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Valamar generated EUR 158 million in operating revenue and two million overnight stays in the first six months of 2026. The growth was largely related to the opening of Pical Resort, while the decline in EBITDA was influenced by the costs of opening new facilities and the later start of operations of part of the portfolio.
Valamar generated 158 million euros in operating revenue in the first six months of 2026, which is 10 percent more than in the same period last year. In the observed period, a total of two million overnight stays were achieved, while board revenues reached 125 million euros, also with growth of 10 percent on an annual basis.
The growth in business is largely linked to the opening of the Pical Resort 5* in Poreč, the largest single investment in Croatian tourism, worth over EUR 200 million. The resort opened in mid-March, and its inclusion in operational operations represents an important part of Valamar's strategy focused on the premium segment and extending the tourist season.
In addition to Pical Resort, investments in the Brulo cluster were also completed during the first part of the year. Sunny Poreč by Valamar 4* and Aquamar Brulo began operations in early July, so their full operational contribution is not included in the first half of the year's results, but should be visible primarily in the third quarter.
The results for the destination Poreč show growth in boarding house income of 21 percent compared to the comparable period of the previous year, which Valamar associates with an increase in the quality of the offer and the inclusion of new facilities in the portfolio.
EBITDA under pressure from opening costs and delayed start-up
Despite revenue growth, the Valamar Group's adjusted EBITDA in the first half of the year amounted to minus 2,2 million euros. In the same period last year, it was positive and amounted to 4,3 million euros.
The result was largely influenced by pre-opening costs associated with the opening of Pical Resort and the later opening of Sunny Poreč by Valamar facilities due to final investment activities.
For tourism companies with pronounced seasonality, the results of the first half of the year do not necessarily reflect the business performance of the entire year. Valamar typically generates the largest portion of its annual revenues and EBITDA during the third quarter, i.e. at the peak of the summer tourist season.
The company enters the third quarter with the full operational contribution of newly opened and renovated facilities and, according to its own statements, stable booking trends until the end of the year.
Pical Resort at the center of the investment cycle
The opening of Pical Resort is a central part of Valamar's current investment cycle. The project, worth more than EUR 200 million, is designed as a premium year-round resort, and its opening should strengthen the position of Poreč and Valamar's portfolio in the higher price segment.
In addition to the accommodation sector, the company continues to invest in its gastronomic offer. Restaurant Harry's Piccolo won its first MICHELIN star just three months after opening, becoming the first restaurant in Poreč to receive this recognition.
The restaurants JAZ by Ana Roš and the newly designed Spinnaker are included in the MICHELIN guide, which further develops the gourmet segment of Valamar's offer as one of the differentiating elements of the premium portfolio.
Continued investment in sustainability and construction
In parallel with investments in accommodation facilities, Valamar continues to carry out activities related to sustainable development, decarbonization and inclusion of local communities.
During the period, the company won the International Sustainability Award for its activities in the areas of sustainability, responsible tourism, decarbonization and contributions to local communities.
In early 2026, Arba Resort on Rab and Pical Resort in Poreč received the DGNB Gold pre-certification, which is awarded to projects that meet the criteria for sustainable construction, energy efficiency, and quality of life cycle management of the facility.
Key results are expected in the third quarter.
The first half of the year results show growth in revenue and overnight stays, but also financial pressure related to the opening of new facilities and the completion of investments. Pical Resort has already contributed to revenue growth, while the full impact of Sunny Poreč by Valamar and Aquamara Brulo will only be visible later in the year.
The key period for assessing the annual result will be the third quarter, in which Valamar generates the largest share of its total annual operating profit. The final result will be influenced by the dynamics of peak season bookings, occupancy of new capacities, average prices achieved and the company's ability to convert revenue growth into profitability growth after the high initial costs of the investment cycle.
