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 3.7–4% year-over-year, driven by growth in on-site activities and accommodation.

• All business lines—Center Parcs, Pierre & Vacances, Maeva, and Adagio—are now profitable and cash-generating, with Pierre & Vacances tripling EBITDA year-over-year.

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

• Strategic focus on premiumization, customer experience, cost reduction, and asset-light development drove higher satisfaction and robust results.

Financial highlights

• Tourism revenue grew 3.7–4% year-over-year, with accommodation revenue up 2.6% and on-site/other tourism revenue up 5.8–7.7%.

• Adjusted EBITDA was €174 million, margin improved to 9.1% from 7.2% in FY2023.

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

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

• Net cash position at €33 million, with €87 million in cash and €54 million gross debt.

Outlook and guidance

• 2026 EBITDA guidance confirmed at €200 million (10% margin), with 2028 target of €220 million and 2024 margin at 9.1%.

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

• Cost savings target raised to €90 million by 2028, already at €56 million versus 2022.

• Continued focus on profitable growth, asset-light expansion, and brand-driven strategies.