Rainbow Tours (RBW) Q2 2025 earnings summary

Executive summary

• Consolidated sales revenue for H1 2025 reached PLN 1,798.1m, up 11.9% year-over-year, with net profit at PLN 84.6m, down 12.2% year-over-year.

• Stand-alone sales revenue for H1 2025 was PLN 1,774.0m (+11.4% y/y), net profit PLN 87.1m (-10.4% y/y).

• Gross margin and net margin declined due to higher cost growth outpacing revenue increases.

• The Group completed the acquisition of 70% of Paralela 45 Turism S.R.L. in Romania for EUR 8.1m, with plans to acquire the remaining 30% by 2031.

• The hotel segment expanded with the addition of White Olive Marine Aquapark on Kos, Greece.

Financial highlights

• Consolidated EBITDA for H1 2025 was PLN 116.2m (H1 2024: PLN 128.2m).

• Gross margin for H1 2025 was 15.6% (H1 2024: 17.9%).

• Net margin for H1 2025 was 4.7% (H1 2024: 6.0%).

• Cash and cash equivalents at 30 June 2025 were PLN 501.3m (30 June 2024: PLN 293.1m).

• Total financial debt at 30 June 2025 was PLN 85.1m (30 June 2024: PLN 64.8m).

Outlook and guidance

• Pre-sales for Summer 2025 and Winter 2025/26 packages showed continued growth, but at a slower pace than 2024.

• Management expects continued revenue growth, but margin pressure due to competitive pricing and cost inflation.

• No official financial forecasts for 2025 were published.