Pierre et Vacances (VAC) Q1 2025 TU earnings summary

Executive summary

• Tourism business revenue grew 2.2% year-over-year in Q1 2024/2025, maintaining strong operating momentum despite a challenging market backdrop.

• Customer satisfaction scores increased across all brands, reflecting improved service quality.

Financial highlights

• IFRS revenue for Q1 2024/2025 was €372.5 million, up 1.1% from €368.5 million in Q1 2023/2024.

• Economic revenue (operational reporting) was €394.7 million, nearly flat year-over-year (+0.1%).

• Economic tourism revenue rose 2.2% to €371.9 million, with accommodation revenue up 1.7% and supplementary income up 4.4%.

• RevPar increased by 2.0% year-over-year, driven by a 4.4% rise in average letting rates, though nights sold declined 2.6%.

• Occupancy rate was 67.8%, down from 69.4% in the prior year.

Outlook and guidance

• Q2 is expected to see a trend of late bookings due to macroeconomic and political uncertainty in Europe and France.

• Calendar shifts for holidays are expected to penalize H1 2024/2025, with some revenue moving to the second half.