Leptos Calypso Hotels Public Limited recorded higher revenues and operating profits in 2025, with the group describing its performance for the year as particularly satisfactory, according to its annual financial report. 

The group’s revenues rose by €4.7 million, while company revenues increased by €4.15 million, helping operating profit climb by 54 per cent at group level and 81 per cent at company level. 

According to the report, the improvement was mainly driven by the group’s successful commercial policy and the continued upgrade of services across its hotel units. 

At the same time, the group reduced its borrowing by €6.36m, bringing total debt down to €46.79m from €53.16m a year earlier. As a result, the ratio of borrowing to total capital employed fell from 40 per cent to 32 per cent. 

Leptos Calypso Hotels said that, although the financial position, development and performance of both the group and the company are considered satisfactory, management continues to take the necessary steps to further improve results. 

The group’s earnings before interest, tax, depreciation and amortisation rose by 29 per cent to €10.94m, compared with €8.48m in 2024. The figure does not include the share of profit from Rosethorn Limited and Orchord Corporation Ltd, which are presented using the equity method. 

Profit before tax increased to €6.66m for the group, from €2.97m in 2024. For the company, profit before tax rose to €5.3m, compared with €1.7m the previous year. 

Meanwhile, profit after tax increased to €5.46m at group level, up from €3.25m in 2024. At company level, profit after tax rose to €4.47m, compared with €2.32m a year earlier. 

Looking at the wider operating environment, the group said Cyprus’ economy and particularly the tourism sector continue to be affected by the war in Ukraine, as well as recent developments in the Middle East, Israel and Iran. 

Tourism from Russia and Ukraine remained almost non-existent because of the lack of flights, while the wars in Ukraine, Israel and Iran have also affected energy prices, disrupted supply chains and contributed to inflationary pressures, higher raw material prices and increased borrowing costs. 

Leptos Calypso Hotels said the group and the company have successfully entered new markets, including France and Poland, with the 2025 results showing significant increases compared with 2024. 

Bookings from the British, French, Polish and German markets are also significantly higher compared with the same period last year, while online bookings have grown as a result of improved ratings on digital platforms and targeted online advertising. 

The group said it expects the increase in tourist flows from these markets to continue during the coming tourist season. 

At the same time, renovation work is continuing at the Coral Beach Hotel & Resort, Paphos Gardens and the Basilika Complex, as part of efforts to further improve service quality. 

The Panorama Hotel in Crete has completed its renovation, receiving a strong response from tour operators last year, with the group expecting similar interest both in the coming tourist season and in future years. 

The performance of Thalassa Coral Bay, which began operating in April 2024 after the renewal of its lease agreement until October 31, 2029, has also improved significantly. The report said the hotel is already benefiting from existing partnerships with tour operators from Poland and the Czech Republic for the coming years.

Leptos Calypso Hotels’ main activities are the ownership and management of hotels and tourist accommodation in Cyprus and Greece. 

The company manages the Coral Beach Hotel & Resort and Thalassa Coral Bay in Paphos. Coral Beach Hotel & Resort is a five-star hotel with 424 rooms and is fully privately owned, while Thalassa Coral Bay is a four-star hotel with 100 rooms, operating under a lease agreement valid until October 31, 2029. 

The group also holds a 50 per cent indirect stake in Karkavatsos & Co Tourism Enterprises S.A., through Fundacia Limited, which owns and manages the five-star Panorama Hotel in Chania, Crete, with 198 rooms. 

In addition, it holds a 50 per cent indirect stake in Mentzidakis & Co Tourism Enterprises S.A., through Iparen Limited, which owns properties in Chania suitable for the development of hotel and tourist facilities. 

The group’s 100 per cent subsidiary Vesta Tourist Management Limited rents and manages tourist accommodation in Paphos, while also managing restaurants at Neapolis University and Kamares Club, which are related entities. 

Leptos Calypso Hotels also holds 50 per cent in Rosethorn Limited, which owns beachfront land in Paphos currently under development, as well as 50 per cent in Orchord Corporation Ltd, which owns investments linked to land and hotel development projects in Chania, Crete. 

Orchord Corporation Ltd owns Orchord Corporations Properties S.E., which holds land adjacent to the Panorama Hotel for development, while its subsidiary Orchord Elia S.E. has been developing hotel and tourist facilities in Chania. The absorption of Orchord Elia by Orchord Corporations Properties was completed in 2025.