IMS confirmation of momentum is reassuring in the face of headwinds, notably the timing of Easter, significant renovations and the threat of terrorism. Encouragingly, a focus on room rate (+5% in Q1) rather than occupancy (-500 bps in Q1) should allow PPHE to mitigate cost pressures. Transformative investment, facilitated by further long-term re-financing, remains on track, as does the consolidation of its Croatian resort businesses (forecasts to be updated once financials are fully disclosed).
