hrtourism FOCUS: Sanja Čižmar on the results of tourism companies on the Zagreb Stock Exchange

Croatian tourism is entering a new phase.

After strong post-pandemic growth, data shows a slowdown in revenue growth, with simultaneous pressure from increasingly rapid cost growth. Also, Croatia is increasingly approaching the most developed Mediterranean destinations in terms of prices, which raises the question - where are the limits of the current growth model and what comes next?

About it through Croatian tourism FOCUS podcast I am talking to Sanjam Čižmar, tourism consultant and director of the company 505 savjetovanje, based on an analysis of the business operations of tourism companies on the Zagreb Stock Exchange.

"At the beginning of the year, in an environment of war that intensifies uncertainty, let's take a look at how the most successful tourism companies in Croatia whose shares are listed on the Zagreb Stock Exchange are doing. The most important feature of the 2025 business year in the tourism sector on the Zagreb Stock Exchange is the stability of key indicators and the continuation of a multi-year trend of moderate growth. This is not surprising, because, after all, these are the largest investors in the tourism sector in Croatia." Čižmar points out.

On the other hand, intensive investments in product quality improvement and repositioning of existing facilities, along with individual steps forward in the development of new tourism projects, ensure the stability and sustainability of business results, emphasizes Čižmar and points out: "Under the influence of the restrictive labor market, labor costs are growing 1,5 times faster than business income growth, but due to developed standard procedures and controlling techniques, these companies manage to maintain the level of operational profitability. We will have the opportunity to see what the situation is in the tourism sector as a whole in a few months, after the publication of the annual financial statements." 

For a broader context regarding the results of tourism companies on the Zagreb Stock Exchange I-XII 2025, listen to the conversation on the FOKUS hrtourism podcast, in which we do not recount the news, but interpret what they mean.

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