Pierre et Vacances (VAC) Q3 2026 TU earnings summary

Executive summary

• Economic revenue from tourism businesses rose 2.2% in Q3 2025/2026 and 4.5% over the first nine months, reaching €1,304 million.

• Customer satisfaction improved across all brands, with Net Promoter Scores up for maeva & co (+4.0 pts), Pierre & Vacances (+3.5 pts), Center Parcs (+1.1 pts), and Adagio (+1.1 pts).

• Strong summer reservations and last-minute bookings support the confirmed EBITDA forecast for the year.

Financial highlights

• Q3 economic revenue for tourism: €483.1 million, up 2.2% year-over-year; nine-month tourism revenue: €1,288.9 million, up 4.5%.

• Q3 accommodation revenue: €369.2 million, up 1.9% year-over-year; nine-month accommodation revenue: €988.9 million, up 4.6%.

• Q3 supplementary income: €113.9 million, up 3.2% year-over-year; nine-month supplementary income: €300 million, up 4.5%.

• IFRS revenue for nine months: €1,256.9 million, up 1.7% year-over-year.

Outlook and guidance

• Adjusted EBITDA for full-year 2025/2026 expected to align with the growth trajectory, targeting €185 million.

• Full-year tourism revenue anticipated to increase over the prior year, supported by strong bookings.