Earnings Report /
Croatia

Valamar Riviera: Strong Q3 results; above our top-line estimate

  • Valamar generated 95% of board revenues achieved in Q3 2019 versus 87% expected, so 3Q top-line is above our estimates

  • EBITDA in 9M 2021 almost tripled to HRK 818m due to strong growth in revenue (+135%) and continued state support.

  • Net income after minority of HRK 321m (vs. HRK -194m in 9M 2020) was 11% below our 9M estimate.

Tea Pevec
Tea Pevec

Head of Research

InterCapital
29 October 2021
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