Pierre et Vacances (VAC) Q3 2025 TU earnings summary

Executive summary

• Q3 2024/2025 economic revenue from tourism businesses rose 12.2% year-over-year, with nine-month group revenue up 3.7% to €1,294 million.

• Strong momentum across all brands, with increased occupancy and letting rates, and robust last-minute sales.

• Customer satisfaction rates improved, with notable NPS gains across all brands.

Financial highlights

• Q3 IFRS revenue reached €470.2 million, up from €421.0 million in Q3 2023/2024; nine-month IFRS revenue was €1,235.4 million, up 3% year-over-year.

• Economic revenue for Q3 totaled €491.6 million (+10.1% year-over-year); nine-month economic revenue was €1,293.8 million (+2.0%).

• Accommodation revenue in Q3 was €362.2 million (+12.3% year-over-year), driven by higher letting rates (+6.5%) and occupancy (+2.5 pts).

• Supplementary income in Q3 rose 12.0% to €110.4 million, with nine-month supplementary income up 6.8% to €287 million.

Outlook and guidance

• Adjusted EBITDA for 2024/2025 is expected to exceed €180 million, up from €163 million in 2023/2024 (excluding non-recurring income).

• Summer season reservations are strong, with 80% of targets already booked, supporting guidance for higher accommodation revenue.