Voyageurs du Monde (ALVDM) H1 2024 earnings summary

Executive summary

• Revenue grew 10.6% to €289.0M in H1 2024, driven by strong performance in tailor-made and adventure travel segments, while cycling travel stabilized after prior growth.

• EBITDA rose 13.8% to €9.6M; net income attributable to the group declined 7.3% to €5.5M, impacted by a €1M exceptional charge and higher tax rate.

• H1 was profitable for the second consecutive year, despite typical seasonality.

• Business activity slowed approaching summer due to political situation in France, Paris 2024 Olympics, and ongoing geopolitical tensions.

• Completed a €130M share buyback in July and acquired cycling travel companies in Norway and Spain.

Financial highlights

• Revenue reached €289.0M in H1 2024, up 10.6% year-over-year.

• Gross margin improved to €93.1M (32.2% of revenue), up from €82.2M (31.5%).

• EBITDA rose 13.8% to €9.6M; EBIT up 12.9% to €6.0M.

• Net income attributable to the group declined 7.3% to €5.5M, impacted by a €1M exceptional charge for free share grants.

• Cash and equivalents reached €388.5M as of June 30, 2024, up 20.9% from December 2023.

Outlook and guidance

• As of October 6, 2024, bookings for 2024 departures are up 4.9% year-over-year, with Q4 departures expected to grow 8.8%.

• Full-year 2024 revenue expected to grow by about 5% with a slight increase in EBITDA, barring exceptional events.

• Q3 2024 sales impacted by the Paris Olympics, with a 2.5% decline year-over-year.

• Management highlights ongoing economic and geopolitical uncertainty but notes strong demand in core segments.