Pierre et Vacances (VAC) Q3 2025 earnings summary

Executive summary

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

• Strong Q3 performance driven by last-minute sales, higher occupancy, and increased average letting rates.

• All brands contributed to growth, with customer satisfaction rates rising across the board.

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, a 3% increase year-over-year.

• Economic revenue for the first nine months totaled €1,293.8 million, up 2.0% year-over-year.

• Q3 accommodation revenue grew 12.3% to €362.2 million, with supplementary income up 12.0% to €110.4 million.

Outlook and guidance

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

• Summer season reservations at 80% of target, supporting guidance for increased accommodation revenue.