Voyageurs du Monde (ALVDM) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €323.4 million, up 1.9% year-over-year, driven by adventure (+2.7% to +4.7%) and bike travel (+5.7%), while tailor-made travel declined slightly (-0.6%).

• The group operated in a challenging international and political environment, including Middle East conflict, leading to repatriations, cancellations, and a general decline in demand.

• EBITDA was €10.8 million, down 2.7% from H1 2025; net income attributable to the group fell 19.6% to 20% to €4.6 million, mainly due to increased expenses.

Financial highlights

• Gross margin improved to 32.7% from 32.4% year-over-year; gross profit rose to €105.7 million.

• Operating income (EBIT) was €6.1 million, down 11.8% to 12% from H1 2025.

• Net cash position increased to €262.9 million (+17.1% vs. Dec 2025).

• Net financial income increased by 21% to €1.8 million.

• Earnings per share (EPS) was €1.03 (basic) and €0.98 (diluted), compared to €1.54 and €1.29 in H1 2025.

Outlook and guidance

• Expansion planned into Germany (Munich, Nov 2026) and Italy (Milan, H1 2027), with further international growth targeted.

• Bynativ to expand destinations and launch an international sales platform.

• Booked departures for 2026 as of August are down 1.3% year-over-year, with 2026 sales and earnings expected to be slightly lower than 2025.

• Launch of Active Trails brand to enhance adventure and cycling holiday offerings.

• The group faces continued uncertainty in the international and political landscape.