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- Turnover fell 9.2% to €44.80 million, compared with €49.30 million in the same period of 2025.
- The company blamed weaker tourist traffic to Cyprus on geopolitical developments and uncertainty in the wider Middle East.
- EBITDA dropped to €1.40 million from €5.10 million, while the operating profit margin fell from 10.3% to 3.2%.
- Louis plc said it expects full-year 2026 results to be lower than the previous year.
Louis plc’s net loss widened significantly in the first half of 2026, with the hotel and tourism group blaming weaker tourist traffic to Cyprus amid geopolitical developments and uncertainty in the wider Middle East.
Louis plc losses rise 68%
The company’s net loss after tax attributable to shareholders reached €18.70 million in the six months to June 30, up €7.60 million, or 68 per cent, from €11.10 million in the same period of 2025.
Turnover also declined, falling by €4.50 million, or 9.2 per cent, to €44.80 million from €49.30 million a year earlier.
Louis plc attributed the decline mainly to reduced tourist traffic to Cyprus, which it said had been affected by geopolitical developments and increased uncertainty in the wider Middle East.
Operating profitability falls sharply
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to €1.40 million from €5.10 million in the first half of 2025.
This represented a decline of €3.70 million, or 72 per cent. The group’s operating profit margin also fell from 10.3 per cent to 3.2 per cent.
Louis plc said changes in operating expenses and staff costs were mainly linked to the decline in group turnover.
The company said the war in the Middle East had negatively affected tourist flows to Cyprus, with the impact reflected in its first-half financial results.
“Taking into account the current circumstances, we expect the final results of 2026 to be lower than those of the previous year,” the company said.
Hotels and tourism remain core activities
During the first half of the year, Louis plc continued its main activities of owning, operating and managing hotels and restaurants in Cyprus and Greece.
The group also remained active in the purchase and disposal of movable and immovable property, while providing financial facilities to companies within the group and associated companies.
The six-month financial statements were unaudited. The board approved the condensed consolidated interim financial statements and interim management report at a meeting on September 21.
The accounts were prepared under International Accounting Standard 34 on interim financial reporting and presented in euros.
Louis plc said it had followed the same accounting policies applied in its audited consolidated financial statements for the year ended December 31, 2025, apart from new and revised International Financial Reporting Standards adopted by the EU and applicable from January 1, 2026.
The changes did not have a material effect on the group’s interim financial statements, according to the company.
The interim statements had not been audited by Louis plc’s independent external auditors.
Sustainability reporting
Louis plc also outlined its approach to environmental, social and governance (ESG) reporting, saying it was investing in sustainability reporting and meeting its disclosure obligations.
The group said transparency was central to its approach to corporate sustainability and highlighted its annual non-financial information report.
The report covers corporate disclosures relating to sustainability and environmental, social and governance matters.
Louis plc also referred to the EU Taxonomy, which provides a classification system for economic activities considered environmentally sustainable under EU rules.
The company said expanded reporting would support greater corporate transparency under the EU Taxonomy.
It added that the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards (ESRS) would support the further integration of the EU Taxonomy into its business strategy, systems, investment processes and lending activities.
Mandatory non-financial disclosures for 2026 are due to be published in the group’s non-financial information report in 2027.
Risks and annual general meeting
Louis plc identified credit risk, interest rate risk, liquidity risk and tourism-related risks among its main risks.
The company said details of these risks, the uncertainties facing the group and how they were monitored and managed were set out in note 22 of its interim consolidated financial statements.
Related-party transactions were covered in note 19, while significant events after the reporting period were described in note 25.
The board also decided that the company’s annual general meeting will take place on November 11, 2026, at 11am at Hilton Nicosia.
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