Financial results: record year for SBM
Stéphane Valéri at a press conference in the One Monte-Carlo amphitheatre on 28 May © SBM
The Société des Bains de Mer continues its financial growth, announcing historic financial results for the 2024 – 2025 financial year.
Speaking in the amphitheatre at One Monte-Carlo on Wednesday 28 May, Stéphane Valeri, Chairman and CEO of SBM, welcomed the strategy that had been adopted for the 2024 – 2025 financial year, which ended on 31 March. With a turnover of €768 million, the Group enjoyed growth of 9%. “This increase can be explained by strong activity at the Resort during the summer season and the end-of-year festivities, and by our particular dynamic hospitality offering,” said Stéphane Valeri.
Hospitality in excellent shape
Boosted by the opening of the Amazónico restaurant at the beginning of April and the reopening of the Café de Paris brasserie at the end of 2023, the hospitality sector is the biggest contributor to turnover, with 399.9 million euros, an increase of 16%. This performance can be explained by two factors: a higher occupancy rate and higher average hotel prices over the summer season.
Stéphane Valeri revealed a number of significant details about this upswing: “The average room rate reached €800 per night over the financial year, across all seasons and all hotels. It’s the highest we’ve ever had at SBM.” He also believes there is room for manoeuvre on the pricing strategy: “When I look at the prices charged in Courchevel, Paris, London, Rome or New York, we’re not that expensive, we still have room for improvement.”
Restaurants: successful, but a financial challenge
Paradoxically, although restaurant turnover made the biggest contribution to growth in the hospitality segment (+24%), it remains the Group’s least profitable sector. This situation can be explained by the company’s social model: “Often, over fifty per cent of turnover goes on payroll, to pay our employees well, so we don’t make any money, in fact we lose money overall on the restaurant business.”
But the important thing to retain, is that the year represented a symbolic milestone with the number of diners served by SBM topping the one million mark, a testament to the growing appeal of Monegasque fine dining.
Ten Michelin stars: culinary consecration
The resort’s culinary excellence was also rewarded with three new Michelin stars, bringing the total number for the high-end dining establishments to 10. L’Abysse Monte-Carlo stood out in particular, winning two stars at the same time, while Elsa at Monte-Carlo Beach was awarded one star with chef Marcel Ravin at the helm.
Real estate, the Group’s powerhouse
The rental sector also confirmed its position as a growth driver, with an increase of 11% to €149.9 million. This performance is underpinned by the gradual letting of the new retail space at the renovated Café de Paris complex, and a vacancy rate of almost zero.
Ambitious investments for the future
The Group continued its investment programme, disbursing €101.6 million over the year, in particular to begin the total refurbishment programme for the rooms at the Hôtel Hermitage in the Monte-Carlo Bay Hotel & Resort.
“Innovation and development, particularly in the Principality, obviously remain our priority,” says Stéphane Valeri, referring to forthcoming openings, including Cédric Grolet boutiques at the Hôtel de Paris from the beginning of July.
Financially robust
At 31 March 2025, the SBM. Group had a net cash position of €186.3 million, compared with €68.9 million a year earlier. The improvement speaks again to the Monegasque group’s robust business model.
Consolidated net profit came to 110.1 million euros, compared with 103.9 million the previous year, confirming the company’s upward trajectory despite the economic challenges. This was particularly true of the gaming business (turnover of 215.5 million euros, down 3%), where slight volume growth was not impeded by the application of the new compliance rules.
The Courchevel project
Building on this performance, SBM is continuing its international development with the Alpine expansion project in Courchevel. “The necessary planning permission applications have been accepted. We have been granted 6,000 square metres in addition to the initial 8,000 square metres. This brings the total surface area, and the elevation of the three chalets, to 14,000 square metres, said Stéphane Valéri, with enthusiasm. “We are keen to implement systems for preserving heat and improving energy efficiency. The project is scheduled for completion in December 2027.” A boon in view of the Winter Olympics to be held in there in 2030.