In the first nine months of 2026, the Valamar Group generated total consolidated revenues of €499.4 million, an increase of 15.2% compared to the same period last year. This revenue growth is the result of stable demand during the peak of the tourist season and a significant contribution from new investments—most notably the opening of the 5-star Pical Resort, the repositioning of the 4-star Sunny Poreč hotel, and the second year of operations for the 4-star Arba Resort.
During the first nine months, Valamar recorded 6.3 million overnight stays—a 1.7% increase—while the overall guest satisfaction rating reached a high of 90%. Throughout 2026, the company continued to invest in its workforce through increased compensation and professional development programs. For the ninth consecutive year, Valamar was named the most desirable employer in the tourism and hospitality sector, employing over 9,700 people at the peak of the season Adjusted EBITDA rose by 9.2% during the first nine months. The Group’s operating expenses were 17% higher than in the same period of the previous year, primarily due to an increase in headcount, wages, and related labor costs, as well as higher material costs associated with the opening of new and repositioned properties.
These results confirm Valamar’s continued growth, driven by an increasing contribution from investments in the premium segment and the development of year-round tourism. The full financial impact of the new investments is expected in the coming years, in line with the continued development of business operations and the strengthening of the market position of the new properties.
Pical Resort confirms the potential for premium, year-round tourism
Pical Resort 5*—the largest investment in Croatian tourism, valued at over 200 million euros—has made a significant contribution to business results. The resort, featuring 513 accommodation units, opened in March 2026, further strengthening Valamar’s position in the premium tourism segment and marking a major step forward in the development of a year-round tourism offering.
In its very first year of operation, Pical Resort has been exceptionally well-received in key source markets, achieving a 95% guest satisfaction rating and meeting its targeted financial results. These outcomes confirm the resort’s successful positioning and the demand for high-quality tourism offerings in Croatia. The full contribution of this investment is expected to materialize over the next two years, alongside further growth in occupancy rates and pricing.
Expected business results for 2026
For 2026, Valamar expects to generate consolidated business revenues in the range of 524 to 528 million euros, representing an increase of 13.6% to 14.5%. Adjusted EBITDA is projected to fall between 141 and 144 million euros, reflecting a growth of 7.1% to 9.4% compared to the previous year. Adjusted EBITDA was negatively impacted by one-off costs totaling EUR 5.1 million, related to investments in Pical Resort and Sunny Poreč; these include expenses for small inventory, the preparation and opening of facilities, and other associated costs.
On Friday, October 30, Valamar will host an Investor Day, during which it will present the performance of Croatian tourism in 2026, the Group’s business results for the first nine months, projections for the remainder of the year, and the status and forecasts for key performance indicators under the 2026 Strategy.
Continued investment in portfolio development
Following an investment cycle worth EUR 208 million in 2026, Valamar plans further investments totaling EUR 152 million for 2027. Key projects include continued investment in the Brulo sports zone, the reconstruction of the Valamar Diamant Hotel, a new laundry facility, the expansion of the Valfresco central kitchen, the construction of employee housing in Poreč, and the completion of Arba Resort on the island of Rab. With this, Valamar enters a new strategic development cycle, with plans to unveil its business strategy through 2030 during the first half of 2027. Throughout 2026, Valamar received numerous awards for quality, excellence, and sustainability. Notable among these are a Michelin star for the Harry’s Piccolo restaurant at Pical Resort, the “Spa of the Year 2026” award for ESPA at Pical, an International Sustainability Award, gold-level DGNB pre-certifications, and a platinum-level DGNB certificate for the sustainable construction of hotels and resorts within Valamar’s portfolio.