The TEMES Group, led by Achilleas Konstantakopoulos, remains on a trajectory of dynamic growth, as the 2024 financial results reflect a strong increase across its hospitality, leisure, and real estate activities in Costa Navarino and Athens. At the same time, the Group is executing the most extensive investment program in its history, with simultaneous large-scale developments: the new multi-faceted destination The Ilisian in central Athens, hotel and residential projects on the coastal front of The Ellinikon, new winemaking initiatives in Messinia, and the redevelopment of Pylos Marina.
Strong Revenue Growth – Positive Performance Across Core Activities
According to audited financial data, the Group recorded:
- Revenues of €133.4 million in 2024, compared to €112.9 million in 2023
- Gross profit of €36.1 million, up from €30.2 million
- Improved operating profitability, with operating profits of €5.6 million (versus €3.4 million)
This strong performance is linked to:
- Higher occupancy and improved rates at Costa Navarino hotels
- Significant contribution from vacation home and investment property sales
- Increased leisure and golf activity, now operating with an extended season
Meanwhile, the Group recorded a substantial increase in adjusted revenues, reaching €172.4 million (+23% year-on-year). At the company level, the corresponding figures were €162.4 million, marking a 20% rise.
Profitability and Investment Cycle
The published financial results reflect once again the impact of the intensive investment program. Group Adjusted EBITDA slightly decreased to €22.3 million (from €25.4 million), reflecting:
Losses from units under development (Ionian Hotels, Belt Riviera, Malt Riviera)
Expenses associated with large-scale ongoing projects
The parent company recorded Adjusted EBITDA of €13.2 million (from €22.3 million), a difference reflecting the absence of land sales from real estate subsidiaries in corporate results.
At the same time, net debt reflects the phase of major investments, with financial expenses for the Group amounting to €36.7 million. The final net result after taxes was -€13.7 million, compared to -€29.6 million in 2023, showing a significant improvement.
Costa Navarino: An Integrated Destination in Continuous Expansion
Costa Navarino remains the core of the Group’s activity and one of the most complete tourist destinations in the Mediterranean, featuring:
- Four five-star hotels
- Four international-level golf courses
- High-end residences
- Expanding hospitality and leisure zones
In 2024, the rental of vacation homes began, broadening the operational model and attracting new segments of the international luxury tourism market.
The Ilisian: Return of Ionian Hotels and Introduction of Conrad & Waldorf Astoria in Athens
The transformation of the historic Ionian complex in central Athens into a new internationally recognized destination, The Ilisian, is in full progress.
The project includes:
- Hotel operated by Conrad Hotels & Resorts
- Branded residences: Conrad Residences & Waldorf Astoria Residences
- Private club House of NYNN
- Wellness, dining, entertainment, and retail spaces
Partial operations began in 2025, marking one of the most significant hotel investments in Athens over the past 20 years.
New Development Front: The Ellinikon
TEMES’ participation in two companies (Belt Riviera and Malt Riviera) in partnership with Lamda Development paves the way for:
- Two new five-star luxury hotels
- Branded residences
- Hospitality and leisure infrastructure on the Athens Riviera coastal front
The Ellinikon is evolving into a new pillar of TEMES’ expansion beyond Messinia.
Wine Tourism and New Investments in Messinia
A strategic alliance with Premia Properties and participation by Hellenic Wineries S.A. is leading to the creation of a modern winery, Navarino Vineyards. The project enhances the gastronomic and wine profile of Costa Navarino, with a planned production capacity exceeding 300,000 bottles annually.
Additionally, the Group invests in:
- Upgrading Pylos Marina (40-year concession)
- Expanding golf facilities
- Further environmental actions and infrastructure projects
Leadership in Sustainability: 77% Emissions Reduction
TEMES has long been a sustainability case study in the Mediterranean. In 2024, it recorded:
- 77% reduction in operational emissions compared to 2019
- 185,000 m³ of water recycled and reused
- 72% reduction in single-use plastics
- Expansion of the largest European olive tree replanting program
A strategic decarbonization plan is also underway, aiming for net-zero by 2050, with an interim goal of 100% renewable electricity by 2030.
Extensive Corporate Restructuring and Moves
2024 and early 2025 were marked by corporate actions, capital increases and decreases, new company participations, and subsidiary transfers, strengthening the Group’s structure ahead of major projects.
Notable developments include:
- Sale of participation in Azov Properties (€4.4 million gain)
- Establishment of NYNN Single-Member S.A. for member clubs
- Capital movements in joint ventures and real estate subsidiaries
- Capital contributions to Ellinikon projects
Outlook: Strengthening Figures and Expanding Portfolio
The Group anticipates in the coming years:
- Higher average room rates and occupancy
- Operation of more facilities on a 12-month basis
- Increased residential sales
- Cross-selling opportunities between Costa Navarino, The Ilisian, Ellinikon, and the new wine tourism infrastructure
TEMES thus enters a new development phase, with 2024 financial results confirming significant revenue growth, strong operational resilience, and prospects for further profitability enhancement, despite the heavy investment phase.
