Valamar Riviera (RIVP) CMD 2025 summary

Croatian tourism market trends and performance

• Record overnight stays in the first half of 2025, up 1.2% from last year and 0.9% above the previous best year; stable since 2019.

• Hotels and camps have extended their seasons, with 61% of overnight stays now outside the main season.

• Short-term rentals show a negative trend in occupancy and overnight stays, despite increased capacity.

• Germany and Austria remain key markets, with Eastern European markets (Poland, Czech Republic, Slovakia) showing strong growth potential.

• Revenue from accommodation and catering grew by 8.3% in 2025, with labor costs rising faster than Mediterranean peers.

Financial results and guidance

• Operating revenues grew 10.5% and EBITDA rose 12.6% in the first three quarters of 2025.

• Borrowing income increased 12.12%, driven by a 3.7% rise in overnight stays and a 10.4% increase in average price.

• Market capitalization reached EUR 786 million (+19.1%), with a dividend yield of 4.6%.

• Year-end 2025 revenue expected at EUR 456 million (+9.6%-10.5%), with adjusted EBITDA between EUR 128-131 million (+6.1%-8.6%).

• Direct sales accounted for 66.5% of income in the first nine months, aligning with strategic goals.

Strategic investments and future plans

• EUR 450 million invested by end-2025, achieving 68% of planned investments for the cycle ending 2026.

• Major projects include Arba Resort (EUR 54 million), Pical Resort (514 rooms, five-star, opening spring 2026), and completed upgrades in Dubrovnik.

• Portfolio targets: self-revenues per unit above EUR 21,500 (+8%), hotels at EUR 36,000, camps at EUR 11,000.

• New strategy for 2030 in development, to be finalized in early 2026.

• Focus on sustainable tourism, with top ESG ratings and green building certifications.