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Pierre et Vacances (VAC) investor relations material
Pierre et Vacances Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Dec, 2025
Executive summary
Revenue reached €1.95 billion, with tourism revenue up 3.8% year-over-year and adjusted EBITDA at €181 million (9.7% margin), exceeding guidance.
Net income was €41 million, marking the second consecutive year of positive results.
Net cash position improved to €45 million, and operating cash flow increased to €74 million.
Customer satisfaction (NPS) rose by 20 points over three years, driven by premiumization and investment in customer experience.
Accelerated development with nearly 1,500 new accommodation units, portfolio expansion, and entry into new markets including Scandinavia, Spain, Italy, Andorra, and Switzerland.
Financial highlights
Total revenue was €1.946 billion, with tourism revenue at €1.875 billion, up 3.8% year-over-year.
Accommodation revenue grew 3.3% to €1.439 billion, driven by higher average daily rates and increased inventory.
Adjusted EBITDA increased to €181.1 million (9.7% margin), with net profit at €41 million, up from €28.7 million.
Operating cash flow was €74 million, and gross financial debt reduced to €52.4 million.
Cost savings of €77 million delivered since 2022, with a target to exceed €80 million by 2026.
Outlook and guidance
Bookings for autumn, winter, and spring 2026 are significantly up compared to the previous year.
The group targets €185 million adjusted EBITDA for 2026 and €270 million by 2030, with an 11% margin.
Strategic review underway, with decisions expected in early 2026 and potential changes in shareholder structure.
Detail 2030 EBITDA growth levers
Rationale for non-strategic business withdrawal
Specific returns from premiumisation capex
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Next Pierre et Vacances earnings date
Q1 2026 TU22 Jan, 2026
Next Pierre et Vacances earnings date
Q1 2026 TU22 Jan, 2026
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Frequently asked questions
Pierre et Vacances SA is a French company specializing in tourism and holiday accommodation, operating under brands such as Pierre & Vacances, Center Parcs, and Adagio. The company provides vacation rentals, resorts, and holiday villages across Europe, offering a range of accommodations from self-catering apartments to full-service resort stays. Pierre et Vacances caters to family and leisure travelers, with a focus on creating relaxing and nature-oriented holiday experiences. The company’s properties are located in popular leisure destinations across France, Spain, Belgium, and the Netherlands. The company is headquartered in Paris, France, and its shares are listed on Euronext Paris.
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