Voyageurs du Monde (ALVDM) H2 2025 earnings summary

Executive summary

• Sales reached €785.0 million in 2025, up 6.8% year-over-year, driven by growth in tailor-made and adventure travel.

• EBITDA increased 6.3% to €72.7 million, with net income up 2% to €48.4 million, despite lower financial income.

• The group maintained a 20% value redistribution rate, paying €19 million in profit sharing and bonuses.

Financial highlights

• Gross profit rose 8.1% to €255.7 million, representing 32.6% of sales.

• Operating expenses increased 8.7% to €183.0 million.

• Net financial income declined 42% to €4.1 million, mainly due to a public share buyback.

• Dividend of €6.70 per share proposed for 2025.

Outlook and guidance

• Expansion planned in Germany and Italy in 2026, with further international growth in 2027.

• Adventure travel to expand with new tailor-made and DMC offerings for foreign customers.

• Booked departures for 2026 up 1.9% year-over-year as of March 31, 2026.

• Ongoing conflict in the Middle East poses risk of lower sales and earnings in 2026.