Compagnie des Alpes (CDA) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of €1.4 billion for 2024/25, up 12.8% year-over-year, with all divisions contributing to growth.

• EBITDA rose 16.7% to €409 million, exceeding guidance, with margin up 1.0 point to 29.3%.

• Net income, Group share, increased by 15.8% to €107 million.

• Free operating cash flow surged 54.6% to €123 million.

• Proposed dividend of €1.10 per share, up 10%, representing a 52% payout ratio.

Financial highlights

• Revenue: €1,397 million (+12.8% reported, +8.9% like-for-like).

• EBITDA: €409 million (+16.7% reported, +11.9% like-for-like), margin 29.3%.

• Operating income: €193 million (+21.9%).

• Net income, Group share: €107 million (+15.8%).

• Net industrial investments: €256 million.

• Net financial debt (including IFRS 16): €1,344 million; leverage ratio (excl. IFRS 16): 2.3x.

Outlook and guidance

• Targeting EBITDA growth close to 10% for 2025/26.

• Net industrial investments expected near 20% of turnover in 2025/26.

• Medium-term EBITDA target ≥ €500 million within 3–4 years, margin sustainably above 30% from 2028/29.

• Dividend policy: ~50% of net income, excluding non-recurring items.

• Net Zero Carbon (scope 1 & 2) by 2030, aiming for -80% GHG emissions.