Rainbow Tours (RBW) Q3 2025 earnings summary

Executive summary

• Consolidated sales revenue for the first nine months of 2025 reached PLN 3,754,588 thousand, up 12.3% year-over-year, with net profit at PLN 244,561 thousand, down 6.0% from the prior year.

• The Group completed the acquisition of a 70% stake in Paralela 45 Turism S.R.L., a leading Romanian tour operator, for EUR 8.1 million, with plans to acquire the remaining 30% by 2031.

• White Olive A.E. increased its share capital to finance the acquisition of White Olive Kos Monoprosopi A.E., expanding the owned hotel portfolio to five properties and 1,000 rooms.

• The Group maintained a strong cash position (PLN 515,323 thousand as of 30/09/2025) and low net financial debt.

Financial highlights

• Gross profit on sales for the nine months was PLN 637,923 thousand (margin 17.0%), slightly up from PLN 632,287 thousand (margin 18.9%) in 2024.

• EBITDA for the period was PLN 327,542 thousand, down from PLN 343,900 thousand year-over-year.

• Net profit margin decreased to 6.5% from 7.8% in the prior year.

• Operating cash flow was PLN 404,486 thousand, with net cash from investing activities at PLN -36,828 thousand and net cash from financing activities at PLN -147,742 thousand.

• Dividend of PLN 11.00 per share was paid from 2024 profits, totaling PLN 160,072,000.

Outlook and guidance

• Pre-sales for "Summer 2025" and "Winter 2025/2026" seasons show continued growth, though at a slower pace than 2024.

• The Group expects further margin pressure due to market oversupply and currency fluctuations but anticipates stable demand for travel services.