Alessandra Ambrosio and her man Buck Palmer are all over each other on their European vacay … and, Buck’s body is just about the only thing covering Alessandra’s.

The model and her dude were in Ibiza on Friday … taking a dip at Casa Jondal — a top-tier resort on the island good enough for this supermodel and her jewelry designer better half.

AA put on a cheeky display … going with a thong-style bikini — while Buck showed off his strong chest and held Alessandra’s hand.

The two glided through the water together … much like they glided through this early part of their relationship — which has been full of fun beach days and beautiful views, and we don’t just mean Alessandra.

Ambrosio and Palmer have been doing some globetrotting together … with Alessandra telling Us Weekly just a couple months ago they share a “passion for life.”