Pierre et Vacances (VAC) Q2 2026 earnings summary

Executive summary

• Economic revenue for H1 2025/2026 reached €820 million, up 1.8% year-over-year, with tourism brands growing 6.0%.

• Adjusted EBITDA improved by €12.5 million year-over-year, despite a seasonal net loss reduced to €101.4 million.

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

• Customer satisfaction and NPS rose across all brands, reflecting successful premiumisation and operational strategies.

• Strategic plan "Beyond ReInvention" and brand autonomy initiatives are delivering results, with accelerated development and empowered brands.

Financial highlights

• Tourism revenue increased 6.0% to €805.8 million; accommodation revenue rose 6.2% to €619.7 million.

• RevPAR increased 3.6% to €99.6; average price per night up 1.7% to nearly €150; occupancy rate up 1.2 points to 69%.

• Adjusted EBITDA for H1 was -€41.6 million, a like-for-like improvement of €12.5 million.

• Net loss for H1 was €101.4 million, reflecting seasonality and VAT impacts.

• Financial expenses were €7.1 million, mainly due to lower RCF drawdown.

Outlook and guidance

• Full-year adjusted EBITDA guidance of €185 million is confirmed, factoring in VAT impacts.

• Bookings for H2 are strong, already exceeding 70% of target, with local tourism demand driving growth.

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