The Costa Navarino group, formerly Messinia Tourism Enterprises (TEMES), recorded higher revenue but doubled its losses in 2025.
The group’s revenue from hospitality and other services reached €137.8m, up 12.9%. Adjusted revenue, which also includes property sales, totalled €190.4m, compared with €172.4m in 2024. Adjusted EBITDA rose to €28.3m from €24.2m.
But the picture reversed at the bottom line. The group posted a net loss after tax of €27.4m, up from €13m in the previous financial year.
Hotels and residences drive revenue growth
Revenue from accommodation rose to €82.5m from €74.7m. Food and beverage brought in €31.4m, compared with €27.1m, while other hospitality services generated €15.6m.
Four five-star hotels operate in Messinia: The Romanos, The Westin, W Costa Navarino and Mandarin Oriental. The Navarino Bay hotel complex was completed during the year. The group’s average headcount was 2,069, up from 1,780 in 2024.
Luxury home sales also performed strongly. Revenue from sales of properties under construction reached €43.3m, up from €30.6m. Companies’ cumulative advances from homebuyers stood at €144.3m, compared with €100.9m a year earlier. Overall, profit from property and services came to €16.7m, against €11.4m.
What drove the losses
The main explanation lies in the comparison with 2024, when results were boosted by one-off gains: €16m from debt refinancing, €4.4m from the sale of Azov Properties and €1.3m from the conversion of subsidiaries into a joint venture and an associate. In 2025, gains from refinancing fell to €1.1m.
As a result, the group’s financial income fell to €4.2m from €20.4m, while other operating income, which included the gain from Azov, declined to €5.2m from €8.6m. Financial expenses remained high at €25.8m, including €21.2m in loan interest.
Operating expenses also weighed on results. Administrative expenses surged to €22.7m from €15.5m, while property taxes rose 69% to €4.7m. Most of the increase related to Belt Riviera and Malt Riviera at Ellinikon, as well as Ioniki Hotel Enterprises. The group recorded an operating loss of €5.6m, compared with €1.9m.
Subsidiaries in the construction phase (Ioniki, Belt Riviera and Malt Riviera) posted losses of €12.3m, up from €7m in 2024. By contrast, the parent company, which houses the Messinia operations, returned to an operating profit of €2.1m from a loss of €5.7m. Its adjusted EBITDA rose to €23m from €13.2m, while its net loss was €12.3m.
€99m in investment and high debt
The group spent €99m on purchases of fixed assets in 2025, mainly for Navarino Bay, staff accommodation and the redevelopment of the former Hilton in Athens. The value of its property, plant and equipment rose to €966.2m, while total assets reached €1.31bn.
The group’s total borrowings stood at €645.1m. This included €605.1m in long-term bond loans and €40m in new short-term financing through an overdraft facility at Ioniki. Cash and cash equivalents totalled €62.5m, alongside securities worth €42.5m.
Cash flow from operating activities turned positive, reaching €13.6m, compared with an outflow of €34.8m. During the year, the group also received government grants of €26.3m for the Navarino Bay and Navarino Waterfront hotels.
ĒNSOFI and the new Costa Navarino
The 2025 figures describe a group that no longer exists in the same form. On 5 February 2026, a new parent holding company, ĒNSOFI S.A., was incorporated with share capital of €1.5bn. TEMES adopted the trading name Costa Navarino and is now focused exclusively on Messinia.
On 14 April 2026, a €140m reduction in share capital was approved. Of that amount, €133.9m was distributed in kind, through the transfer to the sole shareholder of stakes in eight companies:
- Ioniki Hotel Enterprises (The Ilisian, Conrad Athens)
- Malt Riviera and Belt Riviera (Ellinikon)
- Athens Beach Club, Sportsland, NYNN
- Nedonas Holdings and Temes Venture & Incubator Capital
The remaining €6m was returned in cash.
On 4 June, the general meeting approved a bond loan of up to €375m, part of which will refinance existing loans. Bonds totalling €200m have been issued to date. On 8 June, share capital was first increased by €15m through the capitalisation of the share premium reserve, then reduced by €190.1m on the same day, with cash returned to the sole shareholder.
Following these moves, Costa Navarino’s share capital fell to €102.4m from €417.5m.
The Ilisian in Athens and the investments along the coastal front at Ellinikon, which are being developed in partnership with Lamda Development, are moving to the ĒNSOFI group. Conrad Athens The Ilisian opened on 23 April 2026, while the NYNN members’ club and Onuki restaurant are already operating at the same property.
Costa Navarino retains its hotels, golf courses and land bank in Messinia. Its portfolio continues to include the real estate subsidiaries Costa Navarino North and South Properties, as well as the Panorama and Navarino Vineyards joint ventures, which is building a new winery.
Key group figures
| Metric (€m) | 2025 | 2024 |
|---|
| Revenue from contracts with customers | 137.8 | 122.0 |
| Adjusted revenue | 190.4 | 172.4 |
| Adjusted EBITDA | 28.3 | 24.2 |
| Operating result | -5.6 | -1.9 |
| Net result after tax | -27.4 | -13.0 |
| Investment in property, plant and equipment | 99.0 | 86.8 |
| Total borrowings | 645.1 | 588.1 |
| Cash and cash equivalents | 62.5 | 61.5 |
| Equity | 386.4 | 413.2 |