Valamar Riviera (RIVP) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw the opening of Pical Resort 5*, Croatia's largest tourism investment, and Jadran Heritage Hotel 5*, enhancing premium offerings and year-round tourism in Poreč.

• Operating revenues rose 13.8% YoY to EUR 19.9mn, driven by Austrian winter season, earlier property openings, and new hotels.

• Adjusted EBITDA was negative as planned (EUR -27.9mn), reflecting seasonality and pre-opening costs.

• Net loss for the period was EUR 44.6mn, in line with seasonal business patterns.

Financial highlights

• Total revenue increased 18.9% YoY to EUR 22.1mn; sales revenue up 15.3% to EUR 19.4mn.

• Board revenue rose 14.5% YoY to EUR 14.1mn, with hotels in Obertauern contributing 60%.

• Operating costs increased 24% YoY to EUR 47.6mn, mainly due to higher material and labor costs.

• Adjusted EBITDA margin improved slightly to -119.3% from -125.3% YoY.

• Net debt increased to EUR 395.6mn, reflecting investment cycle financing.

Outlook and guidance

• Booking trends remain stable despite global uncertainties; focus remains on pricing, cost, and capacity management.

• Strategy targets EUR 800mn revenue and EUR 220–240mn EBITDA by 2030, with 50% of revenue outside peak season.

• Dividend yield target is approximately 4%.