Compagnie des Alpes (CDA) Q2 2025 TU earnings summary

Executive summary

• First half FY 2024/25 consolidated sales rose 11.6% year-over-year to €849.5 million; 7.9% growth on a comparable basis, excluding Urban Group.

• Growth driven by all divisions: Ski Areas & Outdoor Activities (+5.5%), Distribution & Hospitality (+6.1%), and Leisure Parks (+32.8%, +16.2% comparable).

• Notable developments include the extension of the Serre Chevalier concession to 2034, acquisition of Belantis Park in Germany, and launch of an overnight train service between Paris and Bourg-Saint-Maurice.

Financial highlights

• Ski Areas & Outdoor Activities sales reached €524.4 million, up 5.5% year-over-year, with stable skier-days and higher average revenue per skier-day.

• Distribution & Hospitality sales totaled €102.4 million, up 6.1%, with MMV achieving a 90% winter occupancy rate and increased repeat business.

• Leisure Parks sales surged to €222.8 million, up 32.8% (16.2% comparable), driven by strong Halloween and Christmas periods and the Aquascope opening.

• Q1 sales benefited from favorable school vacation timing (+30.7% total sales), while Q2 growth was more moderate (+4.8%).

Outlook and guidance

• Confident in maintaining first-half growth rates for Ski Areas & Outdoor Activities for the full year, with second half typically contributing just over 10% of annual revenue.

• MMV bookings for spring and summer exceed last year; summer boosted by an additional Club Village opening.

• Leisure Parks outlook positive, with new attractions at Futuroscope, Parc Astérix, Walibi Belgium, and Familypark expected to enhance appeal.