Executive Summary

Q1 2025 delivered $267.29M total revenue, GAAP diluted EPS of $0.34 and Adjusted EPS of $0.37; Adjusted EBITDA fell 11.9% to $99.9M and Owned Resort EBITDA margin slipped 60 bps to 42.7% as Jamaica weakness and Pacific Coast renovations weighed on results .
Versus consensus, EPS was a miss and revenue a beat: Adjusted EPS $0.37 vs $0.41 (Zacks), while revenue $267.29M vs $262.24M; EPS miss reflected ADR compression in Jamaica and renovation disruption, offset by FX tailwinds and DR strength .
FX was a meaningful tailwind (≈300 bps to Adjusted EBITDA margin, and similar to Owned Resort EBITDA margin), partially offsetting wage inflation and renovation headwinds; DR comparable EBITDA rose 10.5% with 4.8% ADR growth, while Jamaica comparable margins fell 7.7 pts YoY .
Corporate catalyst: Hyatt agreed to acquire PLYA for $13.50 per share in cash; the tender commenced Feb 24 and remained the primary stock driver through Q2/Q3 regulatory milestones .

What Went Well and What Went Wrong

What Went Well

Dominican Republic strength: Comparable Occupancy +2.9 pts, ADR +4.8%, Comparable Owned Resort EBITDA +10.5% YoY; Comparable margin +0.9 pts to 50.6% .
FX tailwind helped margins: Depreciation of MXN boosted Adjusted EBITDA margin ≈300 bps and Owned Resort EBITDA margin ≈300–610 bps across segments, partially offsetting cost inflation .
Portfolio optimization and brand momentum: New Wyndham Alltra Punta Cana opened, reinforcing DR positioning and family-friendly demand drivers .
“Our teams in the Yucatan did an excellent job on the cost front despite the challenges,” driving efficiency amid mixed occupancy and ADR pressures .

What Went Wrong

Jamaica under pressure: Comparable ADR down 17.7%, Comparable margin down 7.7 pts (to 35.0%), reflecting lingering impact of the U.S. travel advisory and price actions to rebuild occupancy .
Pacific Coast renovation disruption: Occupancy -19.7 pts, Owned Resort EBITDA -26.7% YoY, margin -3.2 pts despite higher ADR; rooms offline hampered throughput .
Company-level profitability: Adjusted EBITDA -11.9% YoY to $99.9M; Comparable Adjusted EBITDA -5.9% to $85.8M as segment headwinds outweighed FX support .

Financial Results

Metric	Q3 2024	Q4 2024	Q1 2025
Total revenue ($USD Millions)	$183.52	$218.94	$267.29
GAAP Diluted EPS ($)	-$0.02	$0.07	$0.34
Adjusted Diluted EPS ($)	$0.00	$0.08	$0.37
Adjusted EBITDA ($USD Millions)	$25.12	$55.76	$99.90
Adjusted EBITDA Margin (%)	14.2%	26.5%	37.9%
Owned Resort EBITDA ($USD Millions)	$36.57	$67.15	$111.68
Owned Resort EBITDA Margin (%)	21.1%	32.4%	42.7%

Segment breakdown (Comparable where provided) – Q1 2025 vs Q1 2024:

Segment	Q1 2024	Q1 2025	YoY Change
Yucatán Peninsula Occupancy (%)	87.0	86.9	-0.1 pts
Yucatán Peninsula Net Package ADR ($)	507.77	502.06	-1.1%
Yucatán Peninsula Net Package RevPAR ($)	441.54	436.38	-1.2%
Yucatán Owned Net Revenue ($000s)	$95,988	$93,181	-2.9%
Yucatán Owned Resort EBITDA ($000s)	$40,053	$38,979	-2.7%
Yucatán Owned Resort EBITDA Margin (%)	41.7	41.8	+0.1 pts
Pacific Coast Occupancy (%)	86.7	67.0	-19.7 pts
Pacific Coast Net Package ADR ($)	526.87	550.67	+4.5%
Pacific Coast Net Package RevPAR ($)	456.59	369.12	-19.2%
Pacific Owned Net Revenue ($000s)	$44,296	$35,048	-20.9%
Pacific Owned Resort EBITDA ($000s)	$19,141	$14,027	-26.7%
Pacific Owned Resort EBITDA Margin (%)	43.2	40.0	-3.2 pts
DR (Comparable) Occupancy (%)	82.6	85.5	+2.9 pts
DR (Comparable) Net Package ADR ($)	571.09	598.29	+4.8%
DR (Comparable) Net Package RevPAR ($)	471.77	511.51	+8.4%
DR (Comparable) Owned Net Revenue ($000s)	$74,186	$80,602	+8.6%
DR (Comparable) Owned Resort EBITDA ($000s)	$36,906	$40,767	+10.5%
DR (Comparable) Owned Resort EBITDA Margin (%)	49.7	50.6	+0.9 pts
Jamaica (Comparable) Occupancy (%)	81.9	84.0	+2.1 pts
Jamaica (Comparable) Net Package ADR ($)	567.95	467.60	-17.7%
Jamaica (Comparable) Net Package RevPAR ($)	465.34	392.69	-15.6%
Jamaica (Comparable) Owned Net Revenue ($000s)	$58,075	$50,839	-12.5%
Jamaica (Comparable) Owned Resort EBITDA ($000s)	$24,804	$17,818	-28.2%
Jamaica (Comparable) Owned Resort EBITDA Margin (%)	42.7	35.0	-7.7 pts

KPIs – portfolio indicators across quarters:

KPI (Total Portfolio)	Q3 2024	Q4 2024	Q1 2025
Occupancy (%)	63.4	74.0	82.5
Net Package ADR ($)	397.69	439.94	525.34
Net Package RevPAR ($)	252.12	325.50	433.20
Total Net Revenue ($000s)	$176,403	$210,302	$263,885
Owned Net Revenue ($000s)	$173,013	$207,486	$261,281
Adjusted EBITDA ($000s)	$25,119	$55,761	$99,921
Adjusted EBITDA Margin (%)	14.2	26.5	37.9
Owned Resort EBITDA ($000s)	$36,568	$67,149	$111,684
Owned Resort EBITDA Margin (%)	21.1	32.4	42.7

Balance sheet highlights (Q1 2025):

Cash and equivalents $265.4M; Debt $1,075.3M; Net debt $809.9M; no RCF drawn; term loan SOFR+275 bps; one interest rate swap matured Apr 15, 2025; second matures Apr 15, 2026 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Formal financial guidance	FY/Q1 2025	None provided (pending Hyatt transaction)	None provided (pending Hyatt transaction)	Maintained
FX hedging plan	FY 2025	N/A	≈75% of MXN exposure hedged at ~19.5; expected favorable EBITDA tailwind $12–$17M, mostly 1H	New disclosure
Capital projects	Q1–Q4 2025	Pacific renovations largely complete by Q1 2025; Zilara Cancun closure planned in 2025	On track; residual Q1 disruption; Zilara closure to drive ~-$20M swing in 2025	Clarified timeline

Note: Playa did not issue formal revenue/margin/tax guidance for Q1 2025 given the pending acquisition by Hyatt .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
FX tailwinds	Q3: ~170 bps margin tailwind; partial hedges . Q4: ~200 bps margin tailwind; 2025 hedges ≈75% at ~19.5 .	MXN depreciation added ≈300 bps to Adjusted/Owned margins; segment tailwinds 330–610 bps .	Strengthening tailwind, hedged for 2025.
Jamaica recovery	Q3: RevPAR ~-30%; ADR cuts to rebuild occupancy . Q4: RevPAR ~-16%; margin down ~50%; occupancy stabilization .	Comparable ADR -17.7%; margin -7.7 pts; occupancy +2.1 pts .	Gradual occupancy recovery at lower ADR; margins still pressured.
Pacific Coast renovations	Q3: peak disruption; rooms offline . Q4: nearing completion Q1 2025 .	Occupancy -19.7 pts; EBITDA -26.7%; margin -3.2 pts .	Disruption easing post-Q1; fundamentals to improve from Q2.
DR performance	Q3: underlying steady; expected Q4 ADR/occ up . Q4: underlying profit +~9% ex-BI .	Comparable EBITDA +10.5%; margin +0.9 pts; ADR +4.8% .	Sustained strength; BI proceeds neutral YoY.
Direct channels	Q3: ~46.2% revenues booked direct; ~13% via website . Q4: 47.6% direct; ~43.3% stays via direct channels .	Not updated in Q1 PR.	Stable, supports ADR and mix.
Portfolio actions	Q3: Jewel Palm Beach sold; optimization ongoing . Q4: Jewel Paradise Cove sale (Feb 20, 2025) .	Comparable set excludes disposed/renovating assets .	Continuing optimization; aligns with Hyatt deal.

Management Commentary

“Our results exceeded our expectations, driven by strong demand across all segments… FX was a 200 basis points tailwind for our reported owned resort EBITDA margin.” – Bruce Wardinski, Q4 2024 call .
“Subsequent to the fourth quarter, we recently closed on the sale of the Jewel Paradise Cove resort on February 20, 2025, for a gross consideration of $28.5 million.” – Bruce Wardinski .
“We have implemented FX hedges on approximately 75% of our Mexican peso exposure for 2025 at an exchange rate of approximately MXN 19.5… which should result in a favorable year-over-year FX benefit.” – Bruce Wardinski .
“We will not be commenting on the potential transaction [with Hyatt]… we believe the transaction is an outstanding result for shareholders.” – Bruce Wardinski .
“We repurchased approximately $25 million worth of Playa stock during the fourth quarter… totaling approximately $376 million since resuming our program.” – Bruce Wardinski .

Q&A Highlights

2026 bridge and 2025 building blocks: Renovation disruption recapture (~~+$10M), Jamaica travel advisory (~~-$10M), Zilara Cancun closure (~-$20M), FX tailwind ($12–$17M); sets baseline “flat to down ~5%” in 2025 before fundamentals/price mix assumptions; upside in 2026 from full run-rate and market normalization .
Festive season/near-term bookings: Solid pacing in Yucatán/DR; Jamaica down but improving; Pacific still behind given rooms offline .
Jamaica competitive dynamics: Intentional ADR reductions (10–15%) to rebuild occupancy; goal to exit 2025 with better occupancy base and begin yield up thereafter .
Airlift capacity: Normalizing after Q2 dip; assets’ proximity to airports and ADR choices mitigate impact; occupancy targets achievable at 70–80% .
Capex and repurchases: 2025 capex broadly similar to 2024 given Zilara project; continued share buybacks supported by strong FCF and asset sales .

Estimates Context

S&P Global consensus was unavailable via our data feed for PLYA in Q1 2025; third-party sources indicate:

Metric	Q1 2025 Consensus	Q1 2025 Actual	Surprise
Adjusted EPS ($)	$0.41 (Zacks/Nasdaq)	$0.37	-$0.04
Revenue ($USD Millions)	$262.24 (Zacks/Nasdaq)	$267.29	+$5.05

Note: Other outlets (e.g., Investing.com) cited slightly different consensus ($0.36 EPS, $264.75M revenue), but directionally similar (EPS miss, revenue beat) .

Key Takeaways for Investors

Mix matters: DR strength and Yucatán cost discipline continue to offset Jamaica and Pacific headwinds; watch ADR elasticity in Jamaica and pace of renovation completion in Pacific as key margin drivers into Q2–Q3 .
FX support is meaningful and partly locked: With ~75% MXN exposure hedged at ~19.5, 2025 EBITDA has embedded FX tailwind, especially in 1H; sensitivity to MXN remains for unhedged portions .
Near-term quarters should reflect sequential improvement as Pacific rooms come back online and Jamaica rebuilds occupancy; margin recovery will lag ADR normalization in Jamaica .
Corporate path likely dominates stock: $13.50 cash tender by Hyatt anchors valuation; track regulatory milestones and tender progress rather than near-term earnings drift as primary trading catalyst .
Asset-light fee streams modestly supportive: Playa Collection/management fees add incremental resilience, but scale remains small relative to owned resort EBITDA; don’t over-index to fee growth near-term .
Balance sheet flexibility: $265M cash, undrawn $225M RCF, net debt ~$810M; interest swaps reduce rate risk; capex focused on ROI projects (Zilara) and maintenance .
Model updates: Lower Jamaica ADR assumptions, incorporate Q2 Pacific improvement, include FX-tailwind to margins, and remove disposed assets from comparable set; treat formal guidance as suspended pending Hyatt transaction .

Additional Materials Reviewed (Q1 2025 context)

Q1 2025 earnings press release (full): detailed KPIs, non-GAAP reconciliations, segment statistics .
Prior quarter earnings: Q4 2024 PR and call (no Q&A); Q3 2024 PR and call (with Q&A) .
Corporate actions: Hyatt acquisition (Feb 10) and tender offer (Feb 24) .
Other Q1 press: Grand opening of Wyndham Alltra Punta Cana (Mar 10) .

Earnings call transcript for Q1 2025 was not available; Playa did not host a Q&A for Q4 due to the pending Hyatt transaction and provided no Q1 call transcript in our document set .

Playa Hotels & Resorts N.V. (PLYA)·Q1 2025 Earnings Summary