European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent academic observatory making Europe’s listed growth companies visible.

Francesco Castellaneta, Full Professor of Strategy, SKEMA Business School · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank90

Croatia · Consumer Cyc.

Valamar Riviera

Hospitality operator with hotels, resorts and camping properties in Adriatic destinations and Austria.

+43%revenue growth
FY2022–FY2025
+125%net-income growth
FY2022–FY2025
+82%stock return
FY2022–FY2025
+39%2026 stock return
current context only

Company profile

Hospitality brands, destination infrastructure and year-round resorts

Valamar Riviera develops and operates hotels, resorts and campsites across Croatian Adriatic destinations and the Austrian Alps. Its model joins property investment with distinct consumer brands, direct distribution, food, entertainment, sport and local experiences. Flagship projects such as Pical also add promenades, beaches, pools and event infrastructure intended to strengthen the surrounding destination.

Brand architecture

Five propositions range from lifestyle hotels to glamping

Valamar Collection is the destination-shaped premium tier; Valamar Hotels & Resorts covers broad full-service stays. [PLACES] adds flexible dining, digital services and a social lifestyle format, while Sunny targets simpler value-led beachfront holidays. Valamar Camping stretches from pitches to camping homes, villas and glamping tents, often organised around pools, piazzas and family facilities.

Family and guest experience

Pical turns the Maro concept into a destination-sized product

At Pical Resort, all-day supervised Maro clubs sit beside science, art, cooking and sports academies. SpacePark takes its theme from the nearby Visnjan Observatory; JumpOn adds a two-level 400-square-metre trampoline zone and PlayLand spans more than 1,200 square metres. The wider resort combines family and V Level accommodation with restaurants, beaches, pools, wellness, sport and an event centre.

Footprint and investment

Adriatic islands meet an Alpine winter season

The portfolio runs through Istria, Dubrovnik and the islands of Krk, Rab and Hvar, with an Alpine base in Obertauern. Valamar's 2025 report records 1.2 million guests and 6.5 million overnight stays. Pical, a project worth more than EUR 200 million, opened in March 2026 to support premium year-round tourism; Arba Resort on Rab had opened in 2025 as another family-led repositioning.

Destination and sustainability

The value chain extends beyond the room

Valamar describes an integrated chain spanning asset development, maintenance, operations, direct sales and destination partnerships. Guest pages make the last step visible through Istrian wine, truffle, cycling, sailing and heritage experiences. The environmental layer includes renewable electricity, on-site solar generation, certified properties and stewardship of more than 80,000 trees, alongside local-supplier and community programmes.

Current 2026 update

What has changed in 2026?

Q1 2026 · 30 April 2026

Q1 2026latest official update
4company-specific highlights
+39%2026 stock return · context only

Operating revenue

Q1 operating revenue increased 13.8% to EUR 19.9 million.

Q1 2026 · EUR 19.9m · +13.8%

Overnight stays

Group overnight stays increased 20.3% to 148,000 in Q1.

Q1 2026 · 148,000 overnight stays · +20.3%

Adjusted EBITDA

The Q1 adjusted EBITDA loss widened to EUR 27.9 million from EUR 20.9 million amid seasonal pre-opening and labour costs.

Q1 2026 · EUR -27.9m · -33.8%

Booking trends

Valamar said current booking trends indicated stable interest in its capacity despite geopolitical risks and pressure on demand.

Q1 2026

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202590+43%+125%+82%