October 29, 2026
The opening of the five-star Pical Resort and investments in portfolio quality supported strong revenue growth of 15.2%. Valamar’s largest investment to date is already delivering excellent results in its first year of operation.
Valamar Group generated total consolidated revenue of €499.4 million in the first nine months of 2026, up 15.2% compared with the same period last year. Revenue growth was supported by resilient demand during the peak tourism season and the significant contribution from recently completed investments, primarily the opening of the five-star Pical Resort, the repositioning of the four-star Sunny Poreč hotel and the second year of operation of the four-star Arba Resort.
Valamar recorded 6.3 million overnight stays in the first nine months, up 1.7%, while overall guest satisfaction reached an exceptionally high 90%. During 2026, the Group continued investing in its employees through salary increases and professional development programmes. Valamar was named Croatia’s most attractive employer in tourism and hospitality for the ninth consecutive year, employing more than 9,700 people during the peak season.
Adjusted EBITDA increased by 9.2% in the first nine months. The Group’s operating costs were 17% higher than in the same period last year, primarily reflecting higher employee headcount, salary increases and related labour costs, together with higher material costs associated with newly opened and repositioned properties.
The results confirm Valamar’s continued growth, supported by the increasing contribution from investments in the premium segment and the development of year-round tourism. The full financial impact of new investments is expected to materialise in the coming years, alongside further business development and the strengthening market position of new properties.
Pical Resort Confirms the Potential of Premium and Year-Round Tourism
Pical Resort 5*, the largest investment in Croatian tourism, valued at more than €200 million, 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 milestone in the development of year-round tourism.
Already in its first year of operation, Pical Resort has demonstrated broad market acceptance across key source markets, achieving a high guest satisfaction score of 95% and meeting its targeted financial performance.
These results confirm the resort’s successful market positioning and strong demand for high-quality tourism offerings in Croatia. The full contribution of the investment is expected to materialise over the next two years through further improvements in occupancy and average daily rates.
2026 Business Outlook
For the 2026 financial year, Valamar Group expects consolidated operating revenue in the range of €524 million to €528 million, representing year-on-year growth of 13.6% to 14.5%. Adjusted EBITDA is expected in the range of €141 million to €144 million, corresponding to growth of 7.1% to 9.4% compared with the previous year.
Adjusted EBITDA was negatively impacted by non-recurring costs of €5.1 million associated with investments in Pical Resort and Sunny Poreč, including costs related to small inventory and supplies, property preparation and opening costs, and other related expenses.
On Friday, 30 October, Valamar will hold its Investor Day, presenting the performance of Croatian tourism in 2026, the Group’s business results for the first nine months and projections for the remainder of the year, as well as the achievement and projections of key performance indicators under Strategy 2026.
Continued Investment in Portfolio Development
Following an investment cycle worth €208 million in 2026, Valamar plans further investments of €152 million in 2027. Key projects include continued investments in the Brulo sports zone, the reconstruction of Valamar Diamant Hotel, a new central laundry facility, the expansion of Valfresco Central Kitchen, staff accommodation in Poreč and the completion of Arba Resort on Rab.
Valamar is thus entering a new strategic development cycle, with the publication of its Business Strategy 2030 planned for the first half of 2027.
During 2026, Valamar received numerous awards for quality, excellence and sustainability. Highlights include a MICHELIN star for Harry’s Piccolo restaurant at Pical Resort, the Spa of the Year 2026 award for ESPA at Pical, the International Sustainability Award, as well as gold DGNB pre-certifications and platinum DGNB certification for sustainable construction across Valamar’s portfolio.
Public Relations, Valamar
