Valamar increases revenues by 10% in the first 6 months: Pical Resort launches a new phase of premium and year-round tourism
In the first half of 2026, Adris Group achieved consolidated total revenue in the amount of 574 million euros, which is nine per cent more compared to the first half of last year. Consolidated revenue from the sale of goods and services amounts to 537 million euros and is nine per cent higher, while consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) reached 102 million euros, representing an increase of 20 per cent. Net profit from operations amounting to 46 million euros is 18 per cent higher. Reported net profit for the first half of 2026 amounts to 44 million euros, which is a nine per cent better result than that achieved in the same period last year. The difference between reported net profit and net profit from operations is mostly the result of the transaction selling non-operational assets within the Group.
Continuation of a strong investment cycle in the tourism part of the business
In the first half of 2026, sales of 827 thousand units were achieved, which is three per cent more compared to last year's reporting period. The Istrian part achieved three per cent higher sales and eight per cent higher business revenue, while Zagreb hotels recorded growth in sales and business revenue of three per cent. In the Dubrovnik part of tourism business, sales of two per cent fewer units were achieved alongside a one per cent higher revenue growth.
The tourism segment generated revenue from the sale of goods and services in the amount of 130 million euros, which is five per cent more. Earnings before interest, taxes, depreciation and amortisation (EBITDA) from operations were achieved in the amount of 24 million euros, representing a growth of two per cent. Reported EBITDA amounts to 36 million euros.
This year too, there is a strong inflationary effect of labor costs as well as growth in depreciation costs. Net profit from regular operations in the first half of 2026 amounts to minus 2.8 million euros, while reported net profit is 6.7 million euros. The difference stems from the sale of non-operational assets within the Group, where capital gains were achieved in the tourism part of the business.
Expected investments in the tourism part of the Group this year will amount to more than 100 million euros, with the largest share relating to campsites in Istria, such as campsite Koversada and the Amarin pool complex in Rovinj. In the hotel part of the portfolio, investments relate to hotel Monte Mulini in Rovinj and hotel Marjan in Split. Hotel Monte Mulini opened in May following renovation in an investment cycle worth nine million euros. Along with a refreshed identity and contemporary design, Monte Mulini introduces Riva Destinations, an exclusive lifestyle concept of the Italian brand Riva, part of Ferretti Group, one of the global leaders in the luxury yacht segment. This makes Rovinj part of a select circle of 11 world destinations: Monaco, Venice, Paris, Naples, Como, Mallorca and other prestigious destinations offering guests a complete Riva experience beyond yachting itself.
With this year's investments in campsites, Maistra will significantly raise the quality of its products and tourism offer. At this moment, 90 per cent of all accommodation capacities in Adris's tourism segment are at a four- or five-star level, with the ambition for further growth.
Currently, booking is better than last year's, which shows that there is still strong interest in guest arrivals during the peak season and post-season.
Croatia insurance continues stable growth
In the first half of the year, Croatia insurance achieved 315 million euros of consolidated revenue from insurance sales, which is 10 per cent more than in the same period last year. Consolidated net profit rose by six per cent to 44 million euros, while market share in the Croatian market increased to 28.1 per cent.
Digital business is also recording strong growth. Premium from the total digital business of Croatia insurance and the LAQO brand increased by 32 per cent. Particularly notable is the growth of premium through the digital channel of Croatia osiguranje of 66 per cent, while LAQO achieved a growth of 17 per cent.
Croatia policlinic simultaneously increased revenues by 25 per cent, alongside the continuation of digital transformation and the development of new solutions aimed at customer experience and operational efficiency. Croatia osiguranje also concluded a cooperation agreement with AV International GmbH on the construction and launch of an auto service centre in Zagreb.
Cromaris increased EBITDA 1.4 times
In the first half of the year, Cromaris achieved 56 million euros in sales revenue, one per cent less than last year, while volume sales fell 11 per cent to 6,548 tonnes of fresh fish equivalent. At the same time, the company maintained a strong export orientation – achieving 91 per cent of volume sales and revenues in foreign markets.
The restructuring carried out during 2025, aimed at simplifying processes, optimizing the organization and adapting the production and sales portfolio, had a positive impact on operations. EBITDA increased 1.4 times to 11 million euros, while net profit amounted to 5.7 million euros.
Energy sector an increasingly important part of business
In the first half of the year, Adris's energy segment achieved 9.5 million euros in revenue, which is 42 per cent more than in the same period last year. EBITDA rose 31 per cent to 8.4 million euros, while net profit achieved was four million euros.
Adris entered green energy production at the end of 2023, and full-capacity production began in August 2025. Through virtual power purchase agreements (VPPA), companies within the Group secure nearly 80 per cent of their electricity needs, which should enable a reduction of market-based scope 2 greenhouse gas emissions by 79 per cent, or more than 11 thousand tonnes of CO₂.
Adris Group continues its business transformation with an emphasis on cost efficiency, digitalisation, business model resilience and long-term sustainability.
