Compagnie des Alpes raises operating surplus growth forecast to 6%, revenue up 2.6%

Skiing up 6.5%, leisure parks down 0.5%

The Ski Resorts and Outdoor Activities division achieved €632.8 million in revenue, up 6.5% (+5.6% on a comparable basis). Mechanical lifts, representing approximately 95% of the division, grew 4.4% on a comparable basis. This increase combines a 3.5% increase in average revenue per skier-day and a 0.9% increase in skier-days (+2.3% including Pralognan-la-Vanoise). The group totaled 14.2 million skier-days, compared to 13.9 million the previous year, representing 25% of the 56.1 million skier-days sold in France for the season. In the fourth quarter, which carries limited weight in the division's annual activity, revenue reached €15.8 million (+52.5%), including a service billing of €3.4 million invoiced by engineering subsidiary Ingelo to the Praz de Lys Sommand resort, not operated by the group. Leisure Parks declined 0.5% to €674.6 million, on both actual and comparable basis. Ticketing and on-site spending, approximately 80% of the division, fell 1.0% on a comparable basis. Attendance declined 3.0%, while spending per visitor increased 2.0%.

Weather and fuel prices weighed on park attendance

According to the statement, park attendance was impacted by 22 rainy days in May, followed by heat waves totaling 55 days between late May and mid-August, as well as increased fuel prices. The quarterly breakdown shows the division moved from +5.2% in the first quarter to -4.1% in the third quarter, then -0.5% in the fourth quarter (-0.1% on a comparable basis). Over this last quarter, ticketing and on-site spending were stable on a comparable basis, and September was reported as growth by the group. Park hospitality advanced: at Parc Astérix, the occupancy rate of 450 rooms reached 90% on operating days (+1.1 point), with average revenue per available room up 6.6%. The group plans to open a 300-room hotel at Parc Astérix in spring 2027 and another 240-room hotel at Futuroscope in spring 2028. The Distribution & Hospitality division posted €125.8 million (+0.5%). Excluding the closure of the Village Club MMV in La Plagne following a fire on April 9, 2025, growth would have been 6%. Operating losses related to this incident are subject to compensation recorded in the division's EBO, and the site is scheduled to reopen in December.

EBO growth raised to 6%, debt refinanced and electricity covered through 2028

The group indicates it expects 2025/26 EBO growth around 6%, excluding Tignes gains, after a range of 2% to 5% announced in July 2026. Annual results will be published on December 1st, before market opening. For the upcoming season, initial mountain booking rates are considered "relatively well oriented," and all corporate events scheduled for the Christmas period in the parks are already sold.

 On the financing side, the group set up in July a €105 million five-year syndicated credit facility, which refinances a €40 million term loan, as well as a €250 million program on the U.S. private placement market (USPP) with MetLife Investment Management, inaugurated by an initial draw of €50 million. It is working on the anticipated refinancing of a €200 million term loan maturing in December 2027. All electricity requirements for French operations are covered through end of 2028, at €61/MWh in 2026, €58/MWh in 2027 and €57/MWh in 2028, and 80% of 2029 requirements are covered at €59/MWh. According to consensus analyst estimates, the share trades at approximately 7.7 times expected earnings for the current fiscal year. The key takeaway from the publication remains the EBO growth forecast raised to around 6%, above the high end of the 2% to 5% range announced in July.