Adris

What Adris does

Adris grupa d.d. is a Croatian publicly traded diversified holding company headquartered in Rovinj that operates four wholly-owned operating subsidiaries: Maistra (tourism and hotels/resorts concentrated in Istria), Croatia osiguranje (general and life insurance, the oldest insurer in Croatia founded 1884), Cromaris (Adriatic white-fish aquaculture and seafood processing, positioned as a leading Croatian fish exporter), and Abilia (group real estate). The company traces its origin to Tvornica duhana Rovinj (TDR, founded circa 1890), was restructured into its current holding form in 2004, and divested its original tobacco operations to anchor the group around tourism, insurance and healthy food. Shares are listed on the Zagreb Stock Exchange under the ticker ADRS and are constituents of the CROBEX and CROBEX10 indices, with 16,400,000 shares outstanding and a paid-in share capital of HRK 164,000,000. The group employs 5,001-10,000 people across operations that are predominantly domestic in Croatia.

Each subsidiary operates as an independent business unit with its own president of the management board (Maistra: Tomislav Popović; Croatia osiguranje: Davor Tomašković; Cromaris: Ante Šarić), and the group functions as a sales-led holding with B2C and B2B distribution across all four segments. Maistra sells accommodation through owned luxury and upper-midscale hotel assets in Croatia. Croatia osiguranje distributes insurance through direct sales and agent networks. Cromaris distributes fish and seafood to retailers, restaurants and export markets. Abilia holds and manages group real estate. Group-level corporate communications, investor relations and CSR (Zaklada Adris foundation, est. 2007; Galerija Adris, est. 2001) sit at the parent level.

Group revenue is generated substantially within Croatia; geographic and currency exposure is therefore dominated by the Croatian kuna/euro area. FY2025 disclosed consolidated revenue is EUR 1.2 billion (+11% YoY), with revenue from goods and services of EUR 1.1 billion (+12%), consolidated EBITDA of EUR 218 million (+18%), net profit of EUR 105 million (+21%), and net profit after minority interests of EUR 80 million (+20%). Over 2021-2025 cumulative revenue grew 63%, operating profit 61%, and net profit 97%. The group maintains a 0.9x debt-to-EBITDA ratio while executing an ongoing three-year investment cycle worth nearly EUR 500 million, as part of EUR 625 million invested 2021-2025; dividends paid over the same five-year window exceeded EUR 180 million, and shares appreciated roughly 120%. FY2026 dividend of EUR 3.12 per share was approved for payment on 7 July 2026.

Name

Adris

Legal name

Adris grupa d.d.

Website

https://adris.hr

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Adris grupa d.d. is a Croatian publicly listed holding company operating four subsidiaries — Maistra (tourism), Croatia osiguranje (insurance), Cromaris (seafood and aquaculture), and Abilia (real estate) — serving predominantly domestic Croatian consumers and businesses through independently managed operating units.

Ownership category

akta.pro rank

Headquarters

HQ city

Rovinj

HQ country

Croatia

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Supply Chain, Infrastructure, Technology or R&D

Revenue model

1. Tourism (Maistra): Maistra operates hotels and resorts in the Croatian tourism market, generating revenue from hospitality services including accommodation, dining, and leisure activities.
2. Insurance (Croatia osiguranje): Croatia osiguranje, Croatia's oldest insurance company founded in 1884, provides insurance services generating premium revenue.
3. Seafood/Aquaculture (Cromaris): Cromaris is a leading Croatian Adriatic fish exporter and seafood producer, generating revenue from product sales.
4. Real Estate (Abilia): Abilia manages real estate operations within the Adris group portfolio.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Adris is a Croatian diversified holding company that owns and manages subsidiaries across tourism and hospitality (Maistra hotels, resorts, and campgrounds), insurance (Croatia osiguranje), aquaculture and seafood (Cromaris), and real estate (Abilia). The group consolidates these operations under a single corporate structure, generating revenue primarily through room nights, insurance premiums, fish sales, and property activities.

Product overview

Adris grupa d.d. is a diversified Croatian holding company headquartered in Rovinj, originally evolved from TDR (Tobacco Factory Rovinj). The company operates as a multi-industry platform comprising four distinct business segments: tourism (Maistra), insurance (Croatia osiguranje), healthy food/seafood (Cromaris), and real estate (Abilia). Each subsidiary functions as an independent business unit contributing to the group's consolidated revenues, with the group maintaining a focus on investment management and portfolio optimization across these sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Maistra hotels, resorts, and campgrounds Maistra is a collection of hotels, resorts, and campgrounds in Istria, Croatia, offering accommodation, food and beverage, spa, and destination experiences to leisure travelers from Croatia and broader European source markets.
• Croatia osiguranje insurance Croatia osiguranje provides motor, property, life, health, and liability insurance to individual consumers and corporate clients across Croatia, distributed through direct branches, tied agents, brokers, and corporate accounts.
• Cromaris aquaculture and seafood Cromaris farms, processes, and distributes sea bass, sea bream, and other Mediterranean species from its vertically integrated Croatian operations to European wholesale, retail, and HoReCa buyers.
• Abilia real estate Abilia develops, sells, and leases residential and commercial property in Istria and the wider Croatian coastal market, serving individual buyers, investors, and commercial tenants.

Quantifiable outcome

• Revenue growth of 63% from 2021-2025
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• MaistracoreOthersMaistra is Adris Group's subsidiary in the tourism segment, operating hotels and resorts in the Croatian luxury tourism market.

Scale indicators16 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Mowi ASA: World's largest Atlantic salmon farmer and major seafood producer; comparable to Cromaris as a vertically integrated aquaculture operator with international seafood distribution, providing a public benchmark for aquaculture economics and growth capacity.
• Allianz Group: Global insurance and asset management leader with Croatian subsidiaries; offers a comparable scale benchmark for Croatia osiguranje's premium growth, investment-income strategy, and capital adequacy expectations.
• UNIQA Insurance Group: Austrian-headquartered insurer with material Croatian and CEE presence; comparable to Croatia osiguranje as a regional insurance competitor operating in the same regulatory and customer environment.
• Generali Group: One of the largest global insurance groups with established Croatian and CEE operations; serves as an indirect comparable for Croatia osiguranje's domestic insurance market dynamics, premium scale, and capital requirements.

Direct peers

• Istraturist: Croatian hotel and tourism company operating resorts in Umag and across Istria; directly competes with Maistra in the same Istrian luxury and family-resort segment under shared Adriatic seasonality and guest profile.
• Atlantic Grupa: Croatian publicly listed diversified holding with food, retail, and distribution operations across CEE; comparable to Adris as a Zagreb Stock Exchange-listed multi-vertical Croatian group pursuing international expansion from a domestic platform.
• Podravka: Major Croatian food manufacturer and exporter with a diversified branded-foods portfolio; comparable to Adris as a publicly listed Croatian group with consumer-food and international distribution businesses overlapping Cromaris's export orientation.
• Valamar Riviera: Croatia's largest tourism company, operating hotels and resorts across the Adriatic including the Istria region where Adris's Maistra operates; directly competes with Maistra for premium guests, properties, and expansion sites within Croatia's coastal hospitality market.
• HUP-Zagreb: Croatian holding and real estate group with diversified operations and Zagreb Stock Exchange listing; comparable to Adris as a domestic multi-asset holding with insurance/financial-services and property activities including the Adris-linked office referenced in investor materials.
• Plava Laguna: Croatian hospitality group operating hotels, campsites, and resorts primarily in Istria (Poreč area); competes head-to-head with Maistra in the same Croatian Adriatic luxury and family-tourism market with overlapping customer base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/ADRISgrupa
• Facebookfacebook.com/Adris.grupa

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Adris