Lampsa Hellenic Hotels (LAMPS) H2 2025 earnings summary

Executive summary

• FY2025 consolidated revenue increased 3% to €126,097k, while net profit after tax declined to €19,220k from €21,136k, reflecting weaker Serbian hotel trading and higher operating costs.

• Athens luxury hotels benefited from higher occupancy and room rates; tourism demand stabilized, while conference and business travel recovered.

• Standalone revenue rose 5% to €85,681k and net profit increased to €16,109k; consolidated EBITDA fell 9% to €36,611k.

Financial highlights

• Consolidated revenue was €126,097k versus €122,893k; gross profit was €47,213k versus €49,000k, with gross margin at 37.44% versus 39.87%.

• EBIT was €26,107k versus €29,682k; profit before tax was €24,476k versus €26,600k; net profit was €19,220k versus €21,136k.

• Basic EPS was €0.8840 versus €0.9734. Standalone net profit was €16,109k versus €15,060k, and standalone EBITDA was €28,777k versus €27,947k.

• Cost of sales rose 7%, including €2,689k of additional staff costs and €1,567k of higher third-party costs, mainly Hyatt Regency Belgrade repairs and maintenance.

• Operating cash inflow was €26,891k versus €35,025k; cash and cash equivalents ended at €19,607k versus €25,291k.

Outlook and guidance

• Tourism prospects for 2026 remain positive despite international political instability; management is monitoring conditions and prioritizing liquidity and cost control.

• Grande Bretagne revenue is expected to ease slightly during SPA renovation; Serbian hotels are expected to improve following 2025 unrest-related declines.

• Year-end bonds and time deposits totaled €16,334k, with management expecting interest income to support financial results.

• Sufficient liquidity is expected to support uninterrupted operations for at least 12 months; standalone obligations are expected to be funded mainly by summer hotel cash generation and redeemable securities.