Compagnie des Alpes (CDA) Q3 2024 TU earnings summary

Executive summary

• Consolidated revenue for the first nine months of FY 2023/24 reached €975.7M, up 9.2% year-over-year, driven by a record winter season in ski areas.

• Third-quarter revenue was stable at €214.6M, with leisure parks impacted by historically poor weather and an unfavorable Easter calendar effect.

• New financing of nearly €180M was secured under favorable market conditions.

Financial highlights

• Ski areas and outdoor activities revenue grew 13.2% to €542.4M over nine months, with strong winter activity and increased skier days and revenue per skier.

• Distribution & Hospitality revenue rose 4.3% to €104.8M, with double-digit growth at MMV and Mountain Collection Immobilier, but a decline at Travelfactory due to strategic refocus and loss of rail offering.

• Leisure parks revenue increased 4.7% to €328.5M, mainly from higher average spend per visitor, despite only a slight rise in attendance (+0.6%).

• Q3 revenue for leisure parks fell 1.9% to €160.8M due to extreme rainfall and election weekends.

Outlook and guidance

• Group expects to achieve annual EBITDA (EBO) around €350M, assuming normal operating and weather conditions for the remainder of the year and limited Olympic impact.

• Summer bookings for MMV are ahead of last year; new attractions at key parks are expected to support performance.

• Urban Group will be consolidated from July 2024, contributing to Q4 results.