Compagnie des Alpes (CDA) H2 2024 earnings summary

Executive summary

• Achieved record year across all three divisions, meeting or exceeding financial and non-financial targets, with EBITDA reaching €351M and strong earnings growth driven by operational excellence and industry awards.

• Significant strategic developments include the acquisition of Urban Group, successful opening of Aquascope, and major public service delegation contract renewals in ski areas, strengthening market position.

• Free cash flow from operations surged by approximately 230% to €80M, and a dividend of €1.00 per share is proposed, up 10% from the prior year.

• Notable sustainability progress with a 28% reduction in CO2 emissions year-over-year and 57% since 2018/19 (scope 1 & 2).

• Maintained a solid position in ski areas with a €6 billion backlog and secured electricity procurement through 2027.

Financial highlights

• Sales reached €1,239.2M, up 10.1% year-over-year; EBITDA rose 14.0% to €351M; net income group share increased 2.3% to €92.4M.

• Free cash flow from operations surged to €80M from €24M in 2022/23; net industrial investments totaled €262M, up 11.1%.

• Gearing at 2.4x (2.0x excluding Urban acquisition), with net financial debt at €754M.

• Energy costs fell 16.5% year-over-year, now below 5% of sales; EBITDA margin improved to 28.3%.

• Proposed dividend of €1.00 per share, up 10%, representing a 7% yield and 55% payout ratio (excl. non-recurring items).

Outlook and guidance

• Targeting around 10% EBITDA growth in 2024/25 and EBITDA ≥ €500M within 4–5 years.

• Capex guidance set at €276M (including Urban); gearing expected between 2–3x.

• Dividend policy of ~50% of net income (excl. non-recurring) maintained; ongoing commitment to carbon neutrality by 2030 and -80% GHG emissions by 2030.