Pierre et Vacances (VAC) Q2 2025 earnings summary

Executive summary

• H1 revenue declined due to calendar effects and temporary site closures, with much of the lost activity expected to shift to H2, which typically accounts for 60% of annual revenue.

• Customer satisfaction improved across all brands, with notable increases in Net Promoter Scores and Google ratings; Center Parcs (+4 pts), Pierre & Vacances (+4.5 pts), maeva (+6 pts), Adagio (+1 pt).

• The group continued to invest in renovations and expand its asset-light model, including a €65 million renovation at Center Parcs Les Hauts de Bruyères and new openings in Spain and Denmark.

• Annual growth trajectory confirmed, expecting revenue and earnings growth for FY 2024/2025 despite a challenging geopolitical environment.

• Free share awards and conversion of preference shares recognized, with new tranches vesting in 2026 based on performance.

Financial highlights

• H1 2025 economic revenue: €802.1 million (down 2.4% year-over-year); tourism revenue: €760.3 million (down 0.9%); IFRS revenue: €765.1 million (down 1.7%).

• Adjusted EBITDA for H1: -€40.3 million (vs. -€21.4 million prior year), impacted by calendar shifts, site closures, and absence of prior year Covid subsidies.

• Net loss: -€117.0 million under IFRS (vs. -€98.7 million prior year); operational reporting net loss: -€102.0 million.

• Net financial debt at March 31, 2025: €57.0 million, up from -€33.0 million at September 30, 2024.

• 5-year €205 million revolving credit facility signed in July 2024, with €125 million undrawn at March 31, 2025.

Outlook and guidance

• Full-year adjusted EBITDA is expected to exceed €180 million, up from €163 million in 2023/2024 (excluding non-recurring items), supported by strong H2 bookings and cost control.

• H2 is expected to see revenue growth of over 5% year-over-year, with more than 70% of H2 objectives already achieved by May.

• Net financial debt is forecast to be negative by year-end, with no further RCF drawdown anticipated.

• New Center Parcs Nordborg Resort in Denmark to open June 2025, and Villages Nature Paris expanded with 193 new premium cottages.