Pierre & Vacances Confirms Annual Target Despite a Net Loss of €101.4M in the First Half
Pierre & Vacances-Center Parcs has announced its results for the first half of the 2025/2026 fiscal year, ending March 31, 2026. The group reported an economic revenue of €816.8M, up 1.8% compared to the first half of 2024/2025. Revenue from tourism brands reached €805.8M, an increase of 6.0%, driven by the rise in accommodation revenue and other tourist activities.
Accommodation revenues amounted to €619.7M, up 6.2%, while other tourist activities increased by 5.4% to €186.1M. By brand, tourism revenues of Center Parcs reached €492.5M, up 6.0%, those of Pierre & Vacances increased by 6.2% to €172.9M, and those of Adagio rose by 5.5% to €109.6M. This growth is supported by an increase in the average price per night by 1.7% to €148.7 excluding VAT, and a 4.4% increase in the number of nights sold, totaling 4.17 million units. The average occupancy rate was 69.1%, up by 1.2 points.
EBITDA Remains Negative in the First Half
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The adjusted EBITDA for the semester stands at -€41.6M, compared to -€40.3M a year earlier. However, the group notes that on a like-for-like basis, adjusted EBITDA improved by more than €12.5M, thanks to the growth in activity and additional savings from the Beyond ReInvention plan. The first half remains structurally penalized by winter seasonality: revenues from October to March are lower than those of the summer season, while most operating expenses remain linear throughout the year.
VAT Weighs on Center Parcs' Accounts
The annual comparison is also affected by VAT increases in the Netherlands and Belgium, which had a negative impact of €3.2M on Center Parcs' EBITDA in the first half. In the Netherlands, the impact is estimated at €21M for the fiscal year 2026 and €29M on a full annual basis, before mitigation measures. The group also records a charge of €8.8M related to the implementation of the Center Parcs Friends loyalty program.
SectorLoisirs / sport · Groupes hôteliers · Plateformes de voyage›Hôtels et Motels
Context
Period
Period: 2024-2025
Guidance from the release
L’exercice 2025 confirme la solidité du modèle économique du Groupe et, avec près de 2 milliards d’euros de chiffre d’affaires et un EBITDA qui dépasse 180 millions d’euros, nous confirmons notre capacité à générer une croissance profitable.
Performances 2025 en progression (CA économique 1 946,2 M€, EBITDA ajusté 181,1 M€). Réservations 1er semestre 2025/2026 en forte hausse. Objectif stratégique confirmé : EBITDA ajusté 270 millions d’euros à horizon 2030.
Risks mentioned
Impact opérationnel de fermetures temporaires (ex. Domaine des Hauts de Bruyères) sur la marge
Incidence négative importante de la norme IFRS 16 sur les fonds propres en normes IFRS
Exposition à l’inflation et variation des coûts (même si compensée par économies)
Risque lié à l’évolution capitalistique et besoin de financements complémentaires
Opportunities identified
Objectif stratégique d’EBITDA ajusté 270 millions d’euros à horizon 2030
Poursuite de la premiumisation des offres et hausse des prix moyens
Développement international (ouverture Scandinavie, extension en Espagne, partenariats en Suisse)
Leviers identifiés de croissance externe et initiatives digitales/IA (30 M€ d’EBITDA potentiels à horizon 2030 sous conditions)
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