Mandarin Oriental International Limited said on Nov, 21 2025 that Group EBITDA for the third quarter of 2025 improved marginally from a year earlier while underlying net profit remained broadly unchanged.

The luxury hotel operator reported higher revenue per available room in every region except Southeast Asia, with particularly strong gains in the Middle East and America.

During the quarter the Group signed three new management agreements: a golf resort with branded residences at Jumeirah Golf Estates in Dubai, a hotel in Seoul—its first property in South Korea—and an urban resort in Xian, China.

Two hotels with branded residences and one stand-alone residences project are scheduled to open in the fourth quarter, including Mandarin Oriental Vienna, the company’s debut in Austria.

Mandarin Oriental completed the sale of its Munich hotel in July and agreed to a partial disposal of One Causeway Bay in Hong Kong, reinforcing its move toward an asset-light model.

In October, the company and Jardine Matheson jointly announced an offer for Jardine Matheson to acquire the remaining 12 per cent of Mandarin Oriental shares it does not already own, which would take the hotel group private in 2026 if completed.

As at the end of Sep, 30 2025, Mandarin Oriental reported a robust liquidity position with substantial committed debt facilities and cash reserves, and had moved into a net cash position.