Compagnie des Alpes (CDA) Q1 2026 TU earnings summary

Executive summary

• Consolidated sales for Q1 2025/26 reached €289.0 million, up 10.4% year-over-year, with strong growth across all business segments.

• Growth was partly driven by an extra day of Christmas vacation, boosting mountain operations and leisure parks.

• The relaunch of the Paris–Bourg-Saint-Maurice night train supports low-carbon resort access.

Financial highlights

• Total Q1 sales: €289.0 million, up 10.4% from €261.8 million in Q1 2024/25; 9.5% growth on a comparable basis.

• Ski Areas and Outdoor Activities sales: €95.8 million, up 20.0% reported and 19.0% comparable.

• Distribution & Hospitality sales: €20.1 million, up 15.2% year-over-year.

• Leisure Parks sales: €173.1 million, up 5.2% reported and 4.2% comparable.

Outlook and guidance

• Targeting close to 10% EBITDA growth for the full year, excluding capital gains from Tignes asset disposals.

• Strong Alpine resort bookings, especially for February holidays, support confidence for the season.

• Positive Q1 calendar effect will be offset in Q2; late spring holidays in France may impact sales.

• New attractions and themed experiences planned for leisure parks in spring to drive further growth.