Caldea Reports Record €25.3M Revenue and €3.67M Profit for 2025

Caldea, Andorra's leading thermal spa, posted record 2025 revenue of €25.3 million and net profit of €3.67 million—more than double the previous year's figures—announced at Semtee's annual general meeting. The results marked the highest since 2017, with over 420,000 spa entries generating €17.4 million, club memberships surpassing 3,000 active members for €4.4 million in revenue, and an 11% rise in wellness services, treatments, dining, and retail approaching €4 million. Peak cash flow hit €7.5 million.

Executives project 2026 revenue at €26.35 million—a modest 3% increase across all areas—despite hotel launch expenses curbing cash flow to €7.38 million and net profit to €2.75 million. Some estimates point to figures nearing €27 million. Director general Miguel Pedregal called the outlook "prudent but positive" amid a challenging economic environment, moderating European tourism demand, and a short winter season with fewer visitors. He noted the 39-room tower hotel, set for an early November opening under the €32 million Caldea Resort project spanning 2024-2026, would have minimal revenue impact this year, with full effects from 2027 onward.

Construction remains on schedule, with architects handing over the 14-floor structure in early November. Furnishing and decor begin in August, alongside glazing replacements, air conditioning, electrical, and water systems. The hotel features north-side vehicle access, a stone-like reception with lounge seating, three exclusive elevators, direct first-floor spa entry, and private dining for around 80 guests. An LED lighting system will highlight the tower in Escaldes-Engordany's skyline.

The former Orígens spa is also due for overhaul, targeting visitors aged 16 and over, with an immersive lagoon and aquatic bar on the panoramic terrace site, a full hammam refresh, updated pool and sauna materials, expanded relaxation zones, and new treatment cabins.

To manage growth, Caldea is upskilling staff, recruiting hotel specialists, standardizing cross-unit processes, and implementing new management systems. Long-term forecasts include revenue exceeding €30 million in 2028 and €32 million by 2030, cash flow above €9.6 million in 2028 and €10.5 million in 2030, and net profit at €5.25 million in 2028 rising over €6.4 million by 2030. Hotel integration should generate synergies, limiting cost increases and enhancing returns.

Shareholders approved a revised dividend policy capping payouts at 50% of net results, subject to three financial criteria: positive cash flow, a Net Debt/EBITDA ratio of 3 or lower, and debt service coverage above 1.3. For 2025, this yields €37 per share—up from €16.5 the prior year and €15 in 2024—balancing returns with financial stability. Escaldes-Engordany mayor Rosa Gili, who holds the commune's 25% stake and chairs Semtee's board, described the approach as "thoughtful, reasonable, and responsible," ensuring investments continue uninterrupted.

The balneary spa reopens Saturday after maintenance, with leaders targeting a strong summer season.