Pierre & Vacances-Center Parcs Group reported IFRS revenue of 788.3 million euros for the first half of 2025/2026, up 3% from 765.1 million euros a year earlier.

In terms of operational data, which the group considers more representative (including joint ventures under proportional consolidation and excluding the impact of IFRS 16), economic revenue reached 816.8 million euros, a 1.8% year-on-year increase.

Tourism activity as the primary growth engine

Tourism revenue amounted to 805.8 million euros, up 6%, driven by both accommodation (+6.2% to 619.7 million euros) and other tourism activities (+5.4% to 186.1 million euros). This momentum reflects a dual improvement in pricing and volumes, with a 4.4% increase in the number of nights sold and a 1.7% rise in average rates.

A breakdown by brand shows growth across the board. Center Parcs recorded a 5.8% increase in accommodation revenue, supported by a rise in nights sold (+4.2%) and pricing (+1.5%).

Pierre & Vacances grew by 7.5%, benefiting notably from strong performance in mountain resorts and resilient coastal destinations. Adagio posted 5.8% growth, primarily driven by volume increases, with the occupancy rate improving significantly to 76.3%, up 4.2 percentage points year-on-year.

Conversely, non-tourism activities saw a sharp decline. Revenue from 'Other' activities plunged 73.7% to 11 million euros due to a slowdown in real estate operations, a retreat that the group claims has no significant impact on EBITDA.

Trajectory in line with expectations

'During this first half, the Group once again recorded growth in its tourism activities, illustrating the strength and resilience of its model in a strained international context. The strategic choice of local tourism is proving more relevant than ever,' commented Franck Gervais, CEO.

Regarding the outlook, the group anticipates continued growth in accommodation revenue for the full 2025/2026 fiscal year, supported by bookings already secured for the second half, which represent nearly 60% of the target.

This trajectory is said to be in line with previously communicated objectives, despite the expected negative impact of VAT increases in the Netherlands and Belgium, which have already been factored into EBITDA forecasts.