The Azur Selection: EBITDA up 2.7-fold in the first half of 2026, net loss reduced to €37k
The Greek hotel group listed on Euronext Access+ Paris published its half-year accounts on 29 October 2026, showing revenue growth accompanied by a decline in administrative expenses.
Its revenue rose 30.4% to €3,145k, while administrative expenses excluding construction and development fell to €886k, compared with €1,190k a year earlier.
This combination explains why EBITDA, which reached €1,018k, grew much faster than revenue. However, the half-year only partially reflects the summer season, during which the group's hotel assets generate, according to the company, a significant share of their revenue.
Revenue up 30.4%, driven by hotel operations and construction
In the first half of 2026, The Azur Selection recorded revenue of €3,145k, compared with €2,411k over the same period of 2025. The hotel business, the group's main source of revenue, saw its revenue grow 20.4% to €2,098k.
Construction and development activities contributed €389k, a contribution the company presents as a reflection of the increased diversification of its services. Rental income remained virtually stable, at €658k compared with €668k in the first half of 2025.
The growth in the half-year thus rests on two drivers, hotel operations and construction, while the rental segment did not contribute to the increase in revenue.
EBITDA of €1,018k, supported by lower administrative expenses
EBITDA reached €1,018k, compared with €372k a year earlier, an increase of 173.5%, significantly higher than the growth in revenue. The company attributes this improvement to the growth in activity and the decrease in administrative expenses excluding construction and development costs.
These expenses fell to €886k, compared with €1,190k in the first half of 2025. The mechanism is typical for a group whose part of its costs does not mechanically follow the level of activity: rising revenue combined with a reduced administrative cost base translates into a faster increase in EBITDA.
At the net income level, the consolidated loss narrowed to €37k, compared with €673k in the first half of 2025. According to the company, this level brings the group closer to its break-even point.
Cash position rises to €444k, supported by higher operating cash flows
Operating cash flow before tax reached €1,280k, compared with €1,078k in the first half of 2025. After tax, operating cash flows amounted to €1,211k, compared with €993k a year earlier.
Cash and cash equivalents stood at €444k as of 30 June 2026, compared with €51k as of 31 December 2025. Management indicates that it remains focused on cost control, the collection of receivables and the management of working capital requirements.
The group points out that its hotel assets generate a significant share of their revenue during the summer season, which is not yet fully reflected in the half-year accounts. The most structuring element of the publication remains the increase in EBITDA to €1,018k, compared with €372k, which reduced the net half-year loss to €37k.
