Rainbow Tours (RBW) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw record consolidated net profit of PLN 57.7m, up 51% year-over-year, with revenue rising 20.5% to PLN 869.8m, driven by strong tour operator sales and higher margins.

• Standalone net profit reached PLN 62.3m (+52%), with EBITDA at PLN 79.0m (+49%), and operating margin improved to 17.7%.

• The Group continued to expand its owned hotel network, adding the White Olive Marine Aquapark on Kos, and entered a preliminary agreement to acquire Paralela 45 Turism S.R.L. in Romania.

Financial highlights

• Consolidated sales revenue: PLN 869.8m (+20.5% y/y); gross profit on sales: PLN 151.0m (+25%).

• Net profit: PLN 57.7m (Q1 2024: PLN 38.2m); net margin: 6.6% (Q1 2024: 5.3%).

• Standalone sales revenue: PLN 869.0m (+20.7% y/y); net profit: PLN 62.3m (+52% y/y); net margin: 7.2%.

• Cash and cash equivalents at period end: PLN 310.0m (Q1 2024: PLN 169.7m); financial debt: PLN 106.1m.

• No dividends paid or declared in Q1 2025; proposal for 2024 dividend of PLN 11.00 per share to be decided at June 2025 AGM.

Outlook and guidance

• Presales for Summer 2025 packages up 9.8% year-over-year as of May 15, 2025.

• Management expects continued revenue growth, albeit at a slower pace than 2024.

• No financial forecasts for 2025 were published.