Pierre et Vacances (VAC) Q4 2026 TU earnings summary

Executive summary

• FY2025/2026 economic revenue reached €1,998.5 million, up 2.7% YoY; tourism revenue grew 5.5%, and adjusted EBITDA is expected at around €185 million, in line with guidance.

• Revenue growth and improved customer satisfaction were achieved in a challenging environment, supported by operational execution and the complementary brand portfolio.

Financial highlights

• IFRS revenue was €1,930.5 million, up 3.4% YoY; economic revenue was €1,998.5 million, up 2.7%.

• Economic tourism revenue reached €1,977.5 million, up 5.5%; accommodation revenue rose 3.9% to €1,494.8 million and supplementary income increased 10.8% to €482.7 million.

• Q4 economic revenue was €694.8 million, up 6.5% YoY; tourism revenue rose 7.3% to €688.6 million.

• Q4 IFRS revenue was €673.6 million versus €631.2 million a year earlier; FY IFRS revenue was €1,930.5 million versus €1,866.6 million.

Outlook and guidance

• FY2025/2026 adjusted EBITDA is expected to total around €185 million, in line with guidance and above FY2024/2025.

• Q1 2026/2027 tourism reservations booked to date are above the prior-year level across all brands, driven by volume.