Pierre et Vacances (VAC) Q2 2026 earnings summary

Executive summary

• Economic revenue for H1 2025/2026 reached €816.8 million, up 1.8% year-over-year, with tourism revenue up 6.0% to €805.8 million and strong growth across all brands.

• Adjusted EBITDA improved by €12.5 million year-over-year on a like-for-like basis, despite a seasonal net loss, which narrowed to €101.4 million.

• Positive net cash position of €21.3 million as of March 31, 2026, marking a first in group history.

• Strategic plan and partnerships, including "Beyond ReInvention," are delivering results, with rising customer satisfaction and empowered brands.

• Strategic review ongoing, with potential changes to shareholding or ownership structure under consideration.

Financial highlights

• Accommodation revenue rose 6.2% to €619.7 million; Center Parcs revenue up 6.0% to €492.5 million; other tourism revenue up 5.4%.

• Adjusted EBITDA for H1 was -€41.6 million, up €12.5 million like-for-like; net loss for H1 was €101.4 million, reflecting seasonality.

• Financial expenses were €7.1 million, mainly due to lower RCF drawdown; other operating expenses included an €8.8 million loyalty program booking.

• Revenue from non-core/real estate activities declined, reflecting strategic refocus.

Outlook and guidance

• Full-year adjusted EBITDA guidance of €185 million is confirmed, factoring in VAT impacts and supported by strong booking momentum for H2.

• Over 70% of second-half booking targets already secured; annual growth expected in both revenue and results.

• Strategic review may lead to changes in capital structure or partnerships.