Valamar Riviera (RIVP) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, with operating revenues up 10.6% to EUR 461.3 million and net profit rising 67.9% to EUR 55.1 million year-over-year, driven by resilient demand, premium segment outperformance, and successful investments.

• Hosted 1.2 million guests and recorded 6.5 million overnight stays, reinforcing market leadership in Croatian tourism and expanding the premium portfolio, notably with the opening of Arba Resort and ongoing Pical Resort development.

• Share price increased by 24% and dividend yield reached 4.6%, supported by share buyback programs and a robust capital allocation strategy.

Financial highlights

• Total revenue: EUR 465.3 million (+10.7% YoY); operating income: EUR 461.3 million (+10.6% YoY); sales revenue: EUR 455.3 million (+10.7% YoY).

• EBITDA: EUR 131.5 million (+10.2% YoY); adjusted EBITDA: EUR 131.7 million (+9.1% YoY); EBITDA margin: 28.5%.

• Net profit: EUR 55.1 million (+67.9% YoY); EPS: EUR 0.36 (+71.7% YoY); DPS: EUR 0.24 (+9.1% YoY).

• Net debt: EUR 430.3 million; adjusted net debt/EBITDA: 2.8.

• ROE: 6.5%; adjusted ROCE: 6.0%; market capitalization: EUR 819.2 million (+24%).

Outlook and guidance

• Entering 2026 with a strong investment pipeline and focus on premium segment growth, digitalization, and sustainability.

• Demand for premium travel expected to remain robust, with continued emphasis on quality, authenticity, and ESG leadership.

• Strategy targets EUR 500 million operating income and EUR 150 million adjusted EBITDA by 2026.