Valamar Riviera (RIVP) Q2 2025 earnings summary

Executive summary

• Business revenues rose 17.5% year-over-year to EUR 143.7 million in H1 2025, driven by premium segment growth and Austrian portfolio consolidation.

• Adjusted EBITDA reached EUR 4.3 million, reflecting seasonality; net loss for the period was EUR 24.5 million, improved from prior year.

• Major investments included the opening of Arba Resort 4* on Rab and ongoing construction of Pical Resort 5* in Poreč.

• Dividend of EUR 0.24 per share paid in June 2025, maintaining a stable dividend policy.

• Sustainability recognized with EcoVadis Gold Medal and DGNB Gold certification for green building.

Financial highlights

• Total revenues increased 15.8% to EUR 144.8 million; sales revenues up 18.6% to EUR 141.8 million year-over-year.

• Board revenues (accommodation and board) rose 19.7% to EUR 114.5 million.

• Operating expenses grew 12.6% to EUR 137.9 million, mainly from higher staff and material costs.

• Adjusted EBITDA improved to EUR 4.3 million (3.0% margin), up from negative EUR 2.0 million last year.

• Net loss narrowed to EUR 24.5 million from EUR 35.9 million, aided by deferred tax income.

Outlook and guidance

• Strong booking pace and stable demand expected for the second half of 2025.

• Investment cycle continues with EUR 161.2 million planned for 2024/25, targeting EUR 500 million annual revenue and EUR 150 million EBITDA by 2026.

• Pical Resort 5* opening scheduled for Q1 2026, expected to boost year-round operations.