Pierre et Vacances (VAC) Q4 2024 earnings summary

Executive summary

• Achieved first positive net result in 13 years, with net income of €28.7–30 million for 2024 and record adjusted EBITDA of €174 million, more than doubling 2019 levels.

• Group revenue reached €1.9 billion, with tourism brands contributing €1.8 billion, up 4% year-over-year, driven by growth in on-site activities and accommodation revenue.

• Operating cash flow grew to €68 million, and the group achieved a net cash position with negative net debt of €33 million.

• All business lines are now profitable and cash-generating, with clear development strategies and a focus on premiumization and customer experience.

• Strategic execution focused on positive-impact tourism, immersive experiences, asset-light development, cost reduction, and brand autonomy.

Financial highlights

• Adjusted EBITDA rose to €174 million, with a margin of 9.1% (up from 7.2% in FY2023), exceeding guidance.

• Tourism revenue increased 3.7–4% year-over-year; accommodation revenue up 2.6–2.7%, on-site revenue up 5.8%.

• Net profit reached €28.7 million, reversing a prior year loss of €20.6–21 million.

• Operational cash flow increased to €68 million, converting 39–40% of EBITDA to cash.

• Cost savings totaled €56 million in FY2024, up from €38 million in FY2023.

Outlook and guidance

• Mid-term objectives reaffirmed: target EBITDA of €200 million in 2026 and €220 million (10% margin) in 2028.

• 2025 sales to date are stable to slightly positive; on track to meet 2026 and 2028 targets.

• Continued focus on executing the Reinvention plan, cost savings, and profitable growth.

• Q1 2024/2025 tourism reservations stable year-over-year, with emphasis on last-minute bookings.