Cyprus hospitality sector reports increased losses for first half of 2026

Louis plc and Agros Development Company (Proodos) reported widened financial losses for the first half of 2026, reflecting challenging conditions in the Cypriot tourism sector. Louis plc announced a net loss of €18.7 million, representing a 68% increase from the €11.1 million loss recorded in the same period of 2025. The group’s turnover declined by 9.2% to €44.8 million, while its EBITDA dropped by 72% to €1.4 million. Management attributed these results to reduced tourist traffic to Cyprus caused by geopolitical instability in the Middle East.

Separately, the Agros Development Company, operator of the Rodon Hotel, reported a net loss of €173,843 for the first half of 2026, a significant rise from the €39,922 loss in the corresponding period of 2025. While revenue remained nearly flat at approximately €1.5 million, the company faced higher operational costs, including increased energy prices, maintenance expenses, and a provision for 13th-month salaries. Both companies expressed caution regarding the remainder of the year, as the regional environment continues to impact operational performance and financial outlooks.