Constance Hotels Services Limited | Annual Report 2025
Hospitality leaders in the Indian Ocean
A NNUA L REPORT 2025
Crafting Unique.
Constance Hotels Services Limited began in 1975 in Mauritius. Today, its presence and expertise spans the Indian Ocean.
At each site, Constance combines investment and ethics to craft unique destinations, shaping both places and the people who bring them to life. This year’s report celebrates that Indian Ocean perspective, highlighting every unique destination along the Constance journey.
2025 also marked a significant milestone as Constance Hotels & Resorts celebrated its 50th anniversary.
About This Report
Purpose
IFRS Accounting Standards
Constance Hotels Services Limited (“CHSL”) presents this Annual Report for the financial year ended 31 December 2025. This Annual Report presents material information relating to the Company’s strategy, business model, operating environment, operational performance, prospects, risks, governance and corporate social responsibility. overview of the Company’s activities, performance and outlook, in accordance with applicable statutory, regulatory and governance requirements. It provides a clear and integrated view of how the Company’s strategy, governance, performance and prospects contribute to the creation of sustainable value over the short, medium and long term, and reflects the Board’s continued commitment to accountability, long-term value creation and sustainable growth. The Report has been prepared to provide shareholders and stakeholders with a balanced, transparent and comprehensive
National Code of Corporate Governance for Mauritius (2016)
Stock Exchange of Mauritius Listing Rules
The Report seeks to align financial and non-financial disclosures to provide a coherent view of how the Company’s strategy, governance, performance, and prospects contribute to the creation of sustainable value over the long term.
Dear Shareholder,
Assurance from External Auditor and Internal Auditor
The Board of Directors is pleased to present the Annual Report 2025 of Constance Hotels Services Limited which was approved on 30 March 2026.
The annual independent statutory audit of the Company’s consolidated financial statements for the year ended 31 December 2025 has been conducted by Ernst & Young, in accordance with applicable auditing standards and regulatory requirements. Independent assurance for Internal Controls and Risk Management is provided by the Internal Auditor.
George J. Dumbell (s) Chairman
Clément D. Rey (s) Executive Director Constance Group Chief Executive Officer
Reporting Period
Forward-Looking Statements
Unless otherwise stated, the information and performance data disclosed in this Annual Report relate to the twelve-month period from 1 January 2025 to 31 December 2025.
This Annual Report may contain forward-looking statements relating to the Company’s future performance, strategy, plans and prospects. These statements are based on current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Readers are therefore cautioned not to place undue reliance on these statements, which speak only as at the date of this Report.
Materiality
Information is considered material by the Company where its omission or misstatement could influence the decisions of shareholders or stakeholders, or where it has a significant impact on the Company’s strategic direction, operational performance, financial results or long-term value creation. In determining the material matters for inclusion in this Report, the Company has taken into consideration its operating environment, stakeholder expectations and the principal risks and opportunities relevant to the hospitality industry.
Digital Reporting
In line with Practice Direction (No. 2 of 2022) issued by the Registrar of Companies on 21 December 2022, and in support of its sustainability initiatives, the Company distributes its Annual Report primarily in digital format.
Reporting Principles and Frameworks
Shareholders who wish to receive a printed copy of this Report may contact the Company Secretary at the following email address: companysecretary@constancegroup.com
In preparing this Annual Report, the Company has applied the principles and requirements of the following frameworks and standards, where applicable:
Contents
AT A GLANCE
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About CHSL
A Leader in Luxury Hospitality
Growth Ambition
Brand Architecture
Leading Hotels
Luxury Resorts
Lodges
Boutique Hotels
Constance Hotels Services Ltd (“CHSL”) is a recognised leader in luxury hospitality and golf management, with over 50 years of experience in developing, operating and managing high quality branded assets. CHSL conducts its hospitality management and operational activities through its wholly owned subsidiary, Constance Hospitality Management Ltd, under the umbrella brand Constance Hospitality. As at 31 December 2025, CHSL operated eleven hotels across five destinations, namely Mauritius, the Seychelles, the Maldives, Madagascar and Rodrigues, as well as three 18 hole championship golf courses in Mauritius and the Seychelles. In February 2026, CHSL took over the management of an additional hotel, renamed Constance Le Chaland, bringing the total number of hotels under management to twelve. Based in Mauritius and supported by an established international network of sales offices and public relations agencies, the Group combines strategic direction with operational expertise to deliver consistent standards of excellence across its portfolio. CHSL remains focused on creating distinctive guest experiences, enhancing asset value, developing talent, and generating sustainable long-term returns for its partners and shareholders.
CHSL growth strategy is anchored in the strength of its brands, its proven management expertise and its deep understanding of the Indian Ocean region. CHSL aims to expand its portfolio of managed properties across existing and new destinations through a disciplined and selective approach, while remaining faithful to the family spirit, hospitality know-how and professionalism that have shaped its reputation over time.
* effective from February 2026
*
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Hospitality Management and Development CHSL develops and manages distinctive hospitality brands and properties, combining strategic vision, operational expertise and disciplined brand management to create long-term value for partners, investors and guests.
A Branded Collection of Ten Luxury Resorts
A Contemporary Lifestyle Hospitality Brand Built around the concept of ‘Nature’s Playground’, C Resorts offers vibrant hospitality experiences through engaging activities, contemporary design and warm, friendly service.
With over 50 years of heritage, Constance Hotels & Resorts has built a strong reputation for delivering refined hospitality experiences defined by authenticity, natural elegance and warm, attentive service.
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The past year was marked by the 50th anniversary of Constance Hotels & Resorts,
a significant milestone celebrating five decades of growth, service excellence and authentic hospitality across the Indian Ocean. This anniversary offered an opportunity to reflect on the brand’s heritage, its enduring values, and its continued ambition to evolve with purpose while remaining true to the destinations in which it operates.
Belle Mare Plage Hotel opened in 1975 and celebrated its 50th anniversary alongside Constance Hotels & Resorts.
Highlights from the 50th Anniversary Celebration Evening, held in November 2025 at Constance Belle Mare Plage
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“No two days are alike t hoitality dusy, and t beauty that we avel ev thgh we stay re, becau t wld mes us dit people.” Where the heart stays.
“From t momt we arrive at Cstan Eplia, we fl at home. e sta ’s warmth, tir smiles, and gue care make evy stay ungtable. From surfi and beach days t a and amaz food, it’s pla u relax. Celeat 5 th wedd annivsary re w a dream and we can’t wait be ck aga next year!” Sevdelin Nestorov & Gaia Paramova Constance Ephelia
Manjoola Dowlutrao Executive Assistant Manager Constance Belle Mare Plage
Some stories live forever.
“What kps us m ck t people. We’ve not had t rvi, t warmth, t kdne we’ve expid re anywre el. We’re quite vested t people who wk re, t same way ty’re vested us.” Where the heart stays.
Over the year, we unveiled a collection of unforgettable moments lived at Constance. Centred on true stories, the concept revealed the emotional attachment guests and staff hold for these destinations. We honoured the collective stories carried by everyone who holds Constance close to their heart.
Where the heart stays.
Tabby & David Saunders Watson
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CHSL In 2025
Combined revenue of hotels under management
MUR 11,553m 11 * 3,493 95.8 3.5m 3 51.6 42 475k 1,237 Hotels under management Team members Global Review Index TM (Constance Hotels & Resorts) Instagram engagement Average training hours per team member Awards & Accolades Facebook page likes Keys under management
Scandinavia
Championship golf courses
Russia
UK
Germany
France
Eastern Europe
Spain
South Korea
Turkey
Italy
Japan
Overall guest satisfaction score (Constance Hotels & Resorts)
Israel
90.2 285k 7.6m Instagram followers Facebook engagement
China
UAE
Maldives
Seychelles
Rodrigues
Madagascar
Mauritius
South Africa
5 Destinations 11 General Sales Agent Representation 4 Sales Offices
* One additional hotel, Constance Le Chaland, was added to the portfolio under management with effect from February 2026.
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Indian Ocean Destinations
Present in five authentic destinations with twelve hotels, CHSL continues to enhance its offerings and invest in the development of its people, with a clear strategy focused on the Indian Ocean region and the delivery of consistently high standards of hospitality.
Mauritius
Maldives
Madagascar
Rodrigues
Seychelles
A multicultural island with a balance of beaches, nature and business connectivity.
An archipelago of coral islands defined by open horizons and a sense of distance from everything.
A vast and untamed land, home to exceptional biodiversity, remote regions and cultures.
A small volcanic island marked by simplicity, strong community life and an unhurried rhythm.
Granite islands where dramatic landscapes and rare ecosystems have been carefully preserved.
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Hotel Portfolio
CHSL’s portfolio spans multiple hotel categories, offering their own unique experiences across the Indian Ocean.
Leading Hotels
Luxury Resorts
Lodges
Boutique Hotel
C Resorts
– 278 rooms, suites and villas – 8 restaurants – 8 bars and 1 wine cellar – 2 championship golf courses (Legend and Links) – 4 swimming pools – Constance Spa with 10 treatment rooms – Coconut Tribe (Kids Club)
– 25 villas – 1 restaurant – 1 bar – 3 white sandy beaches – Spa kiosk
– 89 suites and villas – 3 restaurants – 3 bars and 1 wine cellar – 2 championship golf – 2 swimming pools – Constance Spa with 7 treatment rooms – Coconut Tribe (Kids Club) – 105 suites and villas – 4 restaurants – 5 bars and 1 wine cellar – 1 championship golf course (Lemuria) – 1 swimming pool with 3 levels – Constance Spa with 6 treatment rooms – Coconut Tribe (Kids Club) courses (Legend and Links)
– 16 rooms and suites – 1 restaurant – 1 bar – 1 swimming pool – Constance Wellness
– 116 rooms – 3 restaurants – 1 deli style outlet – 2 bars and 1 wine cellar – 3 swimming pools – C Spa with 6 treatment rooms
– 31 rooms – 1 restaurant – 1 bar – 1 swimming pool – Constance Wellness
– 313 rooms, suites and villas – 5 restaurants – 6 bars and 1 wine cellar – 5 swimming pools – Constance Spa of 5,000m² with 18 treatment rooms – Coconut Tribe (Kids Club)
– 65 rooms and 2 villas – 2 restaurants – 1 bar – 1 swimming pool – Kids club
– 110 villas – 2 restaurants – 2 bars and 1 wine cellar – 1 swimming pool – Constance Spa with 8 treatment rooms
– 87 suites and villas, each with its own private pool – 4 restaurants – 2 bars and 2 wine cellars – 1 swimming pool – Constance Spa with 9 treatment rooms – Coconut Tribe (Kids Club)
*
– 170 rooms, suites and villas – 3 restaurants – 4 bars and 1 wine cellar – 2 swimming pools – Constance Spa – Coconut Tribe (Kids Club) *effective from February 2026
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42 Awards & Accolades In 2025
Constance Tsarabanjina, Madagascar Booking.com Traveller Review Award Tripadvisor Travelers’ Choice Best of the Best Top 10% of Hotels Worldwide Constance Tekoma, Rodrigues Booking.com Traveller Review Award Tripadvisor Travelers’ Choice Best of the Best Top 10% of Hotels Worldwide Constance Sakoa Boutik, Mauritius Booking.com Traveller Review Award Tripadvisor Travelers’ Choice Best of the Best Top 10% of Hotels Worldwide
Constance Halaveli, Maldives
World Travel Awards Maldives’ Leading Villa Resort World of Fine Wine Awards Best All-Inclusive Wine List (Alizee Restaurant) Booking.com Traveller Review Award Tripadvisor Travelers’ Choice Best of the Best Top 10% of Hotels Worldwide
Constance Lemuria, Seychelles MICHELIN Guide – MICHELIN Keys 2 MICHELIN Keys World Luxury Hotel Awards Luxury Golf Resort – Global Winner Luxury Beach Resort – Country Winner World Luxury Restaurant Awards Best Wine Selection – Country Winner (DIVA) Booking.com Traveller Review Award Tripadvisor Travelers’ Choice 8th in Top 10 Best of the Best Hotels in Africa Best of the Best Top 10% of Hotels Worldwide Constance Ephelia, Seychelles World Travel Awards Indian Ocean’s Leading Green Resort Seychelles’ Leading Family Resort Booking.com Traveller Review Award Tripadvisor Travelers’ Choice Best of the Best Top 10% of Hotels Worldwide
Constance Prince Maurice, Mauritius MICHELIN Guide – MICHELIN Keys 1 MICHELIN Key Booking.com Traveller Review Award Tripadvisor Travelers’ Choice Best of the Best Top 10% of Hotels Worldwide
Constance Moofushi, Maldives World Luxury Hotel Awards
Best Scenic Environment – Global Winner Luxury All-Inclusive Resort – Global Winner Luxury Eco Hotel – Continent Winner Booking.com Traveller Review Award Tripadvisor Travelers’ Choice 11th in the Best of the Best Luxury Hotels in Asia Best of the Best Top 10% of Hotels Worldwide
Constance Belle Mare Plage, Mauritius
World Travel Awards Mauritius’ Leading Resort
Mauritius’ Leading Green Resort Mauritius’ Leading Family Resort World Luxury Hotel Awards
Luxury Beach Resort – Continent Winner Luxury Golf Resort – Continent Winner Luxury Family Resort – Country Winner World Luxury Restaurant Awards Best Wine Selection – Continent Winner (Blue Penny Cellar) Luxury Resort Restaurant – Country Winner (Blue Penny Cellar) World of Fine Wine Awards Best Long Wine List (Blue Penny Cellar) World Luxury Spa Awards Luxury Resort Spa – Country Winner Booking.com Traveller Review Award Tripadvisor Travelers’ Choice Best of the Best Top 10% of Hotels Worldwide
STRATEGIC INSIGHTS
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Chairman’s Statement
Dear Shareholder,
steps to manage the effects of supply growth exceeding demand. In Madagascar, performance was satisfactory with ongoing efforts to broaden the mix of source markets. During the year, CHSL undertook the early repayment of MIC secured bonds, previously classified under equity. This resulted in a reduction in total equity and was accompanied by an increase in financial borrowings, with total debt rising from MUR 5.4 billion to MUR 6.4 billion. Finance costs relating to financial debt amounted to MUR 469 million (2024: MUR 472 million). Our commitment to evolve, adapt and drive constant improvement is central to the Company’s long-term success. In 2025, we made good progress on the strategic priorities set out in the three-year plan approved in December 2023: – We pursued our strategic growth objectives by signing a new management agreement in December 2025, effective 5 February 2026, for a five-star hotel in the south of Mauritius, to be operated under the name Constance Le Chaland. This was in addition to the three properties we added to our portfolio the previous year. – We completed our brand expansion, evolution and architecture, and new corporate identity. – A major renovation, upgrade and extension programme for our properties in Mauritius, Seychelles and the Maldives started during the year. – Sales and marketing efforts in the Maldives were intensified, with a particular focus on the Chinese and Japanese markets. – Shareholder returns improved, with return on equity increasing to 7.5%, from 5.6% in 2024 and 5.5% in 2023. In parallel, ongoing investments were made in our people, loyalty programme, digital and artificial intelligence capabilities and sustainability practices, with the objective of further enhancing and personalising guest experiences, improving operational efficiency, and supporting revenue generation. Growing with Purpose
In 2025, demand for leisure travel remained robust despite ongoing geopolitical tensions, macroeconomic uncertainties and regional conflicts. Within this environment, your Company was well positioned to benefit from sustained demand across the destinations in which it operates, underpinned by the strength of its brands, the wide array of high-end offerings and the outstanding commitment and dedication of its people towards exceeding guest expectations.
“Against an ever-changing global backdrop and market challenges, strong governance is fundamental to the success of our business, as is the ability to stay agile and move at pace, while retaining focus on our long-term objectives.”
Tourism Trends in our Destination Markets
The resilience of global leisure travel demand was reflected across our principal destination markets, where tourist arrivals increased by 3.9% in Mauritius, 13.1% in the Seychelles, 9.8% in the Maldives, and 4.3% in Madagascar.
Your Company
Your Company delivered a good financial performance for the year under review, driven by its market positioning, effective revenue management and continued focus on cost control. Revenue of MUR 6,484 million (2024: MUR 6,149 million) was achieved for the year, resulting in a net profit of MUR 432 million (2024: MUR 337 million). Our properties in Mauritius and the Seychelles remained key contributors, driven by sustained demand and stable market conditions. In Rodrigues, the two managed properties progressed through their integration and stabilisation phase. Performance remained constrained by air access, with improvement anticipated over time following the development of the planned new airport, which is set to increase air seat capacity and enable higher occupancy levels. The Maldives continued to operate in a competitive environment characterised by sustained growth in hotel room supply, which influenced performance. We continue to take appropriate
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Our People
balanced economic, social and environmental norms established by international organisations. Your Company continues to contribute to biodiversity conservation, cultural heritage preservation and community development, as detailed in this Annual Report. As a consequence, the Board is confident that, with the strong foundation already laid, the Company is well placed to meet the new reporting requirements of the Climate Change Reporting Guidelines for Mauritius, which align the climate reporting framework with the International Financial Reporting Standards.
The development of Constance Private Residences was also initiated, underscoring the Company’s intention to extend its offering through a resort-residential model aligned with its positioning, and designed for owners seeking quality and service excellence within a luxury resort environment. Our commitment to quality of service was once again reflected in our guest satisfaction indicators and in our scores on the ReviewPro Global Review Index (GRI). Constance Hotels & Resorts ranked fourth among 24 small luxury hotel chains worldwide based on GRI performance. This consistent focus on quality and guest satisfaction is central to our value creation, supporting guest loyalty, repeat business, and the long-term strength of CHSL. 2025 also marked an important milestone for your Company, with the 50th anniversary of the opening of its first property in Mauritius. Over five decades, CHSL has progressively expanded its footprint across the Indian Ocean and established itself as a recognised operator in luxury hospitality. This anniversary reflects the long-term vision, commitment and dedication of the generations of employees, management teams and partners who have contributed to the Company’s development. It stands not only as a recognition of the journey accomplished, but also as a foundation for the continued pursuit of sustainable growth and value creation. Against an ever-changing global backdrop and market challenges, strong governance is fundamental to the success of our business, as is the ability to stay agile and move at pace, while retaining focus on our long-term objectives. Your Board is fully committed to pursuing and enhancing the Company’s Sustainability Strategy, which is fully aligned with the environment in which it operates, the guests it serves and the communities it supports, not only through the application of good corporate governance and best business practices, but also through the empowerment of its people and integration of its operations within well A Milestone Year Responsible Business
On behalf of the Board, I wish to congratulate and thank the Leadership Team, both at Group and Company levels, for delivering another successful performance. As always, this accomplishment is the result of the discernment, commitment and passion for hospitality of our talented and dedicated team members, who bring our brands to life and ensure our guests’ expectations are not only met but surpassed. This will be my last Annual Report as I step down, later in the year, as Chairman of your Company. I do so with a deep sense of gratitude and reward. Over the years, I have had the privilege of working alongside so many devoted and talented people and being part of CHSL’s journey through periods of growth, challenges and transformation. I am proud of what has been achieved, together, and of the strong foundations that have been laid for the long term sustainability of your Company. I would like to thank my fellow directors, the Executive Team and Team members for their collaboration, professionalism, loyalty and probity; and for consistently upholding the strong culture and values of the Constance Group and for maintaining the highest standards of good governance and best practices. Last but not least, I extend my gratitude to the Company’s Shareholders, Financial partners and other Stakeholders for their unwavering trust, support and long term commitment, especially during the many challenging times we faced. I will leave with confidence in the strong Leadership and in the depth of talent of the exceptional people CHSL has across its diverse markets, and with every expectation that they will ensure the continued growth and prosperity of your Company in the years ahead. Special Acknowledgement
Dividend
For the financial year ended 31 December 2025, your Company paid a dividend of MUR 0.40 per share in June 2025 and a further dividend of MUR 0.50 per share in January 2026, reflecting its solid performance.
Outlook
The leisure travel industry has demonstrated resilience over many decades and is expected to continue to grow in the long-term underpinned by structural drivers such as the inherent desire to travel and rising wealth in emerging markets. However, the operating environment has recently been affected by new geopolitical conflicts in the Middle East, which have already led to disruptions in airspace and airline operations, as well as increased volatility in fuel costs; this will, undoubtedly, influence the travel and hospitality industries in the near term. The situation is being closely monitored, and appropriate measures are being taken to minimise the repercussions on revenue, supply chain, source markets and surging operational costs. Notwithstanding these challenges and uncertainties, your Board remains cautiously optimistic for the short-term. It recognises the importance of continuing to seek new opportunities and focusing on enhancing the Company’s product and service offerings through targeted investment in its properties, people and digital capabilities, whilst maintaining agility and discipline in navigating evolving market conditions.
George J. Dumbell (s) Chairman
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Chief Executive Officer’s Review
International tourism continued to expand in 2025, with visitor spending remaining strong across most destinations. Against this backdrop of sustained demand for leisure travel, 2025 was a year of solid overall performance for CHSL. Combined revenue from hotels under management reached MUR 11,553 million, up 8.5% year on year. Profitability outpaced revenue growth, with combined Gross Operating Profit increasing by 14.8% and EBITDA by 15.6%. While the operating environment remained supportive in terms of demand for luxury travel, it continued to present cost pressures, particularly across labour and operations in certain destinations. Throughout the year, Management prioritised pricing integrity and the protection of profitability rather than pursuing volume growth, and ensured a consistent standard of service across all properties. This approach enabled CHSL to navigate a complex operating environment while preserving the strength of its market positioning. Performance at Group level was primarily driven by strong average room rates, underpinned by effective revenue management and brand positioning. CHSL benefitted from its established European source markets and maintained a diversified customer base. In several properties, increased guest spend per stay contributed positively to profitability. At the same time, Performance Drivers in 2025
profitability came under pressure from rising labour costs, increased operating expenses, and higher financing costs. Management actions were geared towards strengthening cost control and operational efficiency to protect overall profitability. 2025 Performance by Destination Mauritius Mauritius remained a key contributor to Group performance, driven by consistent demand across segments. Performance within the portfolio was characterised by stable occupancy levels throughout the year, and solid average room rates, reflecting pricing consistency. In addition, higher guest spend per stay contributed to improved profitability, particularly in the premium segment. Constance Belle Mare Plage posted high occupancy levels, with stable average room rates, and Constance Prince Maurice recorded positioning within its segment, and Constance Sakoa Boutik reported stable occupancy and rate levels, reflecting the appeal of its offering. Overall, the destination maintained a finely calibrated balance between volume, pricing and profitability. Combined occupancy for the destination declined by 2.8 percentage points, with ARR increasing by 9.7%, resulting in a solid 5.9% improvement in RevPAR. steady demand from its various market segments. C Mauritius strengthened its
“Throughout the year, Management prioritised pricing integrity and the protection of profitability rather than pursuing volume growth, and ensured a consistent standard of service across all properties.”
Key Performance Indicators: Change 2025 vs. 2024 (Properties under management as at 31 December 2025)
+25.8
+14.2
+9.9
+9.9
+9.7
+8.7
+6.0
+6.0
+5.9
+0.0
+0.7
-2.8
-3.5
-4.9
-15.2
MAURITIUS
RODRIGUES
SEYCHELLES
MALDIVES
MADAGASCAR
Occupancy (% Points)
ARR (%)
RevPAR (%)
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Rodrigues
Quality of Service
impact on guest perception, although the temporary reduction in available inventory weighed on overall results.
disruptions to airspace over the Gulf region and resulting pressures on airline operations and connectivity, as well as higher energy costs. This has had an uneven impact on CHSL’s destinations. The Maldives and Seychelles have been more directly affected, given their reliance on air connectivity through Middle Eastern carriers and hubs. Mauritius has been impacted to a lesser extent, sustained by a higher proportion of direct connections from Europe. At this stage, no significant impact has been observed in Madagascar and Rodrigues. The near-term trajectory will depend on the recovery of air connectivity and broader geopolitical developments. In this context, Management will adopt a cautious approach, with emphasis on effective revenue management, protection of profitability, and the adjustment of operations to evolving demand conditions.
Our properties in Rodrigues, Constance Tekoma and C Rodrigues – Mourouk, are still in a consolidation phase following their recent integration. Guest feedback has been consistently positive, with no material resistance to pricing levels. Demand continues to be driven primarily by the Mauritian market. Although the destination presents clear potential, performance is closely linked to structural improvements in air connectivity. Combined occupancy in Rodrigues declined by 15.2 percentage points, alongside a 25.8% increase in ARR, resulting in a limited decrease of 3.5% in RevPAR. This performance reflects the ongoing adjustment phase, with higher room rates partially offsetting lower volumes and supporting a gradual stabilisation of our operations in this destination. The Seychelles destination delivered strong results, confirming its role as a key contributor to CHSL’s overall results. Demand was sustained through a diversified mix of international markets, with stable occupancy and pricing levels. Guest feedback remained positive, supporting the positioning of both properties within their respective segments. Constance Ephelia, Seychelles, achieved steady demand from multiple segments, and Constance Lemuria, Seychelles, benefitted from robust demand, consistent pricing strength, and a well-diversified international clientele. Combined occupancy increased by 6.0 percentage points and ARR grew by 6.0%, driving a strong 14.2% increase in RevPAR. This performance underscores the resilience of demand and sustained rate strength across the destination’s key markets. The Maldives remained a highly competitive destination, with continued supply growth influencing pricing dynamics. Performance during the year was uneven, reflecting sustained competitive pressure on average room rates and occupancy, as well as the high-cost base inherent to the destination. In this context, Management preserved a consistent pricing approach, avoiding volume-driven strategies during softer periods and protecting profitability. Constance Moofushi, Maldives, achieved satisfactory operating results within a challenging pricing environment. In parallel, Constance Halaveli, Maldives, recorded a solid start to the year, with refurbishment works carried out without any significant Maldives Seychelles
CHSL maintained a high level of service quality throughout the year. Guest satisfaction stood at 90.2% and the Global Review Index reached 95.8 for Constance Hotels & Resorts, in line with the expectations of our positioning. These indicators reflect CHSL’s ability to deliver consistent service standards despite operational constraints.
Combined occupancy declined by 4.9 percentage points, with ARR increasing by 8.7%, resulting in a marginal 0.7% increase in RevPAR. This reflects a deliberate pricing approach in a competitive environment, with rate growth effectively offsetting softer demand levels.
Madagascar
Technology
Performance in Madagascar was broadly stable, with stronger periods of activity underpinning full-year results. Constance Tsarabanjina, Madagascar, relies on a limited number of source markets, and efforts are ongoing to diversify demand and mitigate concentration risk over time.
Continued investment was made in digital infrastructure, data capabilities and cybersecurity. Technology is increasingly leveraged to enhance operational efficiency and the guest experience, while artificial intelligence is being applied in selected areas through a more structured approach.
Priorities for 2026
Appreciation
Occupancy remained stable, with ARR increasing by 9.9%, leading to a corresponding 9.9% increase in RevPAR.
In 2026, CHSL will complete the renovation programme at Constance Halaveli, Maldives, ensuring that the upgraded product fully meets our quality standards and reinforces the property’s positioning within its segment. At the same time, priority will be given to the effective integration and repositioning of newly added properties, including Constance Le Chaland, with a focus on achieving operational alignment and delivering a consistent guest experience from the outset. The development of Constance Private Residences will also be advanced, with initial implementation at Constance Prince Maurice. We will refine and reinforce the distinct identity and positioning of C Resorts, ensuring the distinctiveness of each hotel brand and improving operational efficiency, with a sustained emphasis on cost control and effective resource management. In parallel, CHSL will develop a more structured and practical approach to the use of artificial intelligence across its operations, with a view to enhancing efficiency, decision-making, and overall performance, while preserving the human touch that defines our brands.
I would like to express my sincere appreciation to the Board of Directors for its unwavering support and guidance. I also wish to acknowledge the commitment and professionalism of all our team members, whose dedication is central to the performance and success of CHSL.
Key Highlights and Initiatives in 2025
In 2025, CHSL implemented key initiatives aligned with its strategic priorities, supporting operational performance and long-term value creation.
Operations and Assets
Jean-Jacques Vallet (s) Executive Director and Chief Executive Officer
A renovation programme was initiated at Constance Halaveli, Maldives, aimed at maintaining product standards and safeguarding the property’s long-term positioning. At the same time, recently integrated properties continued to be aligned with Group standards, both in terms of service delivery and operational processes, ensuring consistency across the portfolio.
People
Recruitment and retention remained key challenges in several destinations, reflecting broader industry conditions. In this context, Management prioritised maintaining service consistency despite staffing constraints, enhancing the employee experience, and strengthening internal processes and communication to support operational resilience.
Commercial and Customer Engagement
Outlook
Efforts were made to consolidate CHSL’s loyal customer base, notably through the further development of the Echo Privilege Club. Targeted communication and brand visibility initiatives enhanced demand generation in priority markets and segments.
2026 has started on a satisfactory trajectory, with performance in the first quarter broadly in line with expectations.
However, the evolving geopolitical situation in Iran has introduced a new layer of uncertainty, notably through
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Our Value Creation Model
VALUE IN
VALUE OUT
Capital Input
Governance and Risk Management Framework
Target Capital Output
Outcomes in 2025 by Type of Stakeholders
Financial
Financial
Employees
Equity and debt capital enable us to finance our operations and execute our growth strategy.
– Increased revenue & profitability – Debt reduction – Optimised allocation of financial resources – Expansion of our regional footprint – Equitable shareholder return
– Average annual training hours of 51.6 per team member – Constance Employee Experience Guidelines. New Constance internal communication platform – Passion Awards, Brand Week, Thank You Week, and the Constance Generosity Challenge
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Intellectual
Intellectual
Shareholders and Investors
We leverage our expertise and know-how in human scale luxury hospitality management, our brands and our strong corporate culture to develop unique offerings.
Asset-Light Growth Strategy
S t r a t e
– Reinforced brand equity & awareness – Enhanced guest satisfaction and loyalty – Expanded hotel management portfolio
– EBITDA Margin of 28%, Debt-to-Equity of 1.17, Basic and diluted earnings per share of MUR 3.65, NAV per Share of MUR 50.59, and Return on Total Equity of 7.49%.
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F
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Human
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Human
Guests
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Through their competencies, expertise and dedication, our team members contribute in providing fresh and memorable experiences to our guests.
E
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– High level of employee engagement – High employee retention rate – Strong employer reputation – Training & development
– Global Review Index of 95.8 (ReviewPro) for Constance Hotels & Resorts – Overall guest satisfaction score of 90.2% for Constance Hotels & Resorts. – 42 awards and accolades.
n
Natural and Social
Natural and Social
Communities and Society
We are committed to positively contributing to biodiversity conservation, cultural heritage preservation and community development in the regions where we operate, and we actively engage with our stakeholders.
– Sustainable & ethical growth – Positive community developments – Reduced carbon footprint – Engaged stakeholders
– Responsible business practices. – Various initiatives to preserve the biodiversity of the territories in which CHSL operates. – 21 NGOs sponsored by Fondation – Constance. – 139 CSR initiatives at property level, with more than 4,700 stakeholders involved.
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37
2025
Group Key Performance & Financial Indicators (2021 data should be analysed taking into account the adverse impact of the COVID-19 pandemic on the operations of CHSL.)
MUR 6,484m Revenue
MUR 1,792m EBITDA
MUR 3.65 EPS
Revenue (MUR M) and Asset Turnover
EBITDA (MUR M) and EBITDA Margin (%)
0.38
30
29
0.36
0.34
27
28
0.31
22
2025
0.15
1,814
1,792
6,484
6,149
MUR 25,589 TRevPAR
MUR 21,646 Average Room Rate
74.2% Occupancy
5,727
1,571
1,525
5,091
2,439
534 2021
2021
2022
2023
2024
2025
2022
2023
2024
2025
Revenue
Asset Turnover
EBITDA
EBITDA Margin
Average Room Rate and Total Revenue Per Room (MUR)
Total Debt (MUR’M), Total Equity (MUR’M) and Debt-to Equity
1.22
1.17
25,589
0.96
0.89
23,781
0.82
23,525
21,848
21,646
19,079
18,989
18,485
17,587
6,019 6,432
5,817 4,763
5,832 5,369
5,496
5,160 5,387
4,770
12,124
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
Debt-to Equity
Total Debt
Total Equity
Average Room Rate TRevPAR
Finance Cost (MUR’M) and Interest Cover
Earnings/(Loss) per Share (MUR)
Occupancy Rate (%)
Combined Revenue of Hotels under Management (MUR M)*
1.37
1.27
1.43
1.44
3.65
11,553
-0.13
2.90
2.58
2.05
10,646
2,197
9,748
734 772 745
-6.46
640
2,217
597
8,967
78.2
1,989
75.2 74.2
5,055
73.6
2,117
4,288
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
4,146
4,047
Finance Cost
Interest Cover
2,680 1,374 4,965
NAV per Share and Share Price (MUR)
Volume of Shares Traded (‘000)
38.7
4,141 4,301
21.50
3,613
20.7
20.30
19.00
19.00
2,803
1,037
50.59
252
424
911 2021
46.47
86
44.62
78
40.65
37.72
2021
2022
2023
2024
2025
2022
2023
2024
2025
2021
2022
2023
2024
2025
2021
2022
2023
2024
2025
Mauritius Seychelles Maldives
*Constance Tsarabanjina, Madagascar, has been included under Mauritius for practical reason
NAV per Share
Share Price
ANNUAL REPORT 2025
39
Group Financial Highlights
Value Added Statement
2025 MUR’000 6,484,067 7,243,530 (2,537,547) 4,705,983 759,463
%
2024 MUR’000 6,149,086 6,869,333 (2,507,408) 4,361,925 720,247
%
2025 MUR’M 17,916
2024 MUR’M
STATEMENT OF FINANCIAL POSITION
Revenue
Total assets Borrowings
17,310
Value added tax/Goods and services tax
6,432 5,547 5,496
5,369 5,095 6,019
Total Revenue
Owners’ interest
Payment to suppliers for materials and services
Total equity
Value added by operations Other income/(charges) Total wealth created Distributed as follows: Employees Salaries and wages
154,636
205,055
2025 MUR’M
2024 MUR’M
4,860,619
100% 4,566,980
100%
STATEMENT OF CASH FLOW
1,125 (654) (292)
Net cash generated from operating activities
1,158
Net cash used in investing activities Net cash used in financing activities
(1,317)
1,848,856 1,848,856
1,725,091
38% 1,725,091
38%
(175)
Government Value added tax/Goods and services tax
759,463 33,040
720,247 32,318
2025 MUR’M
2024 MUR’M
Environment fees Solidarity Levy Corporate tax
STATEMENT OF PROFIT OR LOSS
-
-
190,262
179,534
6,484 1,792 1,077 (745)
Revenue EBITDA
6,149 1,814 1,083 (772)
Licences, land leases and other local tax
3,038
2,974
Social security charges
61,824
54,828
Operating profit
1,047,627
22%
989,901
22%
Finance cost
Reinvested to maintain/develop operations Depreciation and amortisation
720,421 400,359
710,948 314,379
622 431 400
Profit before taxation
516 337 314
Retained earnings
Profit for the year
1,120,780
23% 1,025,327
22%
Profit attributable to owners of the parent
Providers of capital Dividend to shareholders Interest on borrowings
2%
98,688 744,668 843,356
54,827 771,834 826,661
1%
FINANCIAL RATIOS
2025
2024
15% 17%
17% 18%
50.59
NAV per share
MUR
46.47
Total wealth distributed
4,860,619
100% 4,566,980
100%
1.17
Debt to equity ratio
0.89
27.64
EBITDA margin
% %
29.49
18%
17%
7.49 1.44 3.65 0.90
Return on total equity Interest cover ratio Profit per Share Dividend per share
5.60 1.43 2.87 0.50
38%
38%
MUR MUR
2024
2025
Employees Government Reinvested to maintain/develop operations Providers of Capital
22%
23%
22%
22%
SUSTAINABILITY REPORT
ANNUAL REPORT 2025
43
CHSL’s Sustainability Framework
1. Our Sustainability Framework 1.1 Our Commitment to Sustainability
Tourism has been contributing positively to economic growth and to the promotion of natural, emotional and physical well being across the world. Yet, the tourism industry has a significant carbon footprint and is particularly vulnerable to climate change, local environmental challenges and community development issues, all of which are critical to the quality of our guests’ experiences. At CHSL, we remain aware of the impact our operations may have on the environment, communities, cultures and economies of the territories where we operate. In this respect, we incorporate the values and principles of sustainable development into our business practices and relationships with our stakeholders, and we continuously strive to refine and share our understanding of sustainability to promote sustainable and responsible tourism. This is achieved by contributing to biodiversity conservation, cultural heritage preservation and community development, while abiding by the local laws and regulations of the countries where we operate.
We therefore commit, over the long term, to:
1.2 Our Approach and Corporate Sustainability Strategy Our sustainability practices are guided by the highest industry standards and internationally recognised principles, as well as by the regulatory frameworks of the countries in which we operate. These include the Global Code of Ethics for Responsible Tourism (GCET), the ILO Guidelines on Decent Work and Socially Responsible Tourism, and the National Code of Corporate Governance for Mauritius (2016). Accordingly, we have developed our Sustainability Management Plan to support management teams in their daily decision-making, by aligning our strategy and operations with the United Nations Sustainable Development Goals (SDGs), which provide an overarching framework for our approach. With sustainability embedded as a core component of the boardroom agenda, we have defined a clear sustainability vision centred on key drivers of long-term growth and value creation: innovation, public trust, guest satisfaction, talent retention, compliance and operational efficiency. In this context, we
have integrated the five dimensions of the SDGs — People, Planet, Prosperity, Peace and Partnership — into our strategy, ‘True by Nature’, which is structured around four pillars: True People, True Places, True Service and True Experiences.
I. Embed sustainable development principles into core business practices throughout our business units.
The SDGs and the 4 Pillars of Our Corporate Sustainability Strategy
II. Understand and respect the needs of our stakeholders, and use our collective influence to drive sustainability within the industry and its stakeholders.
III. Comply with all relevant legislation applicable to the destinations where we operate.
IV. Deliver long-term strategic benefits and shareholder value by maximising the opportunities that sustainable development presents.
ANNUAL REPORT 2025
45
1.3 Our Sustainability Governance
Pillar
Aim
SDG
People
True People
To contribute to the reduction of social inequalities and poverty by providing opportunities for mutual economic growth through corporate social actions and community development, promoting local employment and supporting local entrepreneurs.
Corporate Office
Management Committee Resort General Manager Heads of Department Sustainability Champions
Sustainability Committee
Board of Directors Corporate Governance Committee
Chief Executive Officer Chief Operations Officer Corporate Sustainability Manager
Sustainability Champions Employee Requirements
Planet
True Places
To identify and assess the environmental impact of our operations at both local and global levels, aiming to integrate environmental management into our daily operations by seeking greater efficiency in the use of natural resources and managing waste responsibly, while contributing to the preservation of biodiversity and ecosystems. To create competitive advantages within the industry through inspired service that not only meets but exceeds guests’ expectations, contributing to the economic well-being of the surrounding community through a stakeholder risk management approach, quality training, empowerment, ethical governance, fair trade and responsible sourcing.
Prosperity | Peace
True Service
Tour Operators /Guests
Legal Authorities
Industry Associations
Team Members
Local Communities
Suppliers
NGOs
Prosperity | Partnership
True Experiences To preserve both the tangible and intangible cultural and historical heritage of the communities in which we operate by remaining actively involved in local life, integrating the cultural, culinary and artistic characteristics of each location, and aiming to immerse our guests in the discovery and conservation of the rich cultural wealth of the destination.
The Sustainability Committee comprises members of Top Management, the Sustainability Manager, the Financial Controller, the Human Resources Manager, the Maintenance Manager, the Quality Manager, the Executive Chef, the Food & Beverages Manager and the Executive Housekeeper as the core team, with members from all departments forming the supporting team, where they act as ambassadors for sustainability engagement. The Sustainability Committee also engages in two-way communication with relevant stakeholders through a range of channels and formats, demonstrating professionalism, transparency and respect, while embodying generosity, innovation and creativity. Both internal and external stakeholders are encouraged to contribute their own ideas to the Committee for assessment, planning and validation. Progress updates are communicated through internal channels, web-based platforms and annual reports.
A transparent internal structure with defined roles and responsibilities allows sustainability topics to be handled rigorously and effectively throughout our different business units. The Board of Corporate Governance acts as the highest authority on sustainability, meeting three times a year, and setting the strategic direction. The Corporate Sustainability Manager acts as an interface for all aspects of sustainability within the business and is delegated responsibility for coordinating all sustainability activities, implementing the Corporate Sustainability strategy and overseeing reporting. At the business unit level, responsibility for integrating the Corporate Sustainability strategy lies with the General Manager and is supported by the Sustainability Champion and the Sustainability Committee, which meets on a monthly basis. They are responsible for developing sustainability initiatives, ensuring the effective expansion of stakeholder dialogue, and making relevant proposals to the Board.
Our Corporate Sustainability strategy is fundamentally based on identifying and analysing the topics that materially impact our business, stakeholders and society at large, with the Corporate Sustainability function facilitating and supporting its development and implementation in collaboration with the business units. To achieve a deep and thorough understanding of the economic, ethical, social, environmental and governance topics affecting our broader business performance, we conducted a materiality assessment and integrated the SDGs to help us understand their correlations and engage constructively on related opportunities, thereby strengthening dialogue with key stakeholders and informing our strategy through to 2030.
Our first materiality assessment, conducted in 2018–2019 among management and employee representatives across our business units, served as a management tool to:
– Adjust our commitments and targets – Strengthen CS thinking and integration – Strengthen stakeholder engagement – Enhance robustness and prioritise proactive reporting
We aim to review the assessment every three years to ensure that our efforts remain aligned with our stakeholders’ expectations. Our top three priorities for the period to 2027 are therefore as follows:
1. Biodiversity and Ecosystem Restoration (SDGs 15.9 and 14.2) 2. Decent Work and Inclusiveness (SDGs 8.5 and 10.2) 3. Sustainable Development through Education (SDG 4.7)
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