A marked improvement in profitability
As at 30 June 2026, Preatoni Group reported revenue of €51.5m, up slightly by 1.2% year on year. The improvement is most visible in profitability: EBITDA reached €13.3m, compared with €11.0m a year earlier, and the EBITDA margin gained four points to 25.8%.
Consolidated net profit came to €5.7m, compared with €4.5m in the first half of 2025. Net profit attributable to the Group more than doubled to €4.3m, from €1.7m. The accounts were approved by the Management Board on 25 September 2026 and have not been subject to a limited review by the statutory auditors.
Operating profit rose from €6.9m to €10.4m. This includes a €2.4m disposal gain linked to the group’s withdrawal from a project in Dubai. On 10 February 2026, Preatoni Group sold its 29% stake in Preatoni Real Estate DMCC.
Hospitality drives growth
The Hospitality/Tourism division generated revenue of €25.4m, up 12.2%, despite a difficult geopolitical backdrop in the Middle East. It now accounts for almost half of the group’s business. Its EBITDA grew by 40.1%, from €2.6m to €4.3m.
In Sharm El Sheikh, the Domina Coral Bay recorded occupancy of close to 85% at the end of June. The average nightly rate rose markedly, and TRevPAR (total revenue per available room) reached €105.0 as at 30 June 2026, compared with €101.7 as at 31 December 2025. The group attributes this increase to the gradual refurbishment of rooms and the expansion of its services, notably the D Club.
In Milan, the Domina Milano Fiera benefited from exceptional demand during the Milan Cortina Winter Olympics in February. The group’s positioning as an owner-operator of resorts in Egypt and Italy, backed by a real estate business in the Baltic states, was detailed in LTH’s in-depth feature on Preatoni Group.
Baltic residential holds firm
The Real Estate Development division posted revenue of €26.1m, compared with €28.2m a year earlier, a decline of 7.6% attributable to product mix, in other words the type of homes sold. Margins held up: the division’s EBITDA edged up to €8.5m from €8.3m.
Revenue in this business depends on the pace of construction and the signing of deeds before the notary, as sales are only recognised upon transfer of ownership. The group is relying on its ongoing developments in Tallinn, Riga and Vilnius, as well as on its stock of homes available for sale.
Deleveraging continues
Gross financial debt fell by €6.8m over the half-year to €82.0m, while gross cash rose from €15.2m to €19.8m. Net financial debt therefore decreased by €11.4m to €62.2m, following a reduction of €11.7m over the full 2025 financial year.
Free cash flow reached €14.0m, compared with €12.4m a year earlier. Financing cash flows of €(11.1)m include a €1.6m distribution to shareholders paid on 21 September 2026 and €9.5m of net loan repayments, including interest. Equity attributable to the Group stands at €199.6m.
On 22 September 2026, Pro Kapital Grupp, the group’s Baltic real estate arm, announced the successful completion of a €10m bond issue. The proceeds are intended to refinance existing debt at a rate three points lower.
Spa, private beach and shopping arcade
In Sicily, the season got off to a good start at the Domina Zagarella, with strong summer occupancy. The group is launching two projects there: a private beach near the hotel and a 500 sq m spa at the heart of the resort, both due to open in 2027. The aim is to make the site more attractive and to extend its operating season.
At the Domina Coral Bay, bookings remain high going into the peak tourist season. Investment is continuing, both in room refurbishment and in new services. The Mastaba project, a complex of 36 shops, is due to be delivered in 2026.
On the residential side, the Borgo project in Vilnius is scheduled for launch in the second half of 2026. It will comprise 50 high-end apartments in a historic building in the Old Town.
The group says it is confident about the second half of the financial year. For 2026, it expects an increase in annual revenue and an EBITDA margin above 20%, barring major geopolitical disruption.
The founding family strengthens its presence on the Management Board
Alongside the results, Preatoni Group is changing its governance. The initiative comes from Ernesto Preatoni, principal shareholder and Chairman of the Supervisory Board, who wishes to strengthen the founding family’s involvement in strategy and to give his sons broader responsibilities within the Management Board.
In this context, Patrick Werner, Chairman of the Management Board, has tendered his resignation, effective 16 October 2026. Meeting on 25 September, the Supervisory Board acknowledged his resignation and appointed Oscar Crameri, already a member of the Management Board, as its Chairman. According to the group, he has an in-depth knowledge of the company, its businesses and its challenges.
Eugenio Preatoni and Edoardo Preatoni, who respectively head the Hospitality/Tourism and Real Estate Development divisions, will join the Management Board on 16 October. The board will then comprise Oscar Crameri, Chief Financial Officer Patrick Giffaux, Edoardo Preatoni and Eugenio Preatoni.
Ernesto Preatoni thanked Patrick Werner for his commitment and for the work accomplished during his term of office, notably in supporting the stock market listing and structuring the company. He added that he had full confidence in Oscar Crameri to pursue the Group’s strategic direction.
For his part, Oscar Crameri said he was very pleased to take on the leadership of Preatoni Group. He intends to build fully on the work undertaken by the Management Board, maintaining the current momentum while pursuing the group’s long-term ambition for growth and profitability.
Founded by Ernesto Preatoni, the eponymous group, headquartered in France, owns and operates tourist resorts, mainly in Egypt and Italy, and develops housing in the Baltic states. It employs more than 1,500 people worldwide.
At a glance by The Hospitality Tribune
Preatoni Group – H1 2026 results and board change
Revenue €51.5m (+1.2%), EBITDA €13.3m (+21.5%), EBITDA margin 25.8%
Hospitality & Tourism revenue up 12.2% to €25.4m, segment EBITDA up 40.1% to €4.3m
Domina Coral Bay (Sharm El Sheikh): c.85% occupancy, TRevPAR €105.0
Net debt down €11.4m to €62.2m, free cash flow €14.0m
Oscar Crameri named Chairman of the Management Board from 16 October 2026, founder’s sons join the board
