Valamar Riviera (RIVP) Q2 2026 earnings summary

Executive summary

• H1 2026 saw a 10% YoY revenue increase to €159 million, driven by the launch of the €200+ million Pical Resort and upgrades to the Brulo cluster, enhancing the premium portfolio and market competitiveness.

• The Group focused on portfolio development, quality upgrades, and readiness for the peak season, with significant recognition for its gastronomic offerings, including a MICHELIN star for Harry's Piccolo.

• The Group maintained strong demand across destinations despite global macroeconomic headwinds, with 2 million overnight stays and 892,000 accommodation units sold.

Financial highlights

• Total revenue reached €158.8 million (+9.6% YoY); operating income was €158.0 million (+9.9% YoY).

• Board revenue rose 9.4% YoY to €125.3 million, with Poreč destination revenue up 21%.

• Adjusted EBITDA was -€2.2 million (vs. €4.3 million prior year), mainly due to pre-opening costs for new properties.

• Net loss for H1 2026 was €48.6 million, reflecting seasonality and higher depreciation from recent investments.

• Adjusted net debt increased to €427.3 million, up €82.9 million from year-end 2025, due to the investment cycle.

Outlook and guidance

• Positive outlook for Q3 2026, supported by full ramp-up of new assets and stable booking trends.

• Strategic roadmap to 2030 targets €820 million in investments, €800 million in revenue, and €220–240 million EBITDA, with 50% of revenue outside peak season.