Compagnie des Alpes (CDA) H1 2025 earnings summary

Executive summary

• First-half 2024/25 sales rose 11.6% to €850M, with EBITDA up 12.9% to €312M and 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 the year raised to +15% from +10% previously.

• Strategic acquisitions and investments in ski areas, leisure parks (including Belantis and Urban Group), and hospitality, plus a 33% stake in Terrésens.

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

Financial highlights

• Sales reached €850M (+11.6% year-over-year); EBITDA €312M (+12.9%); Net attributable income €134M (+5.1%).

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

• Free cash flow from operations increased to €259M; net CAPEX rose to €138M (+19.5%).

• Net financial debt (excl. IFRS 16) at €580M; total net financial debt (incl. IFRS 16) at €1,116M.

• 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.

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

• Net industrial investments budget confirmed at €276M.

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