Pierre et Vacances (VAC) Q1 2026 TU earnings summary
Event summary combining transcript, slides, and related documents.
Q1 2026 TU earnings summary
22 Jan, 2026Executive summary
Economic revenue from tourism businesses increased by nearly 7% in Q1 2025/2026, reflecting strong demand and successful site openings and extensions.
Customer satisfaction and occupancy rates improved, with overall occupancy nearing 70% and mountain destinations exceeding 84%.
Strategic initiatives included the maeva acquisition of Camping Paradis and Ushuaïa Villages, a new Center Parcs loyalty program, and partnerships with Sergic Group and Swisspeak Resorts.
Financial highlights
IFRS revenue for Q1 2025/2026 was €387.3 million, up 4.0% year-over-year; economic revenue reached €404.0 million, up 2.4%.
Tourism economic revenue rose 6.8% to €397.2 million, with accommodation revenue up 7.3% to €313.2 million.
Supplementary income increased 5.0% to €84.0 million.
Outlook and guidance
Tourism bookings for Q2 2025/2026 are ahead of the previous year, driven by higher letting rates and volumes.
A strategic review is ongoing, including discussions with potential investors that may affect the shareholding structure.
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