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

Caldea, Andorra's leading thermal spa, reported record 2025 revenue of €25.3 million and net profit of €3.67 million—more than double the prior year's results—presented at Semtee's annual general meeting. The figures, the strongest since 2017, stemmed from over 420,000 spa entries yielding €17.4 million, alongside a 7% rise in average spend, club memberships exceeding 3,000 active members for €4.4 million, and an 11% increase in wellness services, treatments, dining, and retail nearing €4 million. Peak cash flow reached €7.5 million.

For 2026, executives forecast revenue of €26.35 million—a roughly 3% rise across all business lines—though some projections suggest figures closer to €27 million. Cash flow is expected at €7.38 million and net profit at €2.75 million, down from 2025 due to hotel launch costs including staff recruitment and training, equipment purchases, and a major marketing push. Director general Miguel Pedregal described the outlook as "prudent but positive" given a complex economic backdrop, moderating European tourism demand, and a short winter season with reduced visitors. He emphasized that the 39-room tower hotel, part of the €32 million Caldea Resort initiative spanning 2024-2026, will have negligible revenue effects this year, with meaningful contributions starting in 2027.

Work on the hotel remains on track, with architects due to hand over the 14-floor building in early November. Furnishing and decor will start in August, running alongside glazing upgrades, air conditioning, electrical, and water systems. The structure offers north-side vehicle access, a stone-inspired reception with lounge areas, three dedicated elevators, direct first-floor spa access, and private dining for about 80 guests. An LED system will illuminate the tower, enhancing Escaldes-Engordany's skyline. Pedregal called the project a "complex challenge" involving full facade renewal and infrastructure overhauls, with weekly site meetings ensuring the November opening ahead of the ski season.

The former Orígens spa faces renovation for visitors aged 16 and over, featuring an immersive lagoon and aquatic bar on the panoramic terrace site, a complete hammam refresh, updated pool and sauna materials, expanded relaxation areas, and new treatment rooms.

To support expansion, Caldea is training existing staff, hiring hotel experts, streamlining cross-unit procedures, and deploying advanced management tools. Long-range plans target revenue above €30 million in 2028 and €32 million by 2030, cash flow surpassing €9.6 million in 2028 and €10.5 million in 2030, and net profit at €5.25 million in 2028, climbing beyond €6.4 million by 2030. Hotel synergies should curb cost growth and boost profitability.

Shareholders endorsed a new dividend policy limiting payouts to 50% of net results, contingent on positive cash flow, a Net Debt/EBITDA ratio of 3 or below, and debt service coverage over 1.3. This delivers €37 per share for 2025—up from €16.5 in the prior year and €15 in 2024—prioritizing stability alongside returns. Escaldes-Engordany mayor Rosa Gili, holding the commune's 25% stake and chairing Semtee's board, praised the formula as "thoughtful, reasonable, and responsible," safeguarding ongoing investments.

The balneary spa reopens Saturday after maintenance, with Pedregal aiming for a robust summer.