Valamar Riviera (RIVP) Q3 2026 earnings summary

Executive summary

• Nine-month results reflected resilient peak-season demand and contributions from new and upgraded properties; consolidated revenue rose 15.2% YoY to €499.4m.

• Pical Resort opened in March 2026 as a 513-key, five-star property; its full contribution to revenue and profitability is expected to build over the next two years.

Financial highlights

• Operating income increased 14.1% YoY to €491.8m; sales revenue rose 14.0% to €488.0m and board revenue increased 14.2% to €411.8m.

• Adjusted EBITDA grew 9.2% to €180.3m; adjusted EBITDA margin was 36.7%, down 1.7 pp, reflecting new-property ramp-up costs and certain non-recurring opening costs.

• EBT rose 3.5% to €104.7m, while net profit fell 9.2% to €84.1m as lower tax incentives more than offset higher EBT.

• Total operating expenses increased 18.5% to €383.3m, led by personnel costs (+18.4%), material costs (+17.1%) and depreciation (+24.9%).

Outlook and guidance

• FY 2026 operating revenue is forecast at €524–528m, up 13.6–14.5% YoY; adjusted EBITDA is projected at €141–144m, up 7.1–9.4%.

• Adjusted EBITDA guidance includes a €5.1m negative impact from non-recurring Pical Resort and Sunny Poreč opening, pre-opening and related costs.

• Full-year EBT is expected to be lower than 9M EBT given seasonality and an anticipated Q4 net loss; investment-related tax incentives are expected to reduce FY tax expense.