Valamar Riviera (RIVP) Q3 2025 earnings summary

Executive summary

• Consolidated revenues for the first nine months of 2025 reached EUR 433.4 million, up 10.5% year-over-year, driven by strong demand, premium segment growth, and successful integration of Austrian operations.

• Adjusted EBITDA rose 11.8% to EUR 165.2 million, with a margin improvement of 0.5 percentage points.

• Net profit increased by 28.0% to EUR 92.6 million, reflecting robust operating performance.

• All destinations posted strong results, with Rab, Makarska, Krk, and Istria leading revenue growth; Rab saw a 33% increase in board revenues.

• Direct sales accounted for 66.5% of board revenues, and guest satisfaction remained high at 89%.

Financial highlights

• Operating income: EUR 430.9 million (+10.5% year-over-year).

• Operating expenses: EUR 263.6 million (+10.3%), mainly due to higher staff and material costs.

• Adjusted EBITDA: EUR 165.2 million (+11.8%), margin at 38.3% (+0.5 pp).

• EBIT: EUR 107.3 million (+12.8%).

• Net profit: EUR 92.6 million (+28.0%).

• Net debt: EUR 268.8 million, down 2.7% from year-end 2024.

• Market capitalization: EUR 786.4 million (+19.1%).

• EPS: EUR 0.61 (+26.1%).

Outlook and guidance

• 2025 full-year operating revenues expected at EUR 457–461 million (+9.6–10.5% vs. 2024).

• Adjusted EBITDA forecasted at EUR 128–131 million (+6.1–8.6%).

• Management highlights focus on guest experience, direct sales, and off-season growth.