Pierre & Vacances-Center Parcs: Annual Revenue Up 2.7%, Close to €2 Billion
Pierre & Vacances-Center Parcs published on October 22, 2026 an economic revenue of 1,998.5 million euros for the 2025-2026 fiscal year, up 2.7%. Tourism activities increased by 5.5%, and the group expects adjusted EBITDA of approximately 185 million euros, in line with its forecast.
This forecast had been announced on September 29, 2025, then confirmed with the publication of half-year results on May 28, 2026. The group specifies that this adjusted EBITDA is up compared to fiscal year 2024-2025.
Growth for the fiscal year is primarily based on volumes. The number of nights sold increased by 3.1%, compared to 0.8% for average selling price, growth that the group states was penalized by the increase in reduced VAT rates in the Netherlands and Belgium. The gap between tourism growth and total growth is explained by the decline in non-tourism activities, as part of the group's disengagement from its real estate and non-strategic activities.
Tourism: +5.5% Over the Fiscal Year, +7.3% in the Fourth Quarter
Over the fiscal year, the economic revenue of tourism activities reaches 1,977.5 million euros. Accommodation, which constitutes the bulk of it, stands at 1,494.8 million euros, up 3.9%. Other tourism activities increased by 10.8%, to 482.7 million euros.
This latter growth includes a 28.4% increase in maeva&co, to 103.6 million euros, linked in particular to the takeover of Camping Paradis franchises (90 sites) and Ushuaïa Villages (20 sites) in January 2026. Excluding this perimeter effect, tourism revenue increased by approximately 4.9%. On-site activities increased by 5.3%.
The fourth quarter shows more pronounced growth than the annual cumulative figure. Total economic revenue reaches 694.8 million euros (+6.5%) and tourism 688.6 million euros (+7.3%), with growth for each of the brands and a favorable price and volume effect according to the group. Under IFRS standards, annual revenue amounts to 1,930.5 million euros, compared to 1,866.6 million euros in 2024-2025, an increase of 3.4%.
Nights Sold Up Faster Than Prices, Due to VAT Effect
Over the fiscal year, accommodation is in growth for all brands: Center Parcs +3.3%, Pierre & Vacances +5.7% (+3.1% on seaside destinations and +11.2% on mountain destinations) and Adagio +3.4%. Average occupancy rate stands at 75.4%, up 1.3 points, and RevPar increased by 2.6%.
The tax factor weighs mainly on Center Parcs, whose average selling price annually increased by 0.2%. In the Netherlands, VAT on accommodation rose from 9% to 21% on January 1, 2026; in Belgium, the reduced rate was raised from 6% to 12% on March 1, 2026. In the fourth quarter, activity at Dutch Domains declined by 3.2%, a decline absorbed by Germany (+7.1%) and Belgium (+5.5%).
The group indicates that the appeal of the Domains and mitigation measures deployed made it possible to limit the effects of these increases. Outside tourism, revenue from other activities fell by 70.6%, to 21.0 million euros, on a total of 1,998.5 million euros. For the fourth quarter, the group specifies that this decline has no significant impact on EBITDA.
Bookings Up and Mubadala Capital Offer
Tourism bookings recorded to date for the first quarter of fiscal year 2026-2027 are up for all brands, driven by a volume effect. On October 8, 2026, Pierre & Vacances acquired a tourism operator based in Sardinia, which operates and distributes 23 residences representing nearly 700 apartments and villas.
This acquisition extends developments from the fiscal year. Adagio took over nine Sergic sites under management agreement, representing 1,152 keys and an 8% increase in the number of exploited keys. Pierre & Vacances has been marketing since April 2026, under a franchise agreement, 338 apartments in Switzerland with Swisspeak Resorts.
On the capital side, Mubadala Capital and the group concluded on July 20, 2026 an agreement on rapprochement, after obtaining commitments representing 80.13% of the outstanding capital. The filing of the cash public tender offer is expected no later than the first quarter of 2027, subject to usual regulatory conditions. The General Meeting of September 29, 2026 approved the extraordinary distribution of bonuses.
At the end of the fiscal year, the group expects adjusted EBITDA of approximately 185 million euros, in line with the forecast made in September 2025 and up compared to 2024-2025.
