Compagnie des Alpes (CDA) H1 2025 earnings summary

Executive summary

• First-half 2024/25 sales reached €849.5M, up 11.6% year-over-year; EBITDA rose 12.9% to €312.2M, with margin up 0.4 points.

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

• EBITDA growth target for FY 2024/25 raised to 15%, up from 10% previously.

• Strategic acquisitions and investments in ski areas, leisure parks (including Belantis park), and a 33% stake in Terrésens, with a target of 80% ownership in 3-4 years.

• Sustainability initiatives advanced, including the launch of the Global Sustainability Ski Alliance and new electric snow groomer partnerships.

Financial highlights

• Sales reached €849.5M (+11.6% year-over-year); EBITDA €312.2M (+12.9%); Net attributable income €134.3M (+5.2%).

• EBITDA margin improved to 36.7% from 36.3% year-over-year.

• Free cash flow from operations increased to €259.2M (+2.2% year-over-year).

• Net financial debt (excl. IFRS 16) at €580M; leverage ratio at 1.7x.

• Cash and cash equivalents of €214M; undrawn credit lines of €300M.

Outlook and guidance

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

• Net industrial investments budget confirmed at €276M.

• Confidence in second-half sales, supported by strong Easter performance and new summer attractions.

• No impact from increased customs duties or corporate tax surcharge in France.

• Continued focus on margin improvement and infrastructure investment.