Voyageurs du Monde: Revenue Up 1.9% in First Half, Withdrawal Offer at €180
The French tour operator published on September 29, 2026 a half-year revenue of €323.4 million, up 1.9% year-on-year, while the Group's net income declined by 20%. At the same time, the company is subject to a proposed public withdrawal offer at €180 per share, prior to an exit from Euronext Growth.
Revenue Driven by Adventure and Cycling, Tailor-Made Travel Slightly Down
In the first half of 2026, Voyageurs du Monde generated revenue of €323.4 million, compared with €317.3 million a year earlier, representing an increase of 1.9%. Growth was driven by adventure travel (+4.7%) and cycling travel (+5.7%), while tailor-made travel declined (-0.6%). The group indicates that the Middle East conflict affected its business since late February 2026, with disruptions to trips to Jordan, Oman and the United Arab Emirates, repatriations and cancellations. Routes transiting through the region's air hubs (serving Asia, Oceania and East Africa) were also affected. According to the company, this instability resulted in a contraction of demand across all destinations.
Gross Margin Improves, but Net Income Declines 20%
The gross margin rate stood at 32.7% of revenue in the first half of 2026, compared with 32.4% a year earlier, representing an improvement of 0.3 percentage point. EBITDA comes in at €10.8 million, down 2.7% from €11.1 million in the first half of 2025, with its share of revenue declining from 3.5% to 3.3%. Operating income reached €6.1 million, down 12% from €6.9 million a year earlier. The Group's net income stands at €4.6 million, down 20% from €5.7 million in the first half of 2025, due to the increase in operating expenses, which rose 3.7% to €94.9 million.
Confirmed Bookings Down 1.3%, 2026 Expected to Post Modest Decline
As of August 31, 2026, confirmed bookings for 2026 are down 1.3% compared with the same date in 2025 and represent 95% of 2025 revenue. Under these circumstances, the group indicates that 2026 revenue and results will be down modestly compared with 2025. The group continues its international development with the opening of an office in Munich in November 2026 and in Milan in the first half of 2027, as well as the launch of the Active Trails brand aimed at an international clientele. On the capital side, Avantage, the controlling holding acting in concert with the founders and institutional shareholders, filed on September 1, 2026 a draft public withdrawal offer followed by a mandatory withdrawal at €180 per share, reflecting a premium of 23.7% over the closing price of July 6, 2026. Crowe HAF concluded that the terms were fair. Subject to the AMF's compliance declaration expected on October 26, 2026, the offer would be open from October 28 to November 10, 2026. The concert holds as of the date 90.48% of the capital and 93.20% of voting rights.
