Voyageurs du Monde (ALVDM) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €317.3M, up 9.8–10% year-over-year, with all segments contributing to growth.

• EBITDA increased by 15.4% to €11.1M, and net income rose to €5.7M, with growth rates reported as 15.6% and 4.4% respectively.

• Expansion included new agency openings in Zurich, Lausanne, and Nantes, and full conversion of convertible bonds, raising the free float to 37%.

• Growth was driven by strong performance in core segments and improved gross margin.

• The group completed a capital increase via early conversion of convertible bonds, issuing over 1M new shares.

Financial highlights

• Gross margin improved to €102.7M (32.4% of revenue), up from 31.46% in H1 2024.

• EBIT grew 14.5% to €6.9M, with net income attributable to the group at €5.7M, up 4.4%.

• Cash position strengthened, with closing cash at €259.1M, up from €203.8M at the start of the period.

• Financial debt reduced significantly to €5.2M from €90.5M at year-end 2024, mainly due to bond conversion.

• Financial result declined to €1.5M from €3.0M due to lower financial income and higher provisions.

Outlook and guidance

• Full-year 2025 revenue expected to grow by about 7% over 2024, with EBITDA growth in line with revenue.

• Continued international expansion, especially in German-speaking markets and the UK.

• New product launches in adventure and cycling segments, and electrification of Nile cruise assets.

• Management highlights continued growth despite economic and geopolitical uncertainties.

• No post-closing events reported as of June 30, 2025.