Valamar Riviera (RIVP) CMD 2025 summary

Market and operational performance

• Record overnight stays in Croatian tourism for 2025, with 1.2% growth over last year and 0.9% over the previous best year; seasonality remains, but hotels now achieve 61% of stays outside peak season.

• Short-term rental segment saw a 2.1% decline in occupancy despite increased capacity, while hotels and camps maintained stable or positive trends; camps grew 12% since 2019.

• Revenue from accommodation and related services rose 8.3% in 2025, with labor costs increasing 50.1% over Mediterranean peers; minimum wage up 8% for 2025.

• Accommodation prices rebounded post-crisis, with Croatia's hotel price growth below the Mediterranean average, stabilizing at 4%-6% for 2025.

• Key source markets include Germany, Austria, Poland, and the UK, with strong growth from Poland (+18%) and the USA (+32%) since 2019.

Financial results and guidance

• Operating revenues for the first three quarters of 2025 grew 10.5%, with EBITDA up 12.6%; full-year revenue expected at EUR 456 million (+9.6%-10.5%), and adjusted EBITDA at EUR 128-131 million (+6.1%-8.6%).

• Market capitalization reached EUR 786 million (+19.1%), with a dividend yield of 4.6%.

• Direct sales accounted for 66.5% of income in the first nine months, aligning with strategic goals.

• Labor and operating costs increased, mainly due to wage hikes; profitability slightly decreased as a result.

• Guest satisfaction remains high at 89%, based on over 150,000 surveys.

Strategic investments and future plans

• EUR 450 million invested by end-2025, achieving 68% of planned strategic investments; major projects include Arba Resort (EUR 54 million) and Pical Resort, set for a soft opening in spring.

• Portfolio performance targets: self-revenues per unit above EUR 21,500 (+8%), hotels at EUR 36,000, and camps at EUR 11,000 by 2026.

• Workforce reached 8,690 seasonal employees in 2025, with 74% local and 47% returning seasonally; wage growth above industry average (+18%).

• New strategy for 2030 in development, to be finalized in early 2026 and published in autumn 2026.

• Dividend policy aims to maintain a 4% yield, with potential for higher results next year if liquidity allows.