Compagnie des Alpes (CDA) H2 2025 earnings summary

Executive summary

• Achieved record financial results with revenue of €1.4 billion for 2024/25, up 12.8% year-over-year, driven by successful strategy, organic and external growth, and all divisions contributing.

• EBITDA rose 16.7% to €409 million, exceeding guidance, with margin up 1pt to 29.3%.

• Net income (Group share) increased 15.8% to €107 million; operating free cash flow up 54.6% to €123 million.

• Proposed dividend of €1.10/share, up 10%, representing 52% of net income.

• Group backlog doubled to €10.8B, with major renewals and new public service delegations in ski areas.

Financial highlights

• Sales reached €1,397M (+12.8% reported, +8.9% like-for-like); EBITDA €409M (+16.7%), margin 29.3%.

• Operating income: €193M (+21.9%).

• Net income (Group share): €107M (+15.8%); operating free cash flow up 54.6% to €123M.

• Net industrial investments totaled €256M; financial leverage ratio stable at 2.3x.

• Net financial debt (incl. IFRS 16): €1,344M; cash and cash equivalents at €161M; undrawn credit lines of €138M.

Outlook and guidance

• EBITDA expected to grow close to 10% in FY 2025/26; net industrial investments to remain near 20% of sales.

• Targeting EBITDA margin sustainably above 30% from 2028/29; medium-term EBITDA target ≥ €500M within 3–4 years.

• Dividend policy maintained at ~50% of net income (excluding non-recurring items).

• Ongoing pursuit of Net Zero Carbon by 2030, aiming for -80% GHG emissions.