The Shareholders’ Meeting approved the annual financial statements for the fiscal year closed on October 31, 2025.
Specifically, HNH Hospitality – on a like-for-like basis with 2024 – recorded a total direct operations turnover of €117.34 million, up 3.5% compared to 2024. As of October 31, 2025, HNH’s EBITDA was €18.6 million, up 15.3% compared to 2024, when the EBITDA margin was 14.4%. Statutory EBITDA amounted to €7.5 million (€9.6 million in 2024), while statutory net profit reached €4.3 million. The statutory results for 2025 are compared with 2024 on a like-for-like basis, but in June 2025, the Hotel Leon d’Oro in Verona joined the portfolio through the subsidiary of the same name, which was merged by incorporation on November 1, 2025. Therefore, the properties managed in 2025 generated overall revenues of €121.2 million (+6.8% compared to 2024), corresponding to EBITDA of €17 million (up from €16.3 million in 2024) and net profit of €5.7 million.
With growth distributed evenly across all destinations and hotels, the evolution of Almar Resorts stands out in particular, benefiting from the investments that the company has made to strengthen the brand, supported by the continuous development of the leisure segment in Milan and the leap made by Gorizia, European Capital of Culture 2025.
In the year just ended, in addition to the entry of the Hotel Leon d’Oro, HNH’s development activities continued, particularly in 2025:
- a new hotel management agreement has been signed with SEA Milan Airports for the opening of DoubleTree by Hilton Milano Linate, the new four-star hotel (216 rooms) that will be built on the premises of Milan Linate Airport. The official opening is scheduled for the first half of 2028;
- Homy, the new concept dedicated to the extended stay segment, has made its debut. Homy Livia Verona is the first facility of its kind to open to the public, with 23 apartments located in the heart of the historic center, inside the elegant Palazzo Tedeschi;
- HNH Hospitality has confirmed its return to the city of Trento, where the Group has taken over the management of the Grand Hotel Trento (136 rooms), a historic symbol of hospitality in the city, marking a new phase of development and strategic growth for the prestigious hotel in the capital of Trentino.
“The 2025 results show balanced growth for the Group and a solid ability to generate value from the current operating structure. Revenues of €117 million represent the performance on a like-for-like basis and allow for a consistent comparison with the previous year, while the overall figure of €121 million also reflects the contribution of the Hotel Leon d’Oro, which joined the portfolio during the year”, commented Luca Boccato, CEO of di HNH Hospitality. “We are now engaged in a new phase, supported by a structured investment plan and development projects that allow us to look to the future with confidence: we estimate that we will reach €140 million in 2026, together with EBITDA which we expect will exceed €20 million for the first time, confirming the strengthening of the Group’s profitability and positioning in the medium to long term.”
