Compagnie des Alpes (CDA) H1 2026 earnings summary

Executive summary

• First-half 2025/26 results reached record highs, with consolidated sales up 3.9% to €883M and EBITDA rising 5.0% to €328M, driven by strong ski resort and amusement park performance during key holiday periods.

• Net income attributable to the group increased 7.7% to €145M, with all business divisions contributing to growth.

• Key portfolio moves included the sale of Chaplin's World, acquisition of Sport4Lux, and consolidation of Belantis and Pralognan-la-Vanoise.

• Several public service delegation contracts were renewed or extended, securing long-term operations.

• The group continues to invest in leisure and hospitality, with new hotels under construction and expansion into new markets.

Financial highlights

• Revenue reached €883M (+3.9% year-over-year); EBITDA margin improved to 37.1%.

• Net CAPEX was €142M (16.1% of revenue), and free cash flow from operations rose to €266M.

• Operating income rose 4.8% to €217M, aided by a €7M gain from the sale of Chaplin's World.

• Net financial debt (excl. IFRS 16) stood at €691M as of March 31, 2026, with financial leverage at 1.9x EBITDA.

• Effective tax rate was 25.4%, down from 26.4% the prior year.

Outlook and guidance

• Strong momentum is expected in the second half, with positive trends in mountain activities and summer bookings.

• Annual EBITDA growth target of nearly 10% is confirmed, excluding capital gains from Tignes asset disposals.

• Annual capital expenditure envelope is maintained at around 20% of revenue.

• Indemnity from Tignes DSP exit (>€76M) and new attractions are expected to boost cash and activity.

• Continued investment in infrastructure and immersive experiences will drive future growth.