Tivat-based HTP Mimoza recorded a significant deterioration in first-half 2026 results, with sales revenue falling 61.8% year on year to €736,457. The company’s net loss widened 28.3% to €242,607, while its operating loss reached €242,517, almost twice the level recorded a year earlier. Operating cash flow also turned negative, moving from a €50,247 inflow in H1 2025 to a €123,263 outflow in the first six months of 2026.
At the end of the period, HTP Mimoza reported approximately €11.85 million in total assets, including €8.9 million in property, plant and equipment. Short-term liabilities increased 6.8% to €1.77 million. The company operates Hotel Pine, Hotel Kamelija and Park apartments in Tivat and is 89.83%-owned by Gorska. The results come despite Tivat’s strong position as a tourism and real-estate destination, supported by marina development, high-value property investment, international tourism and airport connectivity.
The company’s first-half figures are affected by Montenegro’s strong tourism seasonality, with a significant share of coastal hotel revenue typically generated during the summer months. However, the 61.8% decline in sales represents a substantial year-on-year deterioration. HTP Mimoza’s performance also highlights the difference between asset ownership and hotel operating results. While the company retains a sizeable property base, its first-half revenue and operating cash flow weakened considerably. Performance during the peak summer season will be important for determining the company’s full-year 2026 results.
