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

Caldea, Andorra's leading thermal spa, closed 2025 with record 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, the best since 2017, reflected over 420,000 spa entries generating €17.4 million, a 7% increase in average spend per visitor, club memberships topping 3,000 active members for €4.4 million, and an 11% rise in wellness services, treatments, dining, and retail approaching €4 million. Peak cash flow hit €7.5 million.

For 2026, management projects revenue of €26.35 million—a modest 3% increase across all business areas—though some estimates point toward €27 million. Cash flow is forecast at €7.38 million, with net profit at €2.75 million, lower than 2025 due to hotel launch expenses such as equipment purchases, staff recruitment and training, and a major marketing campaign. Director general Miguel Pedregal described the outlook as "prudent but positive" amid a challenging economic environment, softening European tourism demand, and a short winter season with fewer visitors. He noted the 39-room tower hotel, central to the €32 million Caldea Resort project spanning 2024-2026, will contribute minimally to revenue this year, with significant impact from 2027 onward.

Construction progresses on schedule, with architects set to deliver the 14-floor structure in early November ahead of the ski season. Weekly site meetings ensure timelines, as teams handle furnishing starting in August alongside glazing, air conditioning, electrical, and water upgrades. The building features north-side vehicle access, a stone-themed reception with lounges, three elevators, direct spa entry from the first floor, and private dining for around 80 guests. An LED lighting system will highlight the tower in Escaldes-Engordany's skyline. Pedregal termed the work a "complex challenge" involving full facade renewal and infrastructure modernizations.

The former Orígens area awaits renovation for those aged 16 and over, including an immersive lagoon and aquatic bar on the panoramic terrace, hammam upgrades, refreshed pool and sauna finishes, expanded relaxation zones, and additional treatment rooms.

To drive growth, Caldea is upskilling staff, recruiting hotel specialists, optimizing operations, and implementing new management systems. Long-term targets include revenue exceeding €30 million by 2028 and €32 million by 2030, cash flow above €9.6 million in 2028 and €10.5 million in 2030, and net profit reaching €5.25 million in 2028 before surpassing €6.4 million by 2030. Hotel integration aims to control costs and lift margins.

Shareholders approved a revised dividend policy capping payouts at 50% of net profit, subject to positive cash flow, a Net Debt/EBITDA ratio of 3 or lower, and debt service coverage above 1.3. This yields €37 per share for 2025—up from €16.5 the prior year and €15 in 2024—for a total distribution of nearly €1.8 million across 48,924 shares. Escaldes-Engordany, holding a 25% stake worth 12,231 shares, will receive €452,547. Mayor Rosa Gili, who chairs Semtee's board, called the approach "thoughtful, reasonable, and responsible," balancing returns with investment security and addressing past shareholder concerns without risking financial stability.

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