Pierre et Vacances (VAC) Q2 2026 TU earnings summary

Executive summary

• First half 2025/2026 economic revenue rose 1.8% year-over-year, with tourism brands up 6.0%.

• Growth attributed to strong local tourism demand, increased customer satisfaction, and ongoing premiumization investments.

• Full-year revenue growth is forecasted to align with targets based on current reservation portfolio.

Financial highlights

• IFRS revenue for H1 2025/2026 reached €788.3 million, up 3.0% from €765.1 million in H1 2024/2025.

• Economic revenue (operational reporting) totaled €816.8 million, up 1.8% year-over-year.

• Tourism economic revenue grew 6.0% to €805.8 million, with accommodation revenue up 6.2%.

• Supplementary income increased 5.4% to €186.1 million, driven by maeva & co and on-site sales.

Outlook and guidance

• Based on reservations, accommodation revenue is expected to grow for the full year 2025/2026, supported by higher letting rates and volumes.

• Full-year revenue growth is anticipated to meet previously set targets.