Andorra Ski Operator Setap365 Posts €1.19M Loss Despite Revenue Rise

Setap365, the holding company managing Andorra's ski operations, reported a net loss of €1.19 million for the 2024-2025 season, covering May 2024 to April 2025, despite improved revenues and a positive operating result.

The deficit marks the third consecutive year of losses for the unified entity, though it improved from €4.46 million the previous season. Revenues rose 13% to €83.9 million, including €75 million from core business and €8.6 million in other operating income. Expenses increased 8% to €73.1 million, with provisions up 4%. Ensisa, operating Canillo, Soldeu, and El Tarter stations, delivered €5 million in profits, while EMAP, handling Pal and Arinsal in La Massana parish, recorded losses of €3.4 million. Operating profit stood at €2.17 million, but financial results dragged it down, including a €3.37 million hit from asset impairments at the La Massana stations.

Canillo's mayor, Jordi Alcobé, urged persistence during Tuesday's parish council session, where the figures were presented. "We must not throw in the towel," he said, calling for collective efforts to make the integration "an economic and financial success." He described the past three years as atypical, citing poor snow in the first two and high personnel and energy costs this season amid a prolonged winter with low-revenue weeks. Alcobé highlighted gains in tourist appeal and marketing, pushing for cost efficiencies and higher ski pass sales to boost margins. He expressed optimism for the current season, noting early openings around the Immaculate Conception and strong Christmas prospects.

The integration, formed post-pandemic with Crèdit Andorrà's involvement in La Massana operations, has not met initial business plan targets, sources note, amid rising complexities from climate change and staffing adjustments, particularly at EMAP. Canillo and La Massana councils, as shareholders, reviewed the results this week.

Canillo council also approved changes to Ensisa's financing. Previously backed by mortgages on concession assets, five loans will now use direct guarantees from partners—the parish and Creand—totaling around €24 million for Canillo. Per Canillo's deputy consul Marc Casal, this follows Autoritat Financera Andorrana recommendations and will not affect parish debt levels.