Valamar Riviera (RIVP) Investor Day 2026 summary

Tourism market and demand

• Croatian tourism growth stabilized in 2026; physical traffic rose 0.9% YoY, while Valamar’s overnight stays increased 1.8%.

• Hotels and campsites led accommodation growth, with overnight stays up 2.1%; Istria added 407,000 stays in H1, up 1.4%.

• Germany and Austria remained key source markets, slightly lower YoY but above 2019 levels; Central European markets grew 19%, and U.S. traffic was up 42.1% vs 2019.

• Tourism investment in Croatia increased almost 18% in 9M 2026, while the number of investors rose 6%.

2026 operating performance

• In 9M 2026, total revenue increased 15.2% and adjusted EBITDA rose 9.2%; expenses grew 17%, reflecting new hotel openings and higher labor costs.

• Full-year guidance: revenue growth of 13%–14% and adjusted EBITDA growth of 7%–9.4%, including €5.1m of one-off Pical and Sunny opening costs.

• Pical opened as a flagship resort, received strong guest quality ratings and created more than 800 jobs; management expects it to drive growth over the next few years.

• Guest revenue increased 15% with Pical; Dubrovnik remained at the prior-year level, while other destinations grew.

Investment and strategy

• Realized investments in portfolio quality reached €512m under the 2022–2026 strategy, including Pical, Arba, Obertauern, Sunny resorts, Brulo Sports Zone and Jadran Hotel.

• Arba Resort is in its expansion phase and planned to open in April or May 2027; Brulo Sports Zone and Hotel Diamant reconstruction will continue.

• The next strategy, covering 2027–2030, is due in H1 2027; the 2027 project investment plan is €51.6m.

• The current strategy’s fundamental value is expected to finish slightly below its €1bn target, primarily due to higher realized investment; 10-year shareholder return through 2026 exceeded 126%.

• A €110m investment is expected to qualify for a 30% tax incentive, with approximately €30m booked against profit tax over the next 10 years.