Meliá Hotels International closed the first half of 2026 with a net profit of only 4.1 million euros, 95% less than in the same period the previous year.
The information was confirmed by the chain to the National Securities Market Commission in a report cited by EFE this Thursday.
The accounting collapse is due to the provision of 79.4 million euros that the Mallorca-based hotel company recorded to cover the balances and assets in Cuba, the recovery of which it considers uncertain.
Meliá completed the total cessation of its 34 hotels on the island on July 24, marking the end of 36 years of uninterrupted presence in the Caribbean country.
The company acknowledged the weight of the decision but defended it as an exercise in financial prudence.
"The option to conservatively provision for the total balances and assets of Cuba, whose recovery is currently difficult to predict, has a significant impact on this year's accounts, but it contributes to strengthening the solidity, transparency, and credibility of the group's balance sheet," the executives stated.
Without that extraordinary impact, Meliá's operational business is doing well: the net result from continuing activities would have reached 83.4 million euros, in line with the previous year.
Consolidated revenue grew by 7.1% to €1,047.4 million. The average revenue per available room (RevPAR) increased by 11.7% compared to the first half of 2025.
The supply was channeled through Ilha Bela Gestão e Turismo, the Portuguese subsidiary with which Meliá has managed its 14,053 rooms in Cuba since May 1990.
The process of leaving Cuba was gradual
On June 3, the chain abandoned 15 hotels linked to the military conglomerate GAESA, following the sanctions resulting from the Executive Order signed by President Donald Trump on May 1.
On July 13, new sanctions from the U.S. Department of the Treasury against the Cuban Ministry of Tourism and nine additional entities eliminated any legal margin that would have allowed Meliá to continue operating on the island.
On July 21, Meliá announced the complete cessation of its operations in Cuba, which took effect three days later.
Iberostar, Barceló, and other international chains have also left the island between May and July 2026, in an exodus affecting more than 30,000 rooms out of the total available in Cuba.
The financial markets, far from punishing the decision, welcomed it with relief. Deutsche Bank maintains Meliá as its sole buy recommendation among European hotel companies, with a target price of 13 euros per share.
Banco Sabadell described its presence in Cuba as "a source of uncertainty that has been penalizing the group for years."
Looking ahead to the rest of the year, the chain is maintaining its expansion plans. It has signed agreements for the opening of 17 new hotels with 3,816 rooms by the end of 2026 and expects to close 2026 with at least 40 new contracts, all under capital-light arrangements.
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