Compagnie des Alpes (CDA) Q1 2025 TU earnings summary

Executive summary

• Consolidated revenue for Q1 2024/25 reached €261.8M, up 30.7% year-over-year; at comparable scope, growth was 23.4%.

• Growth driven by strong demand for real-world leisure, record Halloween and Christmas seasons in leisure parks, and favorable calendar effects with two extra holiday days.

• Excluding calendar effects, ski areas/outdoor activities grew 7% and leisure parks 21% year-over-year at comparable scope.

Financial highlights

• Ski areas and outdoor activities revenue: €79.9M (+19.7% year-over-year).

• Distribution & Hospitality revenue: €17.4M (+25.4% year-over-year).

• Leisure parks revenue: €164.5M (+37.5% year-over-year, +25.3% at comparable scope).

• Group Urban contributed to revenue growth after consolidation in June 2024.

Outlook and guidance

• Targeting ~10% growth in EBITDA for the full year, with Q1's calendar benefit neutralized in Q2.

• Strong snow conditions and bookings support confidence for the rest of the ski season, especially February holidays.

• Q2 is critical for ski and hospitality segments, representing ~80% and >70% of annual revenue, respectively.

• Leisure parks expect a strong spring/summer 2025, supported by new attractions.