Compagnie des Alpes (CDA) H1 2025 earnings summary

Executive summary

• Revenue for H1 2024/25 reached €849.5M, up 11.6% year-over-year; +7.9% at constant scope.

• EBITDA rose 12.9% to €312.2M; margin improved to 36.7%.

• Net income group share increased 5.2% to €134.3M; operating income up 10.3% to €207.5M.

• Growth driven by strong performance in ski areas, leisure parks, and hospitality, with successful contract renewals and strategic acquisitions.

• Major investments in infrastructure, leisure parks, and sustainability initiatives continued.

Financial highlights

• Revenue: €849.5M (+11.6% y/y; +7.9% like-for-like).

• EBITDA: €312.2M (+12.9% y/y); EBITDA margin 36.7%.

• Operating income: €207.5M (+10.3% y/y).

• Net income group share: €134.3M (+5.2% y/y); EPS €2.65.

• Free cash flow: €259.2M (up 2.2% y/y).

Outlook and guidance

• Full-year EBITDA growth target raised to ~15%, subject to normal operating and weather conditions.

• Management expects continued growth, supported by investments and new initiatives.

• Second half to be driven by leisure parks, which account for ~75% of annual activity.

• Net capital expenditures for FY 2024/25 expected around €276M.

• Group not impacted by recent increases in customs duties or French corporate tax surcharge.