opportunities and working conditions).
Cyber security, data and privacy – In the current environment, all businesses face heightened information security risks
associated with increasingly sophisticated cyber-attacks, ransomware attacks and attacks targeting company data.
The ongoing security of our information technology platforms is crucial to the Board. The Group has invested in a modern,
standardised technology platform supported by trusted IT partners. Our Information Security Management System is based on
ISO27001 and audited twice annually. An established data privacy and protection structure, including dedicated specialist
resources, is operational across our business.
Expansion and development strategy – The Group’s strategy is to expand its activities in the UK and European markets,
adopting a predominantly capital-light and long-term leasing model or directly financing a project, enabled by the Group’s
financial position.
The Group has extensive acquisitions and development expertise within its central office function to identify opportunities
and leverage its relationships, funding flexibility and financial position as a preferred partner. The Board has an agreed
development strategy, scrutinises all development projects before commencement and is regularly updated on the progress of
the development programme. Agreed financial criteria and due diligence are completed for all projects, including specific
site selection criteria, detailed city analysis and market intelligence.
Our culture and values – The rollout of our business model depends on the retention and growth of our strong culture. We
have defined Group values embedded in how we behave as a Group and as individuals, as set out in the Group’s Code of
Conduct. These are supported by internal structures that support and oversee expected behaviours. We also use wide-ranging
measures to assess and monitor our culture, which are reviewed with the Board and management teams.
Climate change, ESG and decarbonisation strategy – The Board is keenly aware of the risks to society associated with
climate change and environmental matters. We are also aware that being a socially responsible business supports our
strategic objectives and benefits society and the communities in which we operate. We risk not meeting stakeholder
expectations in this regard, particularly concerning target setting, environmental performance, compliance reporting and
corporate performance.
The ESG Committee actively supports the Board in overseeing the development and implementation of the Group’s strategy and
targets in this area. A climate change and decarbonisation strategy exists across our businesses, with published
environmental targets.
Transaction execution risk – There is a risk that the proposed sale of the business may not be completed, including the
possibility that the required shareholder, regulatory or court approvals may not be secured. Should the sale not be
sanctioned, this could lead to uncertainty for the business.
Statement of Directors’ responsibilities
For the half-year ended 30 June 2025
The Directors are responsible for preparing the half-yearly financial report in accordance with the Transparency (Directive
2004/109/EC) Regulations 2007 (“Transparency Directive”), and the Transparency Rules of the Central Bank of Ireland.
In preparing the condensed set of consolidated financial statements included within the half-yearly financial report, the
Directors are required to:
• prepare and present the condensed set of consolidated financial statements in accordance with IAS 34 Interim Financial
Reporting as adopted by the EU, the Transparency Directive and the Transparency Rules of the Central Bank of Ireland;
• ensure the condensed set of consolidated financial statements has adequate disclosures;
• select and apply appropriate accounting policies;
• make accounting estimates that are reasonable in the circumstances; and
• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or
to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for designing, implementing and maintaining such internal controls as they determine are
necessary to enable the preparation of the condensed set of consolidated financial statements that are free from material
misstatement whether due to fraud or error.
We confirm that to the best of our knowledge:
1. the condensed set of consolidated financial statements included within the half-yearly financial report of Dalata Hotel
Group plc (“the Company”) for the six months ended 30 June 2025 (“the interim financial information”) which comprises
the condensed consolidated statement of comprehensive income, condensed consolidated statement of financial position,
condensed consolidated statement of changes in equity, condensed consolidated statement of cash flows and the related
explanatory notes, have been presented and prepared in accordance with IAS 34 Interim Financial Reporting, as adopted
by the EU, the Transparency Directive and Transparency Rules of the Central Bank of Ireland.
2. the interim financial information presented, as required by the Transparency Directive, includes:
a. an indication of important events that have occurred during the first six months of the financial year, and their
impact on the condensed set of consolidated financial statements;
b. a description of the principal risks and uncertainties for the remaining six months of the financial year;
c. related parties’ transactions that have taken place in the first six months of the current financial year and that
have materially affected the financial position or the performance of the enterprise during that period; and
d. any changes in the related parties’ transactions described in the last annual report that could have a material
effect on the financial position or performance of the enterprise in the first six months of the current financial
year.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the
Company’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
On behalf of the Board
John Hennessy Dermot Crowley
Director Director
Unaudited condensed consolidated
interim financial statements
for the six months ended 30 June 2025
6 months 6 months
ended ended
30 June 30 June
2025 2024
Note €’000 €’000
Revenue 4 306,463 302,345
Cost of sales (114,154) (111,271)
Gross profit 192,309 191,074
Administrative expenses 5 (136,352) (122,187)
Other income 725 706
Operating profit 56,682 69,593
Net finance costs 7 (33,388) (27,713)
Profit before tax 23,294 41,880
Tax charge 9 (3,690) (6,109)
Profit for the period attributable to owners of the Company 19,604 35,771
Other comprehensive income
Items that will not be reclassified to profit or loss
Revaluation of property 11 4,029 11,547
Related deferred tax 776 (2,037)
4,805 9,510
Items that are or may be reclassified subsequently to
profit or loss
Exchange (loss)/gain on translating foreign operations (17,751) 14,596
Gain/(loss) on net investment hedge 1,958 (5,367)
Fair value (loss)/gain on cash flow hedges (364) 961
Cash flow hedges – reclassified to profit or loss - (4,534)
Related deferred tax 46 893
(16,111) 6,549
Other comprehensive (loss)/income for the period, net of (11,306) 16,059
tax
Total comprehensive income for the period attributable to owners 8,298 51,830
of the Company
Earnings per share
Basic earnings per share 23 9.3 cents 16.0 cents
Diluted earnings per share 23 9.1 cents 15.9 cents
30 June 31 December
2024
2025
(Audited)
Assets Note €’000 €’000
Non-current assets
Intangible assets and goodwill 56,524 53,649
Property, plant and equipment 11 1,781,502 1,710,974
Right-of-use assets 12 743,901 760,151
Investment property 1,334 1,518
Deferred tax assets 19 33,089 33,100
Other receivables 13 3,102 7,362
Total non-current assets 2,619,452 2,566,754
Current assets
Trade and other receivables 13 46,073 30,842
Inventories 2,451 2,761
Cash and cash equivalents 28,206 39,575
Assets held for sale 14 - 20,717
Total current assets 76,730 93,895
Total assets 2,696,182 2,660,649
Equity
Share capital 21 2,115 2,129
Share premium 21 507,365 507,365
Treasury shares reserve 21 (37) (19)
Capital reserve 107,118 107,104
Share-based payment reserve 6,329 7,955
Hedging reserve (532) (214)
Revaluation reserve 469,481 468,605
Translation reserve (9,470) 6,323
Retained earnings 317,454 320,157
Total equity 1,399,823 1,419,405
Liabilities
Non-current liabilities
Loans and borrowings 18 313,668 271,384
Lease liabilities 12 759,611 764,619
Deferred tax liabilities 19 93,476 92,763
Provision for liabilities 16 4,880 5,708
Other Payables 15 128 19
Derivative liabilities 609 244
Total non-current liabilities 1,172,372 1,134,737
Current liabilities
Lease liabilities 12 13,296 13,939
Trade and other payables 15 107,851 88,652
Current tax liabilities 482 1,576
Provision for liabilities 16 2,358 2,340
Total current liabilities 123,987 106,507
Total liabilities 1,296,359 1,241,244
Total equity and liabilities 2,696,182 2,660,649
Attributable to owners of the Company
Share-based
Share Share Treasury Capital payment Hedging Revaluation Translation Retained
capital premium Shares reserve reserve reserve reserve reserve earnings Total
reserve
€’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
At 1 January 2025 2,129 507,365 (19) 107,104 7,955 (214) 468,605 6,323 320,157 1,419,405
Comprehensive income:
Profit for the period - - - - - - - - 19,604 19,604
Other comprehensive income
Exchange difference on
translating foreign - - - - - - - (17,751) - (17,751)
operations
Gain on net investment - - - - - - - 1,958 - 1,958
hedge
Revaluation of property - - - - - - 4,029 - - 4,029
Fair value movement on cash - - - - - (364) - - - (364)
flow hedges
Release of cumulative
revaluation gains on - - - - - - (3,929) - 3,929 -
disposal of hotel
Related deferred tax - - - - - 46 776 - - 822
Total comprehensive income - - - - - (318) 876 (15,793) 23,533 8,298
for the period
Transactions with owners of
the Company:
Equity-settled share-based - - - - 2,846 - - - - 2,846
payments
Transfer from share-based
payment reserve to retained - - - - (4,579) - - - 4,579 -
earnings
Dividends paid - - - - - - - - (17,767) (17,767)
Repurchase of treasury - - (6,567) - - - - - - (6,567)
shares
Issue of treasury shares - - 6,549 - - - - - (6,535) 14
Purchase and cancellation (14) - - 14 - - - - (6,513) (6,513)
of treasury shares
Related deferred tax - - - - 107 - - - - 107
Total transactions with (14) - (18) 14 (1,626) - - - (26,236) (27,880)
owners of the Company
At 30 June 2025 2,115 507,365 (37) 107,118 6,329 (532) 469,481 (9,470) 317,454 1,399,823
Attributable to owners of the Company
Share-based
Share Share Treasury Capital Merger payment Hedging Revaluation Translation Retained
capital premium Shares contribution reserve reserve reserve reserve reserve earnings Total
reserve
€’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
At 1 January 2,235 505,079 - 25,724 81,264 8,417 4,891 461,181 (12,182) 316,328 1,392,937
2024
Comprehensive
income:
Profit for the - - - - - - - - - 35,771 35,771
period
Other
comprehensive
income
Exchange
difference on
translating - - - - - - - - 14,596 - 14,596
foreign
operations
Loss on net
investment - - - - - - - - (5,367) - (5,367)
hedge
Revaluation of - - - - - - - 11,547 - - 11,547
property
Fair value
movement on - - - - - - 961 - - - 961
cash flow
hedges
Cash flow
hedges –
reclassified - - - - - - (4,534) - - - (4,534)
to profit or
loss
Related - - - - - - 893 (2,037) - - (1,144)
deferred tax
Total
comprehensive - - - - - - (2,680) 9,510 9,229 35,771 51,830
income for the
period
Transactions
with owners of
the Company:
Equity-settled
share-based - - - - - 1,614 - - - - 1,614
payments
Transfer from
share-based
payment - - - - - (4,188) - - - 4,188 -
reserve to
retained
earnings
Vesting of
share awards 9 2,286 - - - - - - - (113) 2,182
and options
Dividends paid - - - - - - - - - (17,954) (17,954)
Repurchase of
treasury - - (6,269) - - - - - - - (6,269)
shares
Issue of
treasury - - 5,570 - - - - - - (5,147) 423
shares
Related - - - - - 69 - - - - 69
deferred tax
Total
transactions 9 2,286 (699) - - (2,505) - - - (19,026) (19,935)
with owners of
the Company
At 30 June 2,244 507,365 (699) 25,724 81,264 5,912 2,211 470,691 (2,953) 333,073 1,424,832
2024
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Cash flows from operating activities
Profit for the period 19,604 35,771
Adjustments for:
Interest on lease liabilities 26,484 23,272
Depreciation of property, plant and equipment 20,344 18,810
Depreciation of right-of-use assets 17,817 16,097
Other interest and finance costs 6,904 4,441
Tax charge 3,690 6,109
Share-based payments expense 2,846 1,614
Impairment charge of property, plant and equipment and 510 45
investment property
Amortisation of intangible assets and investment properties 23 275
Impairment charge of right-of-use assets - 1,440
98,222 107,874
Increase in trade and other payables and provision for 16,644 4,630
liabilities
Increase in current and non-current trade and other receivables (13,066) (14,162)
Tax paid (6,114) (6,732)
Decrease/(increase) in inventories 345 (56)
Net cash from operating activities 96,031 91,554
Cash flows from investing activities
Acquisitions of undertakings through business combinations, net (76,355) -
of cash acquired
Purchase of property, plant and equipment (23,200) (25,291)
Proceeds from the disposal of Clayton Whites Hotel, Wexford 20,675 -
Costs paid on entering new leases and agreements for lease - (8,748)
Net cash used in investing activities (78,880) (34,039)
Cash flows from financing activities
Receipt of bank loans 160,096 62,597
Repayment of bank loans (115,571) (58,855)
Interest paid on lease liabilities (26,484) (23,272)
Repayment of lease liabilities (7,089) (5,861)
Dividends paid (17,767) (17,954)
Other net finance costs paid (8,106) (4,843)
Repurchase of treasury shares (6,553) (6,269)
Purchase of own shares as part of buyback scheme (6,513) -
Proceeds from vesting of share awards and options - 2,295
Proceeds from sale of treasury shares - 310
Net cash used in financing activities (27,987) (51,852)
Net (decrease)/increase in cash and cash equivalents (10,836) 5,663
Cash and cash equivalents at beginning of period 39,575 34,173
Effect of movements in exchange rates (533) 1,044
Cash and cash equivalents at end of period 28,206 40,880
1. General information and basis of preparation
Dalata Hotel Group plc (‘the Company’) is a company registered in the Republic of Ireland. The unaudited condensed
consolidated financial statements for the six month period ended 30 June 2025 (the ‘Interim Financial Statements’) include
the Company and its subsidiaries (together referred to as the ‘Group’). The Interim Financial Statements were authorised
for issue by the Directors on 26 August 2025.
These unaudited Interim Financial Statements have been prepared by Dalata Hotel Group plc in accordance with IAS 34 Interim
Financial Reporting (‘IAS 34’) as adopted by the European Union (‘EU’). They do not include all of the information required
for a complete set of financial statements prepared in accordance with International Financial Reporting Standards (‘IFRS’)
as adopted by the EU. However, selected explanatory notes are included to explain events and transactions that are
significant to an understanding of the changes in the Group’s financial position and performance since 31 December 2024.
They should be read in conjunction with the consolidated financial statements of Dalata Hotel Group plc, which were
prepared in accordance with IFRS as adopted by the EU, as at and for the year ended 31 December 2024.
These Interim Financial Statements are presented in euro, rounded to the nearest thousand, which is the functional currency
of the parent company and the presentation currency for the Group’s financial reporting.
The preparation of Interim Financial Statements requires management to make judgements, estimates and assumptions that
affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results
could differ materially from these estimates. In preparing these Interim Financial Statements, the critical judgements made
by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as
those that applied to the consolidated financial statements as at and for the year ended 31 December 2024.
The Interim Financial Statements do not constitute statutory financial statements. The statutory financial statements for
the year ended 31 December 2024, together with the independent auditor’s report thereon, have been filed with the Companies
Registration Office and are available on the Company’s website www.dalatahotelgroup.com. The auditor’s report on those
financial statements was not qualified and did not contain an emphasis of matter paragraph.
Going concern
The period ended 30 June 2025 saw the Group deliver strong results and continue the execution of its growth strategy. The
impact of hotels added in the previous period has led to an increase in Group revenue from hotel operations from €302.3
million to €306.5 million, despite the sale of two hotels. Net cash generated from operating activities in the period was
€96.0 million (30 June 2024: €91.6 million).
The Group remains in a very strong financial position with significant financial headroom. The Group has cash and undrawn
loan facilities of €301.7 million (31 December 2024: €364.6 million). The Group is in full compliance with its external
borrowing covenants at 30 June 2025. Current base projections show compliance with all covenants at all future testing
dates and significant levels of headroom.
The Directors have considered the above, with all available information, and the current liquidity and financial position
in assessing the going concern of the Group. On this basis, the Directors have prepared these interim financial statements
on a going concern basis. Furthermore, they do not believe there is any material uncertainty related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern for a period of at least
12 months after the date of these interim financial statements.
2. Material accounting policies
The accounting policies applied in these Interim Financial Statements are consistent with those applied in the consolidated
financial statements as at and for the year ended 31 December 2024.
The following amendment was effective for the Group for the first time from 1 January 2025: Amendments to IAS 21 - The
Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability. The amendment had no material impact on the Interim
Financial Statements.
3. Seasonality
Hotel revenue and operating profit are driven by seasonal factors as the shoulder months of January and February typically
experience lower levels of demand when compared to November and December. Additionally, the busiest months of the operating
cycle are usually between July and September. The table below analyses revenue, operating profit and profit before tax for
the first half of 2025 and second half of the year ended 31 December 2024.
6 months ended 6 months ended Year ended
30 June 2025 31 December 2024 31 December 2024
€’000 €’000 €’000
Revenue 306,463 349,845 652,190
Operating profit 56,682 88,865 158,458
Profit before tax 23,294 49,358 91,238
4. Operating segments
The Group’s segments are reported in accordance with IFRS 8 Operating Segments. The segment information is reported in the
same way as it is reviewed and analysed internally by the chief operating decision makers, primarily the Executive
Directors.
Dublin, Regional Ireland, the UK and Continental Europe segments
These segments are concerned with hotels that are either owned or leased by the Group. As at 30 June 2025, the owned
portfolio consists of 31 hotels which it operates (31 December 2024: 31 hotels, 30 June 2024: 31 hotels) and includes
hotels for which the Group has majority or effective ownership.
The Group also leases 22 hotel buildings from property owners (31 December 2024: 22 hotels, 30 June 2024: 20 hotels) and is
entitled to the benefits and carries the risks associated with operating these hotels.
The Group’s revenue from leased and owned hotels is primarily derived from room sales and food and beverage sales in
restaurants, bars and banqueting. The main costs arising are payroll, cost of goods for resale, commissions paid on room
sales, other operating costs, and, in the case of leased hotels, variable lease costs (where linked to turnover or profit)
payable to lessors.
Revenue
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Dublin 136,332 135,837
Regional Ireland 44,098 51,170
UK 110,335 96,192
Continental Europe 15,698 19,146
______ ______
Total revenue 306,463 302,345
______ ______
Segmental revenue for each of the geographical locations represents the operating revenue (room revenue, food and beverage
revenue and other hotel revenue) from leased and owned hotels situated in the Group’s four reportable segments. Revenue is
recognised at a point in time when rooms are occupied and food and beverages are sold.
In January 2025, the Group disposed of Clayton Whites Hotel, Wexford (note 14) and in November 2024 the Group disposed of
Maldron Hotel, Wexford. Both hotels formed part of the Regional Ireland segment.
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Segmental results – EBITDAR
Dublin 60,452 62,550
Regional Ireland 12,794 15,033
UK 35,880 34,396
Continental Europe 4,380 5,912
______ ______
EBITDAR for reportable segments 113,506 117,891
______ ______
Segmental results – EBITDA
Dublin 59,639 61,604
Regional Ireland 12,736 14,966
UK 35,880 34,183
Continental Europe 4,380 5,647
______ ______
EBITDA for reportable segments 112,635 116,400
______ ______
Reconciliation to results for the period
Segments EBITDA 112,635 116,400
Other income 725 706
Central costs (8,042) (7,859)
Share-based payments expense (2,846) (1,614)
______ ______
Adjusted EBITDA 102,472 107,633
- (3,159)
Impairment charge of right-of-use assets
Reversal of previous impairment charges of right-of-use assets - 1,719
Net impairment charge of fixtures, fittings and equipment - (45)
Strategic review transaction costs (6,162) -
Acquisition-related costs (604) -
Impairment charge (510) -
Disposal-related costs (102) -
Hotel pre-opening expenses (228) (1,373)
______ ______
Group EBITDA 94,866 104,775
Depreciation of property, plant and equipment (20,344) (18,810)
Depreciation of right-of-use assets (17,817) (16,097)
Amortisation of intangible assets (23) (275)
Interest on lease liabilities (26,484) (23,272)
Net interest and finance costs (6,904) (4,441)
______ ______
Profit before tax 23,294 41,880
Tax charge (3,690) (6,109)
______ ______
Profit for the period 19,604 35,771
______ ______
Group EBITDA represents earnings before interest on lease liabilities, other interest and finance costs, tax, depreciation
of property, plant and equipment and right-of-use assets and amortisation of intangible assets.
Adjusted EBITDA is presented as an alternative performance measure to show the underlying operating performance of the
Group excluding items which are not reflective of normal trading activities or distort comparability either period on
period or with other similar businesses. Consequently, Adjusted EBITDA represents Group EBITDA before:
• Net property revaluation movements through profit or loss (note 5);
• Net impairment charge of right-of-use assets (note 6, 12);
• Strategic review transaction costs (note 5);
• Acquisition-related costs (note 10);
• Impairment charge on property, plant and equipment (note 6, 11) and investment property;
• Disposal costs relating to the sale of Clayton Whites Hotel, Wexford (note 5);
• Net impairment charge of fixtures, fittings, and equipment (note 6, 11);
• Hotel pre-opening expenses, which relate primarily to payroll expenses, sales and marketing costs, rates and training
costs of new staff, that are incurred by the Group in advance of new hotel openings (note 5).
The line item ‘central costs’ primarily includes costs of the Group’s central functions including operations support,
technology, sales and marketing, human resources, finance, corporate services and business development. Share-based
payments expense is presented separately from central costs as this expense relates to employees across the Group.
‘Segmental results – EBITDA’ for Dublin, Regional Ireland, the UK and Continental Europe represents the ‘Adjusted EBITDA’
for each region before central costs, share-based payments expense and other income. It is the net operational contribution
of leased and owned hotels in each geographical location.
‘Segmental results – EBITDAR’ for Dublin, Regional Ireland, the UK and Continental Europe represents ‘Segmental results –
EBITDA’ before variable lease costs.
Disaggregated revenue information
Disaggregated segmental revenue is reported in the same way as it is reviewed and analysed internally by the chief
operating decision makers, primarily the Executive Directors. The key components of revenue reviewed by the chief operating
decision makers are:
• Room revenue which relates to the rental of rooms in each hotel. Revenue is recognised when the hotel room is occupied,
and the service is provided;
• Food and beverage revenue which relates to sales of food and beverages at the hotel property. This revenue is
recognised at the point of sale; and
• Other revenue includes revenue from leisure centres, car parks, meeting room hire and other revenue sources at the
hotels. Leisure centre revenue is recognised over the life of the membership while the other items are recognised when
the service is provided.
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Revenue review by segment – Dublin
Room revenue 101,717 101,957
Food and beverage revenue 25,410 25,064
Other revenue 9,205 8,816
______ ______
Total revenue 136,332 135,837
______ ______
Revenue review by segment – Regional Ireland
Room revenue 29,283 33,201
Food and beverage revenue 10,651 13,467
Other revenue 4,164 4,502
______ ______
Total revenue 44,098 51,170
______ ______
Revenue review by segment – UK
Room revenue 87,714 75,999
Food and beverage revenue 17,451 15,657
Other revenue 5,170 4,536
______ ______
Total revenue 110,335 96,192
______ ______
Revenue review by segment – Continental Europe
Room revenue 11,369 13,657
Food and beverage revenue 3,674 4,569
Other revenue 655 920
______ ______
Total revenue 15,698 19,146
______ ______
Other geographical information
Revenue 6 months ended 30 June 2025 6 months ended 30 June 2024
Republic of Continental Republic of Continental
Ireland UK Europe Total Ireland UK Europe Total
€’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
Owned hotels 122,303 52,067 - 174,370 128,736 49,274 - 178,010
Leased hotels 58,127 58,268 15,698 132,093 58,271 46,918 19,146 124,335
Total revenue 180,430 110,335 15,698 306,463 187,007 96,192 19,146 302,345
Segments
6 months ended 30 June 2025 6 months ended 30 June 2024
EBITDAR
Republic of Ireland UK Continental Europe Republic of Ireland UK Continental Europe
Total Total
€’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
Owned hotels 49,070 18,244 - 67,314 52,490 18,379 - 70,869
Leased hotels 24,176 17,636 4,380 46,192 25,093 16,017 5,912 47,022
Total Segments
73,246 35,880 4,380 113,506 77,583 34,396 5,912 117,891
EBITDAR
Other geographical information
6 months ended 30 June 2025 6 months ended 30 June 2024
Republic of Republic of
Ireland UK Continental Europe Ireland UK Continental Europe
Total Total
€’000 €’000 €’000 €’000 €’000 €’000 €’000 €’000
Variable lease
871 - - 871 1,013 213 265 1,491
costs
Depreciation
of property, 11,407 8,101 836 20,344 10,777 7,160 873 18,810
plant and equipment
Depreciation
of right-of 8,087 7,324 2,406 17,817 7,820 5,900 2,377 16,097
-use assets
Interest on
lease liabilities 8,771 14,520 3,193 26,484 8,894 11,139 3,239 23,272
5. Administrative expenses
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Other administrative expenses 78,279 70,416
Impairment charge of right-of-use assets (note 6, 12) - 3,159
Reversal of previous impairment charge of right-of-use assets (note 6, 12) - (1,719)
Net impairment charge of fixtures, fittings and equipment (note 6, 11) - 45
Strategic review transaction costs 6,162 -
Acquisition-related costs (note 10) 604 -
Impairment charge of property, plant and equipment (note 6,11) and investment property 510 -
Disposal-related costs 102 -
Hotel pre-opening expenses (note 4) 228 1,373
Depreciation of property, plant and equipment (note 4, 11) 20,344 18,810
Depreciation of right-of-use assets (note 4, 12) 17,817 16,097
Amortisation of intangible assets 23 252
Variable lease costs (note 4) 871 1,491
Utilities – electricity and gas 11,412 12,263
_______ _______
136,352 122,187
_______ _______
Other administrative expenses include costs related to payroll, marketing and general administration. The increase in other
administrative expenses for the period ended 30 June 2025, relative to the same period in the prior year, is primarily due
to share based payments, wage rate increases and the impact of three new hotels which opened in the last six months in
2024.
Strategic review transaction costs of €6.2 million have been incurred for the period ended 30 June 2025 and are in relation
to the proposed acquisition of the Group by Pandox AB and Eiendomsspar AS (note 23).
In November 2024, it was announced that Dalata had exchanged contracts for the purchase of the entire issued share capital
of CG Hotels Dublin Airport Limited, which holds the long leasehold interest in The Radisson Blu Hotel, Dublin Airport, for
a consideration of €83.1 million, subject to contractual conditions and regulatory approval. As a result, €0.6m in
acquisition costs have been incurred in relation to this transaction during the period ended 30 June 2025 and €1.1 million
was incurred during the year ended 31 December 2024.
Disposal-related costs mainly relate to the finalisation of the sale of the Clayton Whites Hotel Wexford in January 2025.
6. Impairment
At 30 June 2025, the carrying amount of the Group’s net assets amounted to €1,399.8 million, which exceeded the Group’s
market capitalisation on the same date. Market capitalisation is calculated by multiplying the share price by the number of
shares in issue.
On 15 July 2025, the Board of Directors announced that it had agreed terms for the proposed acquisition of the Group by
Pandox AB and Eiendomsspar AS. The transaction remains subject to shareholder and regulatory approvals. Under the terms of
the Transaction Agreement, a proposed price per share of €6.45 was offered on a fully diluted basis, implying an equity
value of approximately €1,396 million for the Group.
In evaluating the proposed price per share, the Directors considered a range of valuation inputs and relevant factors,
including transaction costs, other potential costs arising from the transaction, and any inherent tax liabilities. These
factors were deemed relevant to the proposed offer and were considered in assessing the continued appropriateness of asset
carrying values as at the reporting date. Based on this assessment, no indicators of impairment were identified.
Notwithstanding the above, the Group performed impairment testing for each Cash-Generating Unit (“CGU”). As at 30 June
2025, the carrying value of each CGU did not exceed its respective recoverable amount, and no impairment provisions were
required.
Land and buildings included in property, plant and equipment, as well as investment properties, are carried at fair value.
Unrealised revaluation gains and impairment losses relating to property assets are disclosed in note 11 and are reflected
in the net asset value as at 30 June 2025.
The VIU estimates were based on the following key assumptions:
• Cash flow projections are based on operating results and forecasts prepared by management covering a ten year period in
the case of freehold properties. This period was chosen due to the nature of the hotel assets and is consistent with
the valuation basis used by independent external property valuers when performing their hotel valuations (note 11). For
impairment testing of right-of-use assets, the lease term was used;
• Revenue and EBITDA projections are based on management’s best estimate projections as at 30 June 2025. Forecasted
revenue and EBITDA are based on expectations of future outcomes taking into account the macro-environment, current
earnings, past experience and adjusted for anticipated revenue and cost growth;
• Cash flow projections assume a long-term compound annual growth rate of 2% in EBITDA for CGUs in the Republic of
Ireland, the UK and Continental Europe (31 December 2024: 2%);
• Cash flows include an average annual capital outlay on maintenance for the hotels dependent on the condition of the
hotel or typically 4% of revenues but assume no enhancements to any property;
• In the case of CGUs with freehold properties, the VIU calculations also include a terminal value based on terminal
(year 10) capitalisation rates consistent with those used by the external property valuers which incorporates a
long-term growth rate of 2% (31 December 2024: 2%);
• The cash flows are discounted using a risk adjusted discount rate specific to each property. Risk adjusted discount
rates of 8.50% to 11.35% for Dublin assets (31 December 2024: 8.50% to 11.35%), 10.60% to 11.10% for Regional Ireland
assets (31 December 2024: 10.60% to 11.10%), 7.60% to 10.20% for UK assets (31 December 2024: 7.60% to 10.20%), 7.50%
to 8.00% for Continental Europe assets (31 December 2024: 7.50% to 8.00%) have been used; and
• The values applied to each of these key assumptions are derived from a combination of internal and external factors
based on historical experience of the valuers and of management and taking into account the stability of cash flows
typically associated with these factors.
.
7. Net finance costs
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Finance income (26) (33)
_______ _______
(26) (33)
Interest on lease liabilities (note 12) 26,484 23,272
Interest expense on bank loans and borrowings 6,054 10,002
Cash flow hedges– reclassified from other comprehensive income - (4,534)
Net foreign exchange loss on financing activities 822 41
Other finance costs 841 542
Interest capitalised to property, plant and equipment (note 11) (787) (1,577)
_______ _______
Finance costs 33,414 27,746
_______ _______
Net finance costs 33,388 27,713
_______ _______
The Group uses interest rate swaps to convert the interest rate on part of its debt from floating rate to fixed rate (note
17). As at 30 June 2025, the Group has recognised a derivative liability, in relation to these interest rate swaps, of €0.6
million (31 December 2024: €0.2 million 30 June 2024: €2.9 million). Interest margins on the Group’s borrowings are set
with reference to the Net Debt to EBITDA covenant levels and ratchet up or down accordingly.
Other finance costs include commitment fees and other banking and professional fees. Net foreign exchange losses on
financing activities relates principally to cash and cash equivalents and loans which did not form part of the net
investment hedge (note 17).
Interest on loans and borrowings of €0.8 million (period ended 30 June 2024: €1.6 million) was capitalised to assets under
construction, considering that this cost was directly attributable to the construction of qualifying assets (note 11). The
capitalisation rates applied by the Group, which reflected the weighted average interest rates on loans in sterling and
euro for the period, including the impact of hedges, were 6.2% for sterling and 4.0% for euro.
8 Share-based payments expense
The total share-based payments expense for the Group’s employee share schemes charged to profit or loss during the
period was €2.8 million (six months ended 30 June 2024: €1.6 million), analysed as follows:
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Long Term Incentive Plans 2,410 1,547
Share Save schemes 436 67
______ ______
2,846 1,614
______ ______
Details of the schemes operated by the Group are set out hereafter:
Long Term Incentive Plans
Awards granted
During the period ended 30 June 2025, the Board approved the conditional grant of 1,611,259 ordinary shares ‘the Award’
pursuant to the terms and conditions of the Group’s 2017 Long Term Incentive Plan (‘the 2017 LTIP’). The Award was granted
to senior employees across the Group (131 in total). Vesting of the Award is based on two independently assessed
performance targets, 50% based on total shareholder return ‘TSR’ and 50% based on Free Cashflow Per Share ‘FCPS’. The
performance period of this Award is 1 January 2025 to 31 December 2027.
Threshold performance for the TSR condition is a performance measure against a bespoke comparator group of 19 listed peer
companies in the travel and leisure sector, with threshold 25% vesting if the Group’s TSR over the performance period is
ranked at the median compared to the TSR of the comparator group. If the Group’s TSR performance is at or above the upper
quartile compared to the comparator group, the remaining 75% of that portion of the Award will vest, with pro-rota vesting
on a straight-line basis for performance in between these thresholds.
Threshold performance (25% vesting) for the FCPS condition which is a non-market-based performance condition and is based
on the achievement of FCPS of €0.569 with 100% vesting, equating to €0.769 or greater. The FCPS based portion of the Award
will vest on a straight-line basis for performance between these thresholds. FCPS targets may be amended in restricted
circumstances if an event occurs which causes the Remuneration Committee to determine an amended or substituted performance
condition would be more appropriate and not materially more or less difficult to satisfy. Participants are also entitled to
receive a dividend equivalent amount in respect of their awards.
Movements in the number of share awards are as follows:
Year ended
6 months ended
31 December
30 June 2025
2024
Number of Awards Number of Awards
Outstanding at the beginning of the 4,504,528 4,089,901
period/year
Granted during the period/year 1,611,259 1,634,668
Forfeited during the period/year (88,658) (127,780)
Lapsed unvested during the period/year (242,456) -
Exercised during the period/year (1,123,338) (1,081,517)
Dividend equivalents (43,662) (10,744)
_________ _________
Outstanding at the end of the period/year 4,617,673 4,504,528
_________ _________
6 months ended Year ended
30 June 31 December
2025 2024
Grant date Number of Awards Number of Awards
March 2022 - 1,389,631
March 2023 1,460,884 1,498,692
May 2023 - 22,719
April 2024 1,550,085 1,593,486
March 2025 1,606,704 -
_________ _________
Outstanding at the end of the period/year 4,617,673 4,504,528
_________ _________
Awards vested
During the period ended 30 June 2025, participants of the March 2022 and May 2023 scheme exercised 1,123,338 options on
foot of the vesting of awards granted under the terms of the 2017 LTIP. The weighted average share price at the date of
exercise for these awards was €5.33.
Measurement of fair values
The fair value, at the grant date, of the TSR-based conditional share awards was measured using a Monte Carlo simulation
model. Non-market-based performance conditions attached to the awards were not taken into account in measuring fair value
at the grant date. The share price for options granted in March 2025 was €5.50 (March 2024: €4.51).
Awards granted include FCPS-related performance conditions (non-market-based performance conditions) that do not impact the
fair value of the award at the grant date, which equals the share price less exercise price. Instead, an estimate is made
by the Group as to the number of shares which are expected to vest based on satisfaction of the FCPS-related performance
condition, where applicable, and this, together with the fair value of the award at grant date, determines the accounting
charge to be spread over the vesting period. The estimate of the number of shares which are expected to vest over the
vesting period of the award is reviewed in each reporting period and the accounting charge is adjusted accordingly.
Share Save schemes
During the period ended 30 June 2025, there were no new schemes granted and no exercise of shares. In the period ended 30
June 2024, 1,103,023 options exercised on maturity of the share options granted as part of the Share Save scheme in 2020
with a further 2,000 ordinary shares exercised on maturity of the share options granted as part of the Share Save scheme in
2019.
Movements in the number of share options and the related weighted average exercise price (‘WAEP’) are as follows:
6 months ended Year ended
30 June 2025 31 December 2024
WAEP WAEP
Options Options
€ per share € per share
Outstanding at the beginning of the period/year 2,359,273 2.99 1,480,299 2.39
Granted during the period/year - - 2,259,760 3.03
Forfeited during the period/year (171,417) 2.98 (118,199) 2.73
Exercised during the period/year - - (1,262,587) 2.26
Outstanding at the end of the period/year 2,187,856 2.99 2,359,273 2.99
The weighted average remaining contractual life for the share options outstanding at 30 June 2025 is 2.7 years (31 December
2024: 3.1 years).
9. Tax charge
6 months 6 months
ended ended
30 June 30 June
2025 2024
€’000 €’000
Current tax
Irish corporation tax 3,986 5,767
Foreign corporation tax - 63
Deferred tax (credit)/ charge (296) 279
______ _______
Tax charge 3,690 6,109
______ _______
The tax charge of €3.7 million for the period ended 30 June 2025 (six months ended 30 June 2024: €6.1 million) primarily
relates to current tax in respect of profits earned in Ireland during the period.
10 Business combinations
Acquisition of The Radisson Blu Hotel, Dublin Airport
On 26 June 2025, the Group completed the acquisition of the entire issued share capital of CG Hotels Dublin Airport
Limited, which holds the long leasehold interest in The Radisson Blu Hotel, Dublin Airport after exchanging contracts in
November 2024. The Group became party to a ground lease as part of the acquisition and recognised lease liabilities and
right-of-use assets of €7.7 million.
The fair value of the identifiable assets and liabilities acquired were as follows:
26 June 2025
€’000
Recognised amounts of identifiable assets acquired and liabilities assumed
Non-current assets
Hotel property 80,243
Fixtures, fittings and equipment 2,757
Right-of-use asset 7,741
Current assets
Trade and other receivables 1,694
Corporation tax receivable 130
Inventory 56
Non-current liabilities
Lease liability (7,732)
Deferred tax liability (3,478)
Current liabilities
Accruals (3,593)
Trade and other payables (836)
Lease liability (8)
_______
Total identifiable net assets 76,974
Total cash consideration 83,142
Less cash acquired as part of acquisition (2,928)
_______
Net cash consideration 80,214
_______
Goodwill arising on acquisition 3,240
_______
The acquisition method of accounting has been used to consolidate the business acquired in the Group’s consolidated
financial statements. Goodwill of €3.2 million has been recognised in connection with the acquisition of the Radisson Blu
Hotel, Dublin Airport, as the consideration exceeded the fair value of the identifiable net assets acquired.
The goodwill arising from this transaction includes certain intangible assets that cannot be separately identified. This
encompasses future growth and performance prospects operating under Dalata, including expansion opportunities for the
hotel, which is situated in a pivotal location within the Dublin Airport campus.
Since the carrying value of the acquired property for financial reporting purposes exceeds its tax base, a deferred tax
liability has been recognised. Deferred tax has been measured using the Irish corporation tax rate for trading profits. As
disclosed in note 19, if the Group were to dispose of the property, the disposal could be subject to capital gains tax at a
higher rate.
Acquisition-related costs of €0.6 million were charged to administrative expenses in profit or loss in respect of this
business combination during the period ended 30 June 2025 and €1.1 million was incurred during the year ended 31 December
2024.
Impact of new acquisitions on trading performance
The post-acquisition impact of the acquisition completed during 2025 on the Group’s profit for the period ended 30 June 2025
was:
30 June 2025
€’000
Revenue 263
Profit before tax and acquisition-related costs 140
In the pre-acquisition period from 1 January 2025 to 25 June 2025, the hotel reported revenues of €7.9 million.
11. Property, plant and equipment
Fixtures,
Land and Assets under
fittings and Total
buildings construction
equipment
€’000 €’000 €’000 €’000
At 30 June 2025
Valuation 1,622,605 - - 1,622,605
Cost - 40,564 231,253 271,817
Accumulated depreciation
- - (112,920) (112,920)
(and impairment charges)*
Net carrying amount 1,622,605 40,564 118,333 1,781,502
At 1 January 2025, net carrying amount 1,564,246 30,741 115,987 1,710,974
Additions through
80,243 - 2,757 83,000
business combinations (note 10)
Additions 61 8,869 13,554 22,484
Revaluation gains through
4,029 - - 4,029
other comprehensive income
Revaluation loss through
(460) - - (460)
profit or loss statement
Capitalised labour costs - 117 - 117
Capitalised borrowing costs (note 7) - 787 - 787
Depreciation charge for the period (7,475) - (12,869) (20,344)
Translation adjustment (18,039) 50 (1,096) (19,085)
At 30 June 2025, net carrying amount 1,622,605 40,564 118,333 1,781,502
*Accumulated depreciation of buildings is stated after the elimination of depreciation on revaluation, disposals and
impairments.
The carrying value of land and buildings, revalued at 30 June 2025, is €1,622.6 million (31 December 2024: €1,564.2
million). The value of these assets under the cost model is €1,090.0 million (31 December 2024: €1,037.2 million). During
the period ended 30 June 2025, unrealised revaluation gains of €4.0 million (year ended 31 December 2024: net unrealised
revaluation gains of €13.1 million) have been reflected through other comprehensive income and in the revaluation reserve
in equity. Impairment losses were €0.5 million and were reflected in administrative expenses through profit and loss (2024:
€1.3 million).
Included in land and buildings at 30 June 2025 is land at a carrying value of €555.5 million which is not depreciated (31
December 2024: €563.4 million).
Additions to assets under construction during the period ended 30 June 2025 primarily relate to the development expenditure
incurred on the construction of Clayton Hotel Edinburgh (€4.5 million) and the development of the Clayton Hotel Cardiff
Lane extension (€4.4 million).
Measurement of fair value
The value of the Group’s property at 30 June 2025 reflects open market valuations carried out as at 30 June 2025 by
independent external valuers having appropriate recognised professional qualifications and recent experience in the
location and value of the property being valued. The external valuations performed were in accordance with the Royal
Institution of Chartered Surveyors (‘’RICS’’) Valuation Standards.
The fair value measurement of the Group’s own-use property has been categorised as a Level 3 fair value based on the inputs
to the valuation technique used. At 30 June 2025, 31 properties were revalued by independent external valuers engaged by
the Group (31 December 2024: 30 properties).
The principal valuation technique used by the independent external valuers engaged by the Group was discounted cash flows.
This valuation model considers the present value of net cash flows to be generated from the property over a ten year period
(with an assumed terminal value at the end of year 10). Valuers’ forecast cash flow included in these calculations
represents the expectations of the valuers for EBITDA (driven by revenue per available room (‘RevPAR’) calculated as total
rooms revenue divided by rooms available) for the property and also takes account of the expectations of a prospective
purchaser. It also includes their expectation for capital expenditure which the valuers, typically, assume as approximately
4% of revenue per annum. This does not always reflect the profile of actual capital expenditure incurred by the Group for
individual assets. On specific assets, refurbishments are, by nature, periodic rather than annual. Valuers’ expectations of
EBITDA are based on their trading forecasts (benchmarked against competition, market and actual performance). The expected
net cash flows are discounted using risk adjusted discount rates. Among other factors, the discount rate estimation
considers the quality of the property and its location. The final valuation also includes a deduction of full purchaser’s
costs based on the valuers’ estimates at 9.96% for assets located in the Republic of Ireland (31 December 2024: 9.96%) and
6.8% for assets located in the UK (31 December 2024: 6.8%).
The significant unobservable inputs are:
• Valuers’ forecast cash flow.
• Risk adjusted discount rates and terminal (year 10) capitalisation rates which are specific to each property.
• Dublin:
• Risk adjusted discount rates range between 8.50% and 11.35% (31 December 2024: 8.50% and 11.35%).
• Weighted average risk adjusted discount rate is 9.34% (31 December 2024: 9.41%).
• Terminal capitalisation rates range between 6.50% and 9.35% (31 December 2024: 6.50% and 9.35%).
• Weighted average terminal capitalisation rate is 7.34% (31 December 2024: 7.41%).
• Regional Ireland:
• Risk adjusted discount rates range between 9.75% and 12.75% (31 December 2024: 9.75% and 12.75%).
• Weighted average risk adjusted discount rate is 10.57% (31 December 2024: 10.56%).
• Terminal capitalisation rates range between 7.75% and 10.75% (31 December 2024: 7.75% and 10.75%).
• Weighted average terminal capitalisation rate is 8.57% (31 December 2024: 8.56%).
• UK:
• Risk adjusted discount rates range between 7.30% and 11.50% (31 December 2024: 7.30% and 11.50%).
• Weighted average risk adjusted discount rate is 8.41% (31 December 2024: 8.31%).
• Terminal capitalisation rates range between 5.30% and 9.50% (31 December 2024: 5.30% and 9.50%).
• Weighted average terminal capitalisation rate is 6.31% (31 December 2024 6.31%).
The estimated fair value under this valuation model may increase or decrease if:
• Valuers’ forecast cash flow was higher or lower than expected; and/or
• The risk adjusted discount rate and terminal capitalisation rate was higher or lower.
Valuations also had regard to relevant price per key metrics from hotel sales activity.
The Group has the following capital expenditure commitments under contractual arrangements.
30 June 31 December
2025 2024
€’000 €’000
Capital expenditure 47,263 55,783
_______ _______
Capital expenditure listed above is contracted and not provided for at the reporting date.
At 30 June 2025, the commitments include an amount of €35.5 million related to the new-build hotel development of Clayton
Hotel, Edinburgh. It also includes committed capital expenditure at other hotels in the Group.
12. Leases
The Group leases property assets, which includes land and buildings and related fixtures and fittings, and other equipment
relating to vehicles, machinery, and IT equipment. Information about leases for which the Group is a lessee is presented
below:
Period ended Year ended
Right-of-use assets 30 June 2025 31 December 2024
€’000 €’000
Net book value at start of period/year 760,151 685,193
Acquisitions through business combinations (note 10) 7,740 -
Additions - 76,022
Depreciation charge for the period/year (17,817) (33,727)
Remeasurement of lease liabilities 6,068 14,743
Reversal of previous impairment charge - 1,719
Translation adjustment (12,241) 16,201
_______ _______
Net book value at end of period/year 743,901 760,151
_______ _______
Right-of-use assets comprise of leased assets that do not meet the definition of investment property. Right-of-use assets
primarily reflect leased property assets. The carrying value of right-of-use assets related to other equipment at 30 June
2025 reflected in the above total is €0.5 million (31 December 2024: €0.6 million).
Period ended Year ended
Lease liabilities 30 June 2025 31 December 2024
€’000 €’000
Current 13,939 12,040
Non-current 764,619 686,558
_______ _______
Lease liabilities at start of period/year 778,558 698,598
_______ _______
Additions - 61,363
Acquisitions through business combinations (note 10) 7,740 -
Interest on lease liabilities (note 7) 26,484 49,487
Lease payments (33,573) (61,254)
Remeasurement of lease liabilities 6,068 13,781
Translation adjustment (12,370) 16,583
_______ _______
Lease liabilities at end of period/year 772,907 778,558
_______ _______
Current 13,296 13,939
Non-current 759,611 764,619
_______ _______
Lease liabilities at end of period/year 772,907 778,558
On 26 June 2025, the Group acquired the entire issued share capital of CG Hotels Dublin Airport Limited, which holds the
long leasehold interest in The Radisson Blu Hotel, Dublin Airport (note 10). The Group became party to a ground lease as
part of the acquisition and recognised lease liabilities and right-of-use assets of €7.7 million.
The weighted average incremental borrowing rate for new leases entered into during the period ended 30 June 2025 is 9.72%
(31 December 2024: 10.0%).
Following agreed rent reviews and rent adjustments, which formed part of the original lease agreements, certain of the
Group’s leases were reassessed during the period. This resulted in an increase in lease liabilities and related
right-of-use assets of €6.1 million.
Non-cancellable undiscounted lease cash flows payable under lease contracts are set out below:
At 30 June 2025
Continental
Republic of Ireland UK Total
Europe
€’000 €’000 £’000 €’000
6 months ending 31 December 2025 13,968 4,484 12,848 33,470
During the year 2026 25,484 8,968 25,783 64,590
During the year 2027 25,526 8,968 26,232 65,157
During the year 2028 25,609 8,968 26,300 65,319
During the year 2029 25,571 8,968 26,474 65,485
During the year 2030 24,987 8,968 26,642 65,097
During the years 2031 – 2040 244,690 89,683 278,455 659,861
During the years 2041 – 2050 134,830 10,471 296,556 491,947
From 2051 onwards 107,282 - 789,924 1,030,630
_______ _______ _______ ________
627,947 149,478 1,509,214 2,541,556
_______ _______ _______ _______
At 31 December 2024
Continental
Republic of Ireland UK Total
Europe
€’000 €’000 £’000 €’000
During the year 2025 26,540 8,836 26,266 67,053
During the year 2026 24,457 8,836 25,783 64,388
During the year 2027 24,485 8,836 26,232 64,957
During the year 2028 24,565 8,836 26,300 65,119
During the year 2029 24,527 8,836 26,474 65,291
During the years 2030 – 2039 234,867 88,362 276,287 656,434
During the years 2040 – 2049 135,452 19,143 297,687 513,609
From 2050 onwards 59,594 - 817,603 1,045,632
_______ _______ _______ ________
554,487 151,685 1,522,632 2,542,483
_______ _______ _______ _______
The Group also has further commitments in relation to fixtures, fittings and equipment in some of its leased hotels. Under
certain lease agreements, the Group has committed to spending a percentage of revenue on capital expenditure in respect of
fixtures, fittings and equipment in the leased hotels over the life of the lease. The Group has estimated the commitment in
relation to these leases to be €63.2 million (31 December 2024: €66.9 million) spread over the life of the various leases
which primarily range in length from 18 years to 33 years. The revenue figures used in the estimate of the commitment at 30
June 2025 have been based on 2025 forecasted revenues at that date. The actual commitment will be higher or lower dependent
on the actual revenue earned in each of the lease years.
Sterling amounts have been converted using the closing foreign exchange rate of 0.85550 as at 30 June 2025 (0.82918 as at
31 December 2024).
The weighted average lease life of future minimum rentals payable under leases is 83.0 years (31 December 2024: 82.8
years). Excluding land leases with a lease term of 100 years and over, the weighted average lease life of future minimum
rentals payable under leases would be 27.3 years. Lease liabilities are monitored within the Group’s treasury function.
The actual cash flows will depend on the composition of the Group’s lease portfolio in future years and is subject to
change, driven by:
• commencement of new leases;
• modifications of existing leases; and
• reassessments of lease liabilities following periodic rent reviews.
It excludes leases on hotels for which an agreement for lease has been signed, but which has not reached the lease
commencement date.
Unwind of right-of-use assets and release of interest charge
The unwinding of the right-of-use assets and the release of the interest on the lease liabilities through profit or loss
over the terms of the leases have been disclosed in the following tables:
Depreciation of right-of-use assets
Republic of Ireland Continental Europe UK Total
€’000 €’000 £’000 €’000
6 months ending 31 December 2025 8,188 2,412 6,143 17,781
During the year 2026 14,403 4,825 11,942 33,187
During the year 2027 13,928 4,825 11,712 32,443
During the year 2028 13,755 4,825 11,510 32,034
During the year 2029 13,534 4,549 10,850 30,766
During the year 2030 12,963 4,524 10,664 29,952
During the years 2031 – 2040 122,523 45,242 102,846 287,983
During the years 2041 – 2050 59,788 5,283 101,087 183,232
From 2051 onwards 26,313 - 60,065 96,523
_______ _______ _______ ________
285,395 76,485 326,819 743,901
_______ _______ _______ _______
Interest on lease liabilities
Continental
Republic of Ireland UK Total
Europe
€’000 €’000 £’000 €’000
6 months ending 31 December 2025 9,014 3,154 12,213 26,444
During the year 2026 17,628 6,158 24,371 52,273
During the year 2027 17,161 5,942 24,276 51,479
During the year 2028 16,666 5,715 24,153 50,614
During the year 2029 16,132 5,467 24,013 49,668
During the year 2030 15,587 5,201 23,846 48,662
During the years 2031 – 2040 120,374 31,858 222,581 412,409
During the years 2041 – 2050 58,480 484 159,561 245,476
From 2051 onwards 57,040 - 662,657 831,624
_______ _______ _______ ________
328,082 63,979 1,177,671 1,768,649
_______ _______ _______ _______
Sterling amounts have been converted using the closing foreign exchange rate of 0.85550 as at 30 June 2025.
The actual depreciation and interest charge through profit or loss will depend on the composition of the Group’s lease
portfolio in future years and is subject to change, driven by:
• commencement of new leases;
• modifications of existing leases;
• reassessments of lease liabilities following periodic rent reviews; and
• impairments and reversal of previous impairment charges of right-of-use assets.
It excludes leases on hotels for which an agreement for lease has been signed, but have not reached the lease commencement
date.
Leases not yet commenced to which the lessee is committed
The Group has a number of agreements for lease at 30 June 2025 and details of the non-cancellable lease rentals and other
contractual obligations payable under these agreements are set out hereafter. These represent the minimum future lease
payments (undiscounted) and other contractual payments, in aggregate, that the Group is required to make under the
agreements. An agreement for lease is a binding agreement between external third parties and the Group to enter into a
lease at a future date. The dates of commencement of these leases may change based on the hotel opening dates. The amounts
payable may also change slightly if there are any changes in room numbers delivered through construction.
30 June 31 December
Agreements for lease
2025 2024
€’000 €’000
Less than one year 613 -
One to two years 3,820 613
Two to three years 11,670 2,450
Three to five years 42,369 12,310
Five to fifteen years 196,544 69,307
Fifteen to twenty five years 186,037 75,209
After twenty five years 126,956 49,634
_______ _______
Total future lease payments 568,009 209,523
_______ _______
Included in the above table are future lease payments for agreements for lease for Maldron Hotel Croke Park, Dublin,
Clayton Hotel Morrison Street, Edinburgh, Clayton Hotel Old Broad Street, London, Clayton Hotel Berlin and Clayton Hotel
Madrid. The lease terms vary in length from 15 years to 35 years with certain leases containing extension options.
The expected opening date for Maldron Hotel Croke Park, Dublin is H1 2026, Clayton Hotel Berlin is expected to open in H2
2026, Clayton Hotel Morrison Street, Edinburgh is expected to open in H1 2028, Clayton Hotel Old Broad Street, London is
expected to open in H2 2028 and Clayton Hotel Madrid is expected to open in H1 2029.
13. Trade and other receivables
30 June 31 December
2025 2024
€’000 €’000
Non-current assets
Other receivables 1,443 6,495
Prepayments 1,659 867
_______ _______
3,102 7,362
_______ _______
Current assets
Trade receivables 16,621 10,846
Prepayments 21,029 12,449
Contract assets 4,130 3,448
Accrued income 2,893 3,599
Other receivables 1,400 500
_______ _______
46,073 30,842
_______ _______
Total 49,175 38,204
_______ _______
Non-current assets
The total balance in non-current other receivables at 30 June 2025 is a rent deposit of €1.4 million paid to the landlord
on the sale and leaseback of Clayton Hotel Charlemont (31 December 2024: €1.4 million). This deposit is repayable to the
Group at the end of the lease term.
During the year ended 31 December 2024, the Group paid a deposit of €4.2 million for the acquisition of The Radisson Blu
Hotel, Dublin Airport. This was held in other receivables until the sale was finalised in June 2025 (note 10).
Current assets
Trade receivables are subject to the expected credit loss model in IFRS 9 Financial Instruments. The Group applies the IFRS
9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the number of days past due.
14. Assets held for sale
On 9 January 2025, the Group completed the sale of Clayton Whites Hotel, Wexford for a cash consideration of €21.0 million.
The net proceeds from the transaction amount to €20.7 million. The gain after transaction costs amounted to €3.9 million,
which has been measured in other comprehensive income and transferred to retained earnings on completion of the disposal.
The assets held for sale at 31 December 2024 that was sold related to:
30 June 31 December
2025 2024
€’000 €’000
Property, plant and equipment - 19,742
Goodwill - 550
Investment property - 425
_______ _______
Assets held for sale - 20,717
_______ _______
15. Trade and other payables
30 June 31 December
2025 2024
€’000 €’000
Non-current liabilities
Accruals 128 19
_______ _______
128 19
_______ _______
Current liabilities
Trade payables 24,633 16,110
Accruals 46,058 45,906
Contract liabilities 18,001 15,244
Value added tax 11,811 7,396
Withholding tax payable 3,804 -
Payroll taxes 2,565 3,788
Tourist taxes 979 208
_______ _______
107,851 88,652
_______ _______
Total
107,979 88,671
_______ _______
Accruals at 30 June 2025 include €6.2 million of accruals related to amounts which have not yet been invoiced for capital
expenditure and for costs incurred on entering new leases and agreements for lease (31 December 2024: €5.4 million).
The withholding tax payable of €3.8 million arose following the acquisition of The Radisson Blu Hotel, Dublin Airport (note
10) and was paid in July 2025.
16. Provision for liabilities
30 June 31 December
2025 2024
€’000 €’000
Non-current liabilities
Insurance provision 4,880 5,708
Current liabilities
Insurance provision 2,358 2,340
_______ _______
Total provision at end of period/year 7,238 8,048
The reconciliation of the movement in the provision for the period/year is as follows:
Period ended Year ended
30 June 31 December
2025 2024
€’000 €’000
At 1 January 8,048 8,611
Provisions made during the period/year – charged to profit or loss 900 1,500
Utilised during the period/year (628) (1,219)
Discounting effect charged to profit or loss 118 146
Reversed to profit or loss during the period/year (1,200) (990)
_______ _______
At end of period/year 7,238 8,048
_______ _______
This provision relates to actual and potential obligations arising from the Group’s insurance arrangements where the Group
is self-insured. The Group has third party insurance cover above specific limits for individual claims and has an overall
maximum aggregate payable for all claims in any one year. The amount provided is principally based on projected settlements
as determined by external loss adjusters. The provision also includes an estimate for claims incurred but not yet reported
and incurred but not enough reported.
The utilisation of the provision is dependent on the timing of settlement of the outstanding claims. The Group expects the
majority of the insurance provision will be utilised within five years of the period end date however, due to the nature of
the provision, there is a level of uncertainty in the timing of settlement as the Group generally cannot precisely
determine the extent and duration of the claim process. The provision has been discounted to reflect the time value of
money. There has been a reversal of €1.2 million in the period ended 30th June 2025 of provisions made in prior year
periods (2024: €1.0 million).
17 Financial risk management
Risk exposures
The Group is exposed to various financial risks arising in the normal course of business. Its financial risk exposures are
predominantly related to the creditworthiness of counterparties and risks relating to changes in interest rates and foreign
currency exchange rates.
The Group uses financial instruments throughout its business: loans and borrowings and cash and cash equivalents are used
to finance the Group’s operations; trade and other receivables, trade and other payables and accruals arise directly from
operations and derivatives are used to manage interest rate risks and to achieve a desired profile of borrowings. The Group
uses a net investment hedge with sterling denominated borrowings to hedge the foreign exchange risk from investments in
certain UK operations. The Group does not trade in financial instruments.
Fair values
The following tables show the carrying amount of Group financial assets and liabilities including their values in the fair
value hierarchy at 30 June 2025. The tables do not include fair value information for financial assets and financial
liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. A fair value
disclosure for lease liabilities is not required.
Fair value
Financial assets Financial assets
measured at Total
measured at
fair value carrying amount Level 1 Level 2 Level 3
amortised cost
30 June 2025 30 June 2025 30 June 2025 30 June 30 June 2025 30 June
2025 2025
Financial assets €’000 €’000 €’000 €’000 €’000 €’000
Trade and other receivables,
excluding prepayments and deposit - 26,487 26,487 - - -
paid on acquisition (note 13)
Cash at bank and in hand - 28,206 28,206 - - -
________ ________ ________
- 54,693 54,693
________ ________ ________
Financial liabilities Financial liabilities
measured at Total
measured at Level 1 Level 2 Level 3
fair value carrying amount
amortised cost
30 June 2025 30 June 2025 30 June 2025 30 June 30 June 2025 30 June
2025 2025
Financial liabilities €’000 €’000 €’000 €’000 €’000 €’000
Derivatives – hedging instruments (608) - (608) - (608) -
Bank loans (note 18) - (313,668) (313,668) - (313,668) -
Trade payables and accruals (note - (70,819) (70,819) - (70,819) -
15)
________ ________ ________
(608) (384,487) (385,095)
________ ________ ________
The following tables show the carrying amount of Group financial assets and liabilities including their values in the fair
value hierarchy at 31 December 2024. The tables do not include fair value information for financial assets and financial
liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value. A fair value
disclosure for lease liabilities is not required.
Fair value
Financial assets Financial assets
Total
measured at measured at
carrying amount Level 1 Level 2 Level 3
fair value amortised cost
31 December 2024 31 December 2024 31 December 2024 31 December 31 December 31 December
2024 2024 2024
Financial assets €’000 €’000 €’000 €’000 €’000 €’000
Trade and other receivables, - 24,888 24,888 - - -
excluding prepayments (note 13)
Cash at bank and in hand - 39,575 39,575 - - -
________ ________ ________
- 64,463 64,463
________ ________ ________
Financial Financial
liabilities measured liabilities Total
at Level 1 Level 2 Level 3
measured at carrying amount
fair value
amortised cost
31 December 2024 31 December 2024 31 December 2024 31 December 31 December 31 December
2024 2024 2024
Financial liabilities €’000 €’000 €’000 €’000 €’000 €’000
Derivatives – hedging (244) - (244) - (244) -
instruments
Bank loans (note 18) - (147,384) (147,384) - (147,384) -
Trade payables and accruals - (62,035) (62,035) - (62,035) -
(note 15)
Private placement notes - (124,000) (124,000) - (124,000) -
________ ________ ________
(244) (333,419) (333,663)
________ ________ ________
Fair value hierarchy
The Group measures the fair value of financial instruments based on the degree to which inputs to the fair value
measurements are observable and the significance of the inputs to the fair value measurements. Financial instruments are
categorised by the type of valuation method used. The valuation methods are as follows:
• Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: Inputs other than quoted prices included within Level 1 that are observable for the financial instrument,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3: Inputs for the financial instrument that are not based on observable market data (unobservable inputs).
The Group’s policy is to recognise any transfers between levels of the fair value hierarchy as of the end of the reporting
period during which the transfer occurred. During the period ended 30 June 2025, there were no reclassifications of
financial instruments and no transfers between levels of the fair value hierarchy used in measuring the fair value of
financial instruments.
Estimation of fair values
The principal methods and assumptions used in estimating the fair values of financial assets and liabilities are explained
hereafter.
Cash at bank and in hand
For cash at bank and in hand, the carrying value is deemed to reflect a reasonable approximation of fair value.
Derivatives
Discounted cash flow analyses have been used to determine the fair value of the interest rate swaps, taking into account
current market inputs and rates (Level 2).
Receivables/payables
For receivables and payables with a remaining term of less than one year on demand balances, the carrying value net of
impairment provision, where appropriate, is a reasonable approximation of fair value. The non-current receivables and
payables carrying value is a reasonable approximation of fair value.
Bank loans and private placement notes
For bank loans and private placement notes, the fair value was calculated based on the present value of the expected future
principal and interest cash flows discounted at interest rates effective at the reporting date. The carrying value of
floating rate interest-bearing bank loans is considered to be a reasonable approximation of fair value. There is no
material difference between margins available in the market at year end and the margins that the Group was paying at the
year end.
a. Credit risk
Exposure to credit risk
Credit risk is the risk of financial loss to the Group arising from granting credit to customers and from investing cash
and cash equivalents with banks and financial institutions.
Trade and other receivables
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. Management has
a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Outstanding customer balances
are regularly monitored and reviewed for indicators of impairment (evidence of financial difficulty of the customer or
payment default). The maximum exposure to credit risk is represented by the carrying amount of each financial asset.
Other receivables primarily relate to deposits due from landlords at the end of the lease term and other contractual
amounts due from landlords.
Contract assets primarily relate to guest ledgers held with customers and are subject to the expected credit loss model in
IFRS 9 Financial Instruments. The Group initially measures contract assets at fair value and subsequently assesses the
recoverable amount using the IFRS 9 simplified approach to measuring expected credit losses.
Trade receivables are subject to the expected credit loss model in IFRS 9 Financial Instruments. The Group applies the IFRS
9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade
receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the number of days past due. Management does not expect any significant losses from receivables that
have not been provided for as at 30 June 2025.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and give rise to credit risk on the amounts held with
counterparties. The maximum credit risk is represented by the carrying value at the reporting date. The Group’s policy for
investing cash is to limit the risk of principal loss and to ensure the ultimate recovery of invested funds by limiting
credit risk.
The Group reviews regularly the credit rating of each bank and if necessary, takes action to ensure there is appropriate
cash and cash equivalents held with each bank based on their credit rating. During the period ended 30 June 2025, cash and
cash equivalents were held in line with predetermined limits depending on the credit rating of the relevant bank/financial
institution.
The carrying amount of the following financial assets represents the Group’s maximum credit exposure. The maximum exposure
to credit risk at the end of the period/year was as follows:
30 June 31 December
2025 2024
€’000 €’000
Trade receivables 16,621 10,846
Other receivables 1,400 6,995
Contract assets 4,130 3,448
Accrued income 2,893 3,599
Cash at bank and in hand 28,206 39,575
______ ______
53,250 64,463
______ ______
b. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its
financial liabilities. In general, the Group’s approach to managing liquidity risk is to ensure as far as possible that it
will always have sufficient liquidity, through a combination of cash and cash equivalents, cash flows and undrawn credit
facilities to:
• Fund its ongoing activities;
• Allow it to invest in hotels that may create value for shareholders; and
• Maintain sufficient financial resources to mitigate against risks and unforeseen events.
Cashflow remains strong with net cash generated from operating activities in the period of €95.5 million (period ended 30
June 2024: €91.6 million). At 30 June 2025, cash and undrawn facilities are €301.7 million (31 December 2024: €364.6
million).
The Group is in full compliance with its covenants at 30 June 2025. The key covenants relate to Net Debt to EBITDA (as
defined in the Group’s bank facility agreement which is equivalent to Net Debt to EBITDA after rent) and Interest Cover at
30 June 2025. At 30 June 2025, the Net Debt to EBITDA covenant limit is 4.0x and the Interest Cover minimum is 4.0x. The
Group’s Net Debt to EBITDA after rent for the 12 month period to 30 June 2025 is 1.7x (APM (xv)) and Interest Cover is
14.3x (APM (xvi)).
c. Market risk
Market risk is the risk that changes in market prices and indices, such as interest rates and foreign exchange rates, will
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters, while optimising the return.
i. Interest rate risk
The Group is exposed to floating interest rates on its debt obligations and uses hedging instruments to mitigate the risk
associated with interest rate fluctuations. The Group has entered into interest rate swaps which hedge the variability in
cash flows attributable to the interest rate risk. All such transactions are carried out within the guidelines set by the
Board. The Group seeks to apply hedge accounting to manage volatility in profit or loss.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged item based on
the reference interest rates, maturities and notional amounts. The Group assesses whether the derivative designated in each
hedging relationship is expected to be effective in offsetting changes in cash flows of the hedged item using the
hypothetical derivative method.
As at 30 June 2025, the interest rate swaps cover 100% of the Group’s term euro denominated borrowings of €100.0 million
for the period to 9 October 2028. The final year of the term debt, to 9 October 2029, is currently unhedged. The Group’s
revolving credit facilities were €91.5 million (31 December 2024: €25.0 million) and the sterling revolving credit facility
borrowings were £Nil (€Nil) (31 December 2024: £18.5 million (€22.4 million)) at 30 June 2025.
The Group issued €124.7 million in multicurrency green loan notes to institutional investors for terms of five and seven
years at a fixed coupon rate. Interest rates cannot vary on the private placement loan notes except where the Group's Net
Debt to EBITDA after rent, calculated in line with external borrowing covenants, exceeds certain ratchet levels. Varying
premiums are then added to the coupon rate depending on the ratchet level. If the Group’s Net Debt to EBITDA after rent
exceeds 3 times, a premium of 50 basis points is added to the coupon rate and if the Group’s Net Debt to EBITDA after rent
exceeds 4 times, a premium of 75 basis points is added to the interest rate at the time.
The weighted average interest cost, including the impact of hedges, in respect of sterling and euro denominated borrowings
for the period was 6.2% and 4.0% respectively.
(ii) Foreign currency risk
The Group is exposed to risks arising from fluctuations in the euro/sterling exchange rate. The Group is exposed to
transactional foreign currency risk on trading activities conducted by subsidiaries in currencies other than their
functional currency and to foreign currency translation risk on the retranslation of foreign operations to euro.
The Group’s policy is to manage foreign currency exposures commercially and through netting of exposures where possible.
The Group’s principal transactional exposure to foreign exchange risk relates to interest costs on its sterling bank loans
and private placement notes. This risk is mitigated by the earnings from UK subsidiaries which are denominated in sterling.
The Group’s gain or loss on retranslation of the net assets of foreign currency subsidiaries is taken directly to the
translation reserve.
The Group limits its exposure to foreign currency risk by using sterling debt to hedge part of the Group’s investment in UK
subsidiaries. The Group financed certain operations in the UK by obtaining funding through external borrowings denominated
in sterling. The total borrowings and loan notes amounted at 30 June 2025 was £52.5 million (€61.4 million) (31 December
2024: £71.0 million (€85.0 million)) and are designated as net investment hedges. The net investment hedge was fully
effective during the period.
This enables gains and losses arising on retranslation of those foreign currency borrowings to be recognised in other
comprehensive income, providing a partial offset in reserves against the gains and losses arising on retranslation of the
net assets of those UK operations.
(d) Capital management
The Group’s policy is to maintain a strong capital base to maintain investor, creditor and market confidence and to sustain
future development of the business. Management monitors the return on capital to ordinary shareholders.
The Board of Directors seeks to maintain a balance between the higher returns that might be possible with higher levels of
borrowings and the advantages and security afforded by a sound capital position.
Typically, the Group monitors capital using a ratio of Net Debt to EBITDA after rent which excludes the effects of IFRS 16,
in line with its external borrowings covenants. This is calculated based on the prior 12-month period. The Net Debt to
EBITDA after rent as at 30 June 2025 is 1.7 times (31 December 2024: 1.3 times).
The Board reviews the Group’s capital structure on an ongoing basis as part of the normal strategic and financial planning
process. It ensures that it is appropriate for the hotel industry given its exposure to demand shocks and the normal
economic cycles.
18 Loans and Borrowings
30 June 31 December
2025 2024
€’000 €’000
Bank borrowings 191,500 147,384
Private placement notes 122,168 124,000
_______ _______
Total bank loans and private placement notes 313,668 271,384
_______ _______
The amortised cost of bank loans and private placement notes at 30 June 2025 was €313.7 million (31 December 2024: €271.4
million). The drawn bank loans, being the amount owed to the lenders, was €191.5 million at 30 June 2025 (31 December 2024:
€147.3 million). This consisted of:
i. Euro term borrowings of €100 million (31 December 2024: €100 million) which remained unchanged during the period;
(ii) Euro revolving credit facility borrowings of €91.5 million (31 December 2024: €25 million);
(iii) Sterling revolving credit facility borrowings of £Nil (31 December 2024: £18.5 million (€22.3 million)).
The undrawn loan facilities as at 30 June 2025 were €273.5 million (31 December 2024: €325.0 million).
The Group issued €124.7 million in multicurrency green loan notes to institutional investors for terms of five and seven
years and has a €375.0 million revolving credit facility available with a maturity date of 9 October 2029, of which €10.0
million was carved out as an ancillary facility for use by the Group as guarantee for new hotels in continental Europe.
The Group’s financing arrangements include provisions that may require repayment or renegotiation in the event of a change
in control of the Group. Under the terms of the relevant agreements, a change in control is deemed to occur when a party,
directly or indirectly, beneficially holds more than 50% of the shares in the capital of the parent Company or has the
power to direct the management and policies of the Group. In the event of a change in control, lenders may require the
accelerated repayment of all or part of the outstanding borrowings or may request renegotiation of the existing terms.
As at the reporting date, no such event has occurred; however, the proposed acquisition of the Group by Pandox AB and
Eiendomsspar AS, which remains subject to shareholder and regulatory approvals, is expected to constitute a change in
control for the purposes of these financing arrangements. Should approval be forthcoming, the Group may obtain consent from
existing lenders to waive the change of control provisions or introduce alternative financing arrangements.
In the event that the Group elects to voluntarily repay the existing facilities prior to their contractual maturity, early
termination or prepayment fees that are customary for financing arrangements of this nature may become payable.
19 Deferred tax
30 June 31 December
2025 2024
€’000 €’000
Deferred tax assets 33,089 33,100
Deferred tax liabilities (93,476) (92,763)
_______ _______
Net deferred tax liabilities (60,387) (59,663)
_______ _______
At 30 June 2025, deferred tax assets of €33.1 million (31 December 2024: €33.1 million) have been recognised. The majority
of the deferred tax assets relate to corporation tax losses and interest expense carried forward of €25.1 million (31
December 2024: €25.0 million). A deferred tax asset has been recognised in respect of tax losses carried forward where it
is probable that there will be sufficient taxable profits in future periods to utilise these tax losses.
The Group has considered all relevant evidence to determine whether it is probable there will be sufficient taxable profits
in future periods, in order to recognise the deferred tax assets as at 30 June 2025. The Group has prepared forecasted
taxable profits for future periods to schedule the reversal of the deferred tax assets recognised in respect of the
corporation tax losses and interest expense carried forward. The forecasts of future taxable profits are subject to
uncertainty. The Group has also considered the relevant negative evidence in preparing forecasts to determine whether there
will be sufficient future taxable profits to utilise the tax losses carried forward.
Based on the supporting forecasts and evidence, it is probable that the deferred tax assets recognised in respect of
corporation tax losses and interest expense carried forward at 30 June 2025 will be fully utilised by the year ending 31
December 2030 with the majority being utilised by the year ending 31 December 2028.
The deferred tax liabilities have increased from €92.8 million at 31 December 2024 to €93.5 million at 30 June 2025. €89.6
million (31 December 2024: €88.4 million) of the deferred tax liabilities relate to property plant and equipment, the
majority resulting from the Group’s policy of ongoing revaluation of land and buildings. Where the carrying value of a
property in the financial statements is greater than its tax base cost, the Group recognises a deferred tax liability. This
is calculated using applicable Irish and UK corporation tax rates. The use of these rates, in line with the applicable
accounting standards, reflects the intention of the Group to use these assets for ongoing trading purposes. Where the Group
disposes of a property or holds a property for sale, the actual tax liability is calculated with reference to rates for
capital gains on commercial property. If all of the Group’s properties were held for sale at 30 June 2025 with an expected
disposal in 2025, the deferred tax liability related to property, plant and equipment would increase by €37.7 million.
The increase in the deferred tax liabilities relates mainly to the deferred tax liability of €3.5 million recognised in
relation to the acquisition of the Radisson Blu Hotel Dublin Airport (note 10), partially offset by the reduction in
deferred tax arising from the completion of the disposal of the Clayton Whites Hotel, Wexford and revaluation movements
during the period.
20 Related party transactions
Under IAS 24 Related Party Disclosures, the Group has related party relationships with its shareholders and Directors of
the Company.
There were no changes in related party transactions in the six month period ended 30 June 2025 that materially affected the
financial position or the performance of the Group during that period.
21 Share capital, share premium and treasury shares reserve
At 30 June 2025
Authorised share capital Number €’000
Ordinary shares of €0.01 each 10,000,000,000 100,000
Allotted, called-up and fully paid shares
Ordinary shares of €0.01 each 211,483,988 2,115
Share premium 507,365
Treasury shares reserve 6,654 37
____________ ________
At 31 December 2024
Authorised share capital Number €’000
Ordinary shares of €0.01 each 10,000,000,000 100,000
Allotted, called-up and fully paid shares
Ordinary shares of €0.01 each 212,872,966 2,129
Share premium 507,365
Treasury shares reserve 4,153 19
During the six-month period ended 30 June 2025 1.2 million shares were repurchased by the Employee Benefit Trust (‘the
Trust’), of which, 1.2 million shares were used to satisfy the exercise of vested options under the 2017 Long Term
Incentive Plan award ( 2 note 8). At 30 June 2025, 6,654 ordinary shares were held by the Trust. The cost of these shares
(€37,844) was recorded directly in equity as Treasury Shares.
In September and October 2024, the Group announced two share buyback programmes to purchase the Company’s ordinary shares
of €0.01 for an aggregate value (excluding associated expenses) of up to €55 million (€30 and €25 million). The programmes
concluded on 14 October 2024 and 28 January 2025 respectively. During the six-month period ended 30 June 2025, the Group
repurchased 1.4 million (year ended 31 December 2024: 11.6m) ordinary shares under the programmes on Euronext Dublin at an
average price of €4.67 (year ended 31 December 2024: €4.20) per share which were subsequently cancelled. The 1.4 million
ordinary shares cancelled via the share buyback programmes during the financial year represent 0.7% of the Company’s total
called up share capital.
Dividends
The dividends paid in respect of ordinary share capital were as follow:
6 months ended Year ended
30 June 31 December
2025 2024
€’000 €’000
Dividend paid 8.4 cent per Ordinary share (2024: 8.0 cent) 17,767 17,954
_______ _______
During the six-month period ended 30 June 2025, a final dividend for 2024 of 8.4 cents per share was paid on 8 May 2025 at
a total cost of €17.8 million (year ended 31 December 2024: €18.0 million).
22 Earnings per share
Basic earnings per share (‘EPS’) is computed by dividing the profit for the period attributable to ordinary shareholders by
the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by
dividing the profit attributable to ordinary shareholders for the period by the weighted average number of ordinary shares
outstanding and, when dilutive, adjusted for the effect of all potentially dilutive shares. The following table sets out
the computation for basic and diluted EPS for the periods ended 30 June 2025 and 30 June 2024:
6 months 6 months
ended ended
30 June 2025 30 June 2024
Profit attributable to shareholders of the parent (€’000) – basic and diluted 19,604 35,771
Adjusted profit attributable to shareholders of the parent (€’000) – basic and diluted 26,940 37,915
Earnings per share – Basic 9.3 cents 16.0 cents
Earnings per share – Diluted 9.1 cents 15.9 cents
Adjusted earnings per share – Basic 12.7 cents 16.9 cents
Adjusted earnings per share – Diluted 12.5 cents 16.8 cents
Weighted average shares outstanding – Basic 211,445,084 223,905,740
Weighted average shares outstanding – Diluted 214,960,114 225,654,620
The difference between the basic and diluted weighted average shares outstanding for the period ended 30 June 2025 is due
to the dilutive impact of the conditional share awards granted for the relevant Share Save schemes and LTIP schemes between
the periods 2023 and 2025.
Adjusted basic and adjusted diluted earnings per share are presented as alternative performance measures to show the
underlying performance of the Group excluding the tax adjusted effects of items considered by management to not reflect
normal trading activities or which distort comparability either period on period or with other similar businesses (note 4).
6 months 6 months
ended ended
30 June 2025 30 June 2024
€’000 €’000
Reconciliation to adjusted profit for the period
Profit before tax 23,294 41,880
Adjusting items (note 4)
Impairment charge of property, plant and equipment and investment property 510 -
Impairment charge of right-of-use assets - 3,159
Disposal-related costs 102 -
Acquisition-related costs 604 -
Strategic review transaction costs 6,162 -
Reversal of previous impairment charges of right-of-use assets - (1,719)
Net impairment charge of fixtures, fittings and equipment - 45
Hotel pre-opening expenses 228 1,373
______ ______
Adjusted profit before tax for the period 30,900 44,738
Tax charge (3,690) (6,109)
Tax adjustment for adjusting items (270) (714)
______ ______
Adjusted profit for the period 26,940 37,915
______ ______
23 Events after the reporting date
On 15 July 2025, the Group entered into an agreement regarding a recommended cash offer of €6.45 per share from Pandox
Ireland Tuck Limited, a newly incorporated entity wholly owned by Pandox AB and Eiendomsspar AS. This transaction is
subject to regulatory and shareholders’ approval and is expected to complete in Q4 2025.
Under the terms of the Transaction Agreement relating to the proposed acquisition of the Group by Pandox AB and
Eiendomsspar AS, all existing share option schemes, as disclosed in note 8, are expected to vest upon completion of the
transaction. Commitments in respect of strategic review related expenditure are contingent on completion and these costs
will only become payable if the proposed acquisition successfully completes.
There were no other events after the reporting date which would require an adjustment, or a disclosure thereon, in these
condensed consolidated interim financial statements.
24 Approval of financial statements
The Board of Directors approved the Interim Financial Statements for the six months ended 30 June 2025 on 26 August 2025.
Independent Review Report to Dalata Hotel Group plc (“the Entity”)
Conclusion
We have been engaged by the Entity to review the Entity’s condensed set of consolidated financial statements in the
half-yearly financial report for the six months ended 30 June 2025 which comprises the condensed consolidated statement of
comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of changes
in equity, condensed consolidated statement of cash flows and the related explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of consolidated
financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34”) as
adopted by the EU and the Transparency (Directive 2004/109/EC) Regulations 2007 (“Transparency Directive”), and the Central
Bank (Investment Market Conduct) Rules 2019 (“Transparency Rules of the Central Bank of Ireland).
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (Ireland) 2410 Review of Interim
Financial Information Performed by the Independent Auditor of the Entity (“ISRE (Ireland) 2410”) issued for use in Ireland.
A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing
(Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
We read the other information contained in the half-yearly financial report to identify material inconsistencies with the
information in the condensed set of consolidated financial statements and to identify any information that is apparently
materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing
the review. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for
our report.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for
conclusion section of this report, nothing has come to our attention that causes us to believe that the directors have
inappropriately adopted the going concern basis of accounting, or that the directors have identified material uncertainties
relating to going concern that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (Ireland) 2410. However, future events
or conditions may cause the Entity to cease to continue as a going concern, and the above conclusions are not a guarantee
that the Entity will continue in operation.
Directors’ responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the half-yearly financial report in accordance with the Transparency Directive and the
Transparency Rules of the Central Bank of Ireland.
The directors are responsible for preparing the condensed set of consolidated financial statements included in the
half-yearly financial report in accordance with IAS 34 as adopted by the EU.
As disclosed in note 1, the annual financial statements of the Entity for the year ended 31 December 2024 are prepared in
accordance with International Financial Reporting Standards as adopted by the EU.
In preparing the condensed set of consolidated financial statements, the directors are responsible for assessing the
Entity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Entity or to cease operations, or
have no realistic alternative but to do so.
Our responsibility
Our responsibility is to express to the Entity a conclusion on the condensed set of consolidated financial statements in
the half-yearly financial report based on our review.
Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than
audit procedures, as described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Entity in accordance with the terms of our engagement to assist the Entity in meeting the
requirements of the Transparency Directive and the Transparency Rules of the Central Bank of Ireland. Our review has been
undertaken so that we might state to the Entity those matters we are required to state to it in this report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Entity for our review work, for this report, or for the conclusions we have reached
KPMG 26 August 2025
Chartered Accountants
1 Stokes Place
St. Stephen’s Green
Dublin 2
Supplementary Financial Information
Alternative Performance Measures (‘APMs’) and other definitions
The Group reports certain alternative performance measures (‘APMs’) that are not defined under International Financial
Reporting Standards (‘IFRS’), which is the framework under which the condensed consolidated interim financial statements
are prepared. These are sometimes referred to as ‘non-GAAP’ measures.
The Group believes that reporting these APMs provides useful supplemental information which, when viewed in conjunction
with the IFRS financial information, provides stakeholders with a more comprehensive understanding of the underlying
financial and operating performance of the Group and its operating segments.
These APMs are primarily used for the following purposes:
• to evaluate underlying results of the operations; and
• to discuss and explain the Group’s performance with the investment analyst community.
The APMs can have limitations as analytical tools and should not be considered in isolation or as a substitute for an
analysis of the results in the condensed consolidated interim financial statements which are prepared under IFRS. These
performance measures may not be calculated uniformly by all companies and therefore may not be directly comparable with
similarly titled measures and disclosures of other companies.
The definitions of and reconciliations for certain APMs are contained within the condensed consolidated interim financial
statements. A summary definition of these APMs together with the reference to the relevant note in the condensed
consolidated interim financial statements where they are reconciled is included below. Also included below is information
pertaining to certain APMs which are not mentioned within the condensed consolidated interim financial statements, but
which are referred to in other sections of this report. This information includes a definition of the APM, in addition to a
reconciliation of the APM to the most directly reconcilable line item presented in the condensed consolidated interim
financial statements. References to the condensed consolidated interim financial statements are included as applicable.
i. Adjusting items
Items which are not reflective of normal trading activities or distort comparability either period on period or with other
similar businesses. The adjusting items are disclosed in note 4 and note 23 to the condensed consolidated interim financial
statements. Adjusting items with a cash impact are set out in APM (xi) below.
ii. Adjusted EBITDA
Adjusted EBITDA is an APM representing earnings before interest on lease liabilities, other net finance costs, tax,
depreciation of property, plant and equipment and right-of-use assets and amortisation of intangible assets and investment
properties, adjusted to show the underlying operating performance of the Group and excludes items which are not reflective
of normal trading activities or which comparability either period on period or with other similar businesses.
Reconciliation: Note 4
iii. EBITDA and Segmental EBITDA
EBITDA is an APM representing earnings before interest on lease liabilities, other net finance costs, tax, depreciation of
property, plant and equipment and right-of-use assets and amortisation of intangible assets and investment properties. Also
referred to as Group EBITDA.
Reconciliation: Note 4
Segmental EBITDA represents ‘Adjusted EBITDA’ before central costs, share-based payments expense and other income for each
of the reportable segments: Dublin, Regional Ireland, the UK and Continental Europe. It is presented to show the net
operational contribution of leased and owned hotels in each geographical location. Also referred to as Hotel EBITDA.
Reconciliation: Note 4
iv. EBITDAR and Segmental EBITDAR
EBITDAR is an APM representing earnings before interest on lease liabilities, other net finance costs, tax, depreciation of
property, plant and equipment and right-of-use assets, amortisation of intangible assets and investment properties and
variable lease costs.
Segmental EBITDAR represents Segmental EBITDA before variable lease costs for each of the reportable segments: Dublin,
Regional Ireland, the UK and Continental Europe. It is presented to show the net operational contribution of leased and
owned hotels in each geographical location before lease costs. Also referred to as Hotel EBITDAR.
Reconciliation: Note 4
v. Adjusted earnings per share (EPS) (basic and diluted)
Adjusted EPS (basic and diluted) is presented as an APM to show the underlying performance of the Group excluding the tax
adjusted effects of items considered by management to not reflect normal trading activities or which distort comparability
either period on period or with other similar businesses.
Reconciliation: Note 22
vi. Net Debt
This APM is presented to show Net Debt as calculated in line with external borrowing covenants and includes private
placement notes issued and external bank loans drawn and owed to the lenders and note holders at period end (rather than
the amortised cost of the bank loans and private placement notes), less cash and cash equivalents.
Reconciliation: Refer below
vii. Net Debt and Lease Liabilities
Net Debt (see definition vi) plus Lease Liabilities at period end.
Reconciliation: Refer below
viii. Net Debt and Lease Liabilities to Adjusted EBITDA
Net Debt and Lease Liabilities (see definition vii) divided by the ‘Adjusted EBITDA’ (see definition ii) for the period.
This APM is presented to show the Group’s financial leverage after including the accounting estimate of lease liabilities
following the application of IFRS 16 Leases.
Reconciliation: Refer below
ix. Net Debt to Value
Net Debt (see definition vi) divided by the valuation of property assets as provided by external valuers at period end.
This APM is presented to show the gearing level of the Group.
Reconciliation: Refer below
Reconciliation of Net Debt APMs - definitions (vi), Reference in condensed interim financial 30 June 2025 31 Dec 2024
(vii), (viii), (ix) statements
€’000 €’000
Loans and borrowings at amortised cost Statement of financial position 313,668 271,384
Accounting adjustment to bring to amortised cost 1,200 1,243
External loans and borrowings drawn Note 18 314,868 272,627
Less cash and cash equivalents Statement of financial position (28,206) (39,575)
Net Debt (APM vi) A 286,662 233,052
Lease Liabilities - current and non-current Statement of financial position 772,907 778,558
Net Debt and Lease Liabilities (APM vii) B 1,059,569 1,011,610
Adjusted EBITDA (APM ii)1 C 229,292 234,453
Net Debt and Lease Liabilities to Adjusted EBITDA B/C 4.6x 4.3x
(APM viii)
Valuation of property assets as provided by external D 1,701,440 1,638,334
valuers2
Net Debt to Value (APM ix) A/D 16.8% 14.2%
1Adjusted EBITDA of €229,292k for the 12 months ended 30 June 2025 is calculated as follows:
• Adjusted EBITDA of €102,472k for the six months ended 30 June 2025 (note 4); and
• Adjusted EBITDA of €234,453k for the 12 months ended 31 December 2024 less Adjusted EBITDA of €107,633k for the six
months ended 30 June 2024 (as previously reported).
2 Property assets valued exclude assets under construction and fixtures, fittings and equipment in leased hotels.
x. Lease Modified Net Debt to Adjusted EBITDA
Lease Modified Net Debt, defined as Net Debt (see definition vi) plus eight times the Group’s lease cash flow commitment,
divided by ‘Adjusted EBITDA’ (see definition ii) for the period. The Group’s lease cash flow commitment is based on its
non-cancellable undiscounted lease cash flows payable under existing lease contracts for the next financial year as
presented in note 12. This APM is presented to show the Group’s financial leverage including lease cash flows payable under
its lease contracts.
Reconciliation: Refer below
Reconciliation of Lease Modified Net Debt to Adjusted EBITDA Reference in condensed interim 30 June 2025 31 Dec 2024
APM - definition (x) financial statements
€’000 €’000
Non-cancellable undiscounted lease cash flows payable under A Note 12 64,590 67,053
lease contracts in the next financial year
Modified Lease Debt B=A*8 516,720 536,424
Net Debt (APM vi) C 286,662 233,052
Lease Modified Net Debt D=B+C 803,382 769,476
Adjusted EBITDA (APM ii) E See footnote (1) above 229,292 234,453
Lease Modified Net Debt to Adjusted EBITDA (APM x) D/E 3.5x 3.3x
xi. Free Cashflow
Net cash from operating activities less amounts paid for interest, finance costs, refurbishment capital expenditure, fixed
lease payments and after adding back the cash paid in respect of items that are deemed one-off and thus not reflecting
normal trading activities or distorting comparability either period on period or with other similar businesses (see
definition i). This APM is presented to show the cash generated from operating activities to fund acquisitions, development
expenditure, repayment of debt and dividends.
Reconciliation: Refer below
xii. Free Cashflow per Share (FCPS)
Free Cashflow (see definition xi) divided by the weighted average shares outstanding - basic. This APM forms the basis for
the performance condition measure in respect of share awards made after 3 March 2021.
FCPS for LTIP performance measurement purposes has been adjusted to exclude the impact of items that are deemed one-off and
thus not reflecting normal trading activities or distorting comparability either period on period or with other similar
businesses. The Group takes this approach to encourage the vigorous pursuit of opportunities, and by excluding certain
one-off items, drive the behaviours being sought from the executives and encourage management to invest for the long-term
interests of shareholders.
Reconciliation: Refer below
6 months 6 months
Reference in condensed interim
Reconciliation of APMs (xi), (xii) financial statements ended 30 June 2025 ended 30 June 2024
€’000 €’000
Net cash from operating activities Statement of cash flows 96,031 91,554
Other net finance costs paid Statement of cash flows (8,106) (4,843)
Refurbishment capital expenditure paid (11,227) (10,824)
Fixed lease payments:
- Interest paid on lease liabilities Statement of cash flows (26,484) (23,272)
- Repayment of lease liabilities Statement of cash flows (7,089) (5,861)
43,125 46,754
Exclude adjusting items with a cash effect:
Hotel pre-opening expenses paid Note 4 228 1,373
Refinancing costs paid1 1,675 -
Strategic review transaction costs paid 359 -
Acquisition-related costs paid 319 -
Free Cashflow (APM xi) A 45,706 48,127
Weighted average shares outstanding – basic B Note 22 211,445,084 223,905,740
Free Cashflow per Share (APM xii) - cents A/B 21.6c 21.5c
1 Included in other net finance costs paid of €8.1 million per the condensed consolidated interim statement of cash flows
are costs paid totalling €1.7 million relating to the refinancing of the Group’s banking facilities, completed during 2024.
xiii. Debt and Lease Service Cover
Free Cashflow (see definition xi) before payment of lease costs, and net finance costs divided by the total amount paid for
lease costs, and net finance costs. This APM is presented to show the Group’s ability to meet its debt and lease
commitments.
Reconciliation: Refer below
12 months 6 months 6 months 6 months 12 months
ended 30 June ended 30 June ended 31 Dec ended 30 ended 31 Dec
Reconciliation of Debt and Lease Reference in 2025 2025 2024 June 2024 2024
Service Cover APM (xiii) condensed interim
financial statements €’000 €’000 €’000 €’000 €’000
D=E+F E F=G-H H G
Free Cashflow (APM xi) A 121,276 45,706 75,570 48,127 123,697
Add back:
Total lease costs paid1 68,398 35,618 32,780 31,986 64,766
Other net finance costs paid2 Statement of cash 11,753 6,431 5,322 4,843 10,165
flows
Total lease and finance costs B 80,151 42,049 38,102 36,829 74,931
paid
Free Cashflow before lease and C=A+B 201,427 87,755 113,672 84,956 198,628
finance costs paid
Debt and Lease Service Cover C/B 2.5x 2.7x
(APM xiii)
1 Total lease costs paid comprise payments of fixed and variable lease costs during the period.
2 Other net finance costs paid excludes refinancing costs paid.
xiv. Normalised Return on Invested Capital
Adjusted EBIT after rent plus net capital gain(s) on asset disposal(s) divided by the Group’s average normalised invested
capital. The Group defines normalised invested capital as total assets less total liabilities at period end and excludes
the accumulated revaluation gains/losses included in property, plant and equipment, loans and borrowings, cash and cash
equivalents, derivative financial instruments and taxation related balances. The Group also excludes, as applicable, items
which are quasi-debt in nature, the investment in the construction of future assets including payments relating to future
leased assets and deposits paid which are refundable at the end of the lease term or relate to acquisitions which had not
completed at period end. The Group’s net assets are adjusted to reflect the average level of acquisition investment spend
and the average level of working capital for the accounting period. In most years, the average normalised invested capital
is the average of the opening and closing normalised invested capital for the 12-month period.
Adjusted EBIT after rent represents the Group’s operating profit for the period restated to remove the impact of adjusting
items (see definition i) and to replace depreciation of right-of-use assets with fixed lease payments.
Net capital gain(s) on asset disposal(s) represents, for each asset disposal, the gross sales proceeds less the original
purchase price paid and any applicable tax liabilities arising from the capital gain.
The Group presents this APM to provide stakeholders with a meaningful understanding of the underlying financial and
operating performance of the Group.
Reconciliation: Refer below
12 months 6 months 6 months ended 31 6 months ended 30 12 months
ended 30 June ended 30 Dec 2024 June 2024 ended 31
Reconciliation of APM Reference in 2025 June 2025 Dec 2024
(xiv) condensed interim €’000 €’000
financial statements €’000 €’000 €’000
K=L-M M
I=J+K J L
Operating profit Statement of 145,547 56,682 88,865 69,593 158,458
comprehensive income
Add back/(less):
Adjusting items as per the Note 4 7,448 7,606 (158) 2,858 2,700
financial statements
Depreciation of Note 4 35,447 17,817 17,630 16,097 33,727
right-of-use assets
Fixed lease payments (65,694) (33,573) (32,121) (29,133) (61,254)
Adjusted EBIT after rent A 122,748 48,532 74,216 59,415 133,631
Net capital gain(s) on B 7,602 4,590 3,012 - 3,012
asset disposal(s)
Adjusted EBIT after rent
and net capital gain(s) on C=A+B 130,350 53,122 77,228 59,415 136,643
asset disposal(s)
Reference in condensed interim 30 June 2025 31 Dec 2024
financial statements
€’000 €’000
Net assets at balance sheet date Statement of financial position 1,399,823 1,419,405
Add back
Loans and borrowings Statement of financial position 313,668 271,384
Deferred tax liabilities Statement of financial position 93,476 92,763
Current tax liabilities Statement of financial position 482 1,576
Derivative liabilities Statement of financial position 609 244
Less
Revaluation uplift in property, plant Note 11 (532,617) (527,005)
and equipment1
Cash and cash equivalents Statement of financial position (28,206) (39,575)
Deferred tax assets Statement of financial position (33,089) (33,100)
Invested capital D 1,214,146 1,185,692
Average invested capital E 1,196,198 1,168,258
Return on Invested Capital C/E 10.9% 11.7%
Non-current other receivables F Statement of financial position (3,102) (7,362)
Assets under construction at period G Note 11 (40,564) (30,741)
end
Normalised invested capital D+F+G 1,170,480 1,147,589
Average normalised invested capital H 1,113,476 1,095,146
Normalised Return on Invested Capital C/H 11.7% 12.5%
(APM xiv)
1 Includes the combined net revaluation uplift included in property, plant and equipment since the revaluation policy was
adopted in 2014 or in the case of hotel assets acquired after this date, since the date of acquisition. The carrying value
of land and buildings, revalued at 30 June 2025, is €1,622.6 million (31 December 2024: €1,564.2 million). The value of
these assets under the cost model is €1,090.0 million (31 December 2024: €1,037.2 million). Therefore, the revaluation
uplift included in property, plant and equipment is €532.6 million (31 December 2024: €527.0 million). Refer to note 11 to
the condensed consolidated interim financial statements.
xv. Net Debt to EBITDA after rent (external borrowing covenant)
Net Debt (see definition vi) divided by EBITDA after rent for the period. EBITDA after rent is defined as Adjusted EBITDA
(see definition ii) less fixed lease payments and is calculated in line with external borrowing covenants which specify the
inclusion of hotel pre-opening expenses and exclusion of share-based payment expense. EBITDA (see definition iii) relating
to any hotels disposed during the covenant period are excluded, while full period EBITDA relating to hotels acquired during
the covenant period are included. Any such changes to the hotel portfolio during the current period may result in
adjustments to earlier periods as defined in the Group’s external borrowing covenants.
Prior to the refinancing of the Group’s existing banking facilities, fixed lease costs were required to be measured under
IAS 17 Leases by our banking covenants. Under the terms of the refinanced facilities, fixed lease costs are measured as
fixed lease payments recognised per the statement of cash flows under IFRS 16 Leases.
This APM is presented to show the Group’s financial leverage in line with external borrowing covenants.
Reconciliation: Refer below
xvi. Interest Cover (banking covenant)
EBITDA after rent (see definition xv) divided by other net finance costs paid or payable during the period. The calculation
excludes professional fees paid or payable during the period in line with banking covenants.
Reconciliation: Refer below
12 months 6 months ended 6 months 6 months 12 months
ended 30 June 30 June 2025 ended 31 Dec ended 30 June ended 31 Dec
Reconciliation of banking Reference in condensed 2025 2024 2024 2024
covenants APMs (xv), (xvi) interim financial €’000
statements €’000 €’000 €’000 €’000
E
D=E+F F=G-H H G
Operating profit Statement of 145,547 56,682 88,865 69,593 158,458
comprehensive income
Add back/(less):
Adjusting items as per the Note 4 7,448 7,606 (158) 2,858 2,700
financial statements
Depreciation of property, Note 4 40,850 20,344 20,506 18,810 39,316
plant, and equipment
Depreciation of Note 4 35,447 17,817 17,630 16,097 33,727
right-of-use assets
Amortisation of intangible
assets and investment Note 4 - 23 (23) 275 252
properties
Share-based payment expense Note 4 4,847 2,846 2,001 1,614 3,615
Fixed lease payments (65,694) (33,573) (32,121) (29,133) (61,254)
Hotel pre-opening expenses Note 4 (750) (228) (522) (1,373) (1,895)
EBITDA relating to hotels 7,674 4,606 3,068 2,697 5,765
additions by the Group
EBITDA relating to hotels (1,967) 139 (2,106) (1,070) (3,176)
disposals by the Group
EBITDA after rent A 173,402 76,262 97,140 80,368 177,508
Net Debt at period end (APM B 286,662 233,052
vi)
Net Debt to EBITDA after B/A 1.7x 1.3x
rent (APM xv)
Other net finance costs Statement of cash 17,858 8,106 9,752 4,843 14,595
paid flows
Exclude refinancing costs (6,105) (1,675) (4,430) - (4,430)
paid
Other adjustments required
by external borrowing 351 544 (193) (8) (201)
covenants
Other net finance costs per
external borrowing C 12,104 6,975 5,129 4,835 9,964
covenants
Interest Cover (APM xvi) A/C 14.3x 17.8x
xvii. Hotel EBITDA (after rent) from leased portfolio
‘Segmental EBITDAR’ (see definition iv) from leased hotels less the sum of variable lease costs and fixed lease costs
relating to leased hotels. This excludes variable lease costs and fixed lease costs relating to effectively, or majority
owned hotels. This APM is presented to show the net operational contribution from the Group’s leased hotel portfolio after
lease costs.
Reconciliation: Refer below
xviii. Rent Cover
‘Segmental EBITDAR’ (see definition iv) from leased hotels divided by the sum of variable lease costs and fixed lease costs
relating to leased hotels. This excludes variable lease costs and fixed lease costs that do not relate to fully leased
hotels. This APM is presented to show the Group’s ability to meet its lease commitments through the net operational
contribution from its leased hotel portfolio.
Reconciliation: Refer below
xviii. Rent Cover (continued)
12 months 6 months 6 months 6 months 12 months
ended 30 June ended 30 June ended 31 Dec ended 30 June ended 31 Dec
Reconciliation of APMs (xvii), Reference in 2025 2025 2024 2024 2024
(xviii) condensed interim
financial statements €’000 €’000 €’000 €’000 €’000
C=D+E D E=F-G G F
‘Segmental EBITDAR’ from A Note 4 100,910 46,192 54,718 47,022 101,740
leased hotels
Variable lease costs Note 4 2,024 871 1,153 1,491 2,644
Fixed lease payments Statement of 65,694 33,573 32,121 29,133 61,254
cashflows
Total variable and fixed lease 67,718 34,444 33,274 30,624 63,898
costs
Exclude variable and fixed
lease costs not relating to (2,848) (1,535) (1,313) (1,205) (2,518)
fully leased hotels
Variable and fixed lease costs B 64,870 32,909 31,961 29,419 61,380
from leased hotels
Hotel EBITDA (after rent) from A-B 36,040 13,283 22,757 17,603 40,360
leased portfolio (APM xvii)
Rent Cover (APM xviii) A/B 1.6x 1.7x
Glossary
Revenue per available room (RevPAR)
Revenue per available room is calculated as total rooms revenue divided by the number of available rooms, which is also
equivalent to the occupancy rate multiplied by the average daily room rate achieved. This is a commonly used industry
metric which facilitates comparison between companies.
Average Room Rate (ARR) - also Average Daily Rate (ADR)
ARR is calculated as rooms revenue divided by the number of rooms sold. This is a commonly used industry metric which
facilitates comparison between companies.
‘Like for like’ hotels
‘Like for like’ or ‘LFL’ analysis excludes hotels that newly opened or ceased trading under Dalata during the comparative
periods. ‘Like for like’ metrics are commonly used industry metrics and provide an indication of the underlying
performance.
Segmental EBITDAR margin
Segmental EBITDAR margin represents ‘Segmental EBITDAR’ as a percentage of revenue for the following Group segments:
Dublin, Regional Ireland, the UK and Continental Europe. Also referred to as Hotel EBITDAR margin.
Effective tax rate
The Group’s tax charge for the period divided by the profit before tax presented in the consolidated statement of
comprehensive income.
Fixed lease costs
Fixed costs incurred by the lessee for the right to use an underlying asset during the lease term as calculated under IFRS
16 Leases.
Hotel assets
Hotel assets represent the value of property, plant and equipment per the consolidated statement of financial position at
30 June 2025.
Refurbishment capital expenditure
The Group typically allocates approximately 4% of revenue to refurbishment capital expenditure to ensure the portfolio
remains fresh for its customers and adheres to brand standards.
Balance Sheet Net Asset Value (NAV) per Share
Balance Sheet NAV per Share represents net assets per the consolidated statement of financial position divided by the
number of shares outstanding at period end.
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: IE00BJMZDW83, IE00BJMZDW83
Category Code: IR
TIDM: DAL,DHG
LEI Code: 635400L2CWET7ONOBJ04
OAM Categories: 1.2. Half yearly financial reports and audit
reports/limited reviews
Sequence No.: 399949
EQS News ID: 2189024
End of Announcement EQS News Service
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