Hôtels Baverez: Net income down 21% at end of September, revenue +3.7%
Hôtels Baverez published on October 21, 2026 accounts at end of September that reveal a gap between operating performance and the bottom line. Operating income stood at 2.36 million euros, up 3.02%, while net income declined to 1.48 million euros, compared with 1.87 million euros a year earlier.
Between these two lines, financial income shifted from a positive balance of 98 K€ to a charge of 331 K€, and depreciation and provisions increased by 13.59%. The company, which operates the Hotel Regina and the Majestic-Spa in Paris, attributes the decline in net income to the complete closure of the Hotel Raphael for renovation work since November 10, 2024.
Revenue up 3.67%, average price offsets occupancy decline
Cumulative revenue at September 30, 2026 amounted to 23,862 K€, compared with 23,016 K€ a year earlier, representing growth of 3.67%. The third quarter alone showed an increase of 4.69%, at 8,753 K€ compared with 8,361 K€, following growth of 3.10% over the first half.
Overall occupancy rate declined by 1.68 percentage points to 76.06% from 77.74%. The average price excluding taxes, however, increased to 642.33 €, compared with 612.78 €, bringing the RevPAR (revenue per available room) to 488.56 €, up 2.56%.
Hotel Regina achieved 16,770 K€ in revenue (+2.63%), including 2,157 K€ in food and beverage compared with 1,949 K€ the previous year. Its occupancy rate decreased to 76.68% from 80.62%, but its average price rose to 705.30 €, compared with 663.25 €, for a RevPAR of 540.82 € compared with 534.69 €.
Majestic-Spa recorded the most marked increase, with 7,048 K€ compared with 6,521 K€ (+8.08%). Its occupancy rate reached 75.00% compared with 72.80%, and its average price 531.64 €, compared with 516.68 €, for a RevPAR of 398.70 € compared with 376.13 €. Both establishments were renovated in 2024. Hotel Raphael recorded only 45 K€ in fee recharges compared with 155 K€ a year earlier.
EBITDA up 8.10%, operating income down 15.05%
Gross operating surplus stood at 4.77 million euros, compared with 4.42 million euros, up 8.10%. This growth, faster than that of revenue, is explained by the change in operating expenses, up 1.87%, compared with 3.06% for operating income.
The growth then slowed at the operating income level (+3.02%), due to the effect of depreciation and provisions, rising from 2.12 million euros to 2.41 million euros. Financial income, which became negative at -331 K€ compared with +98 K€, caused operating income to fall by 15.05%, to 2.03 million euros.
After a charge for share of profits in associates and tax of 552 K€ (compared with 516 K€), net income stood at 1,478 K€, down 21.10%. At the time of the approval of the interim accounts by the board of directors on September 10, 2026, net income at mid-year amounted to 414 K€, compared with 634 K€ at June 30, 2025.
Raphael construction project delayed, cash position of 22.2 M€ at September 30
Renovation work at Hotel Raphael is ongoing, but the company reported delays due to construction contingencies, resulting in a slippage of the schedule. At June 30, 2026, capital expenditures in progress reached 28,129 K€, compared with 18,250 K€ at December 31, 2025.
This program is reflected in the balance sheet. At end of June, the company was in a net debt position of 0.5 M€, compared with a positive net cash position of 15.6 M€ at June 30, 2025 and 9.6 M€ at December 31, 2025. At September 30, 2026, active cash stood at 22.2 M€, for a net debt balance of 24.5 M€, and equity excluding results of 47.9 M€.
Regarding economic conditions, management cited tensions in Ukraine and the Middle East, which according to them weigh on costs, while noting that no significant slowdown in bookings has been observed to date. The company specified that its cash position of 22.2 M€ at end of September will ensure the coverage of all its commitments for the coming year.
