Kaleon: Revenue up 14% in first half, net profit down by a third
Kaleon published its consolidated financial report on 30 September 2026 for the half-year ended 30 June 2026. The manager of heritage sites on Lake Maggiore (Borromean Islands, Rocca di Angera, Mottarone Park) posted revenue growth, while its profit aggregates declined.
The group linked to the Borromeo family attributes this trend to expenses incurred for the launch of new activities and its transition to listed company status.
Revenue up to €12.3M, EBITDA and net profit decline
The group's consolidated revenue for the first half of 2026 reached €12.3 million, up 14.0% compared to €10.8 million in the first half of 2025. The group noted that the main growth segments were ticketing (+11%), food and beverage (+39%) and retail (+36%), with all sites recording growth.
EBITDA stood at €2.6 million, down 9.2% from €2.9 million a year earlier. The EBITDA margin fell from 26.3% in the first half of 2025 to 21.0% in the first half of 2026, a decline of 5.3 percentage points.
Operating profit after non-recurring items reached €0.7 million, compared to €1.9 million in the first half of 2025. Net profit stood at €0.4 million, compared to €1.3 million a year earlier, a decline of 71.4%.
Costs of launching new activities and listing expenses
The decline in EBITDA is primarily attributed by the group to increased advertising spending and initiatives to attract visitors, approximately €0.2 million, as well as higher seasonal employment costs linked to the ramp-up of Castelli di Cannero and the new Lago Alto bar on Isola Bella.
Personnel costs also increased due to anticipated recruitment for the launch of new activities and reinforcement of the operational structure. Service costs also include advisory fees and expenses related to the new listed company status, approximately €0.3 million, not incurred in the comparative period.
Operating profit was further affected by an increase in depreciation allowances (+31.5% compared to the first half of 2025, representing €1.9 million), related to new investments and the full-year impact of amortization of IPO costs incurred in 2025. It should be noted that EBITDA on 30 June 2025 was normalized to exclude €0.5 million of non-recurring income.
Positive net cash position of €2.2M and new concession
The net financial position remained positive (net cash) at €2.2 million as of 30 June 2026, compared to €3.2 million as of 31 December 2025. This variation of approximately €1.0 million is mainly related to the acquisition of the stake in Lago Alto S.r.l., completed on 18 February 2026 for approximately €1.2 million. Cash flows from operating activities were positive at €2.5 million, compared to €2.9 million a year earlier.
During the half-year, the group was awarded, on 30 June 2026, a nine-year concession to manage Castello di Vogogna, presented as the first property held by a third party to be taken under management since listing on Euronext Growth Milan and Euronext Growth Paris.
For the full-year 2026, the group anticipates positive results, both in terms of visitor numbers and economic and financial performance, taking into account the contribution of July, August and September, which constitute its peak season, as well as the opening of the new Castello di Vogogna site and new food and beverage and seasonal rental activities.
