Voyageurs du Monde shares slip as earnings narrowly miss estimates
The tailor-made travel specialist reported revenue growth broadly in line with expectations, while net income came in slightly below forecasts. Furthermore, the group continues to be hampered by the situation in the Middle East. As a result, the stock is trading down nearly 2.5% in Paris.
Voyageurs du Monde reported a group share of net income of 48.4 MEUR for fiscal year 2025, up 2% compared to 2024 but slightly below consensus estimates of 49.1 MEUR. This limited growth was primarily driven by a sharp 42% decline in financial income, notably linked to the share buyback tender offer (OPRA) completed in June 2024.
Reported EBITDA reached 72.7 MEUR (against a consensus of 73.5 MEUR), up 6.3% year-on-year, reflecting a stable margin which remains at 9.3% of revenue. Operating profit (EBIT) rose by 5.4% to 64.6 MEUR (consensus: 65.6 MEUR), demonstrating the group's operational resilience in a context nevertheless described as "highly uncertain" by management.
Revenue came in at 785 MEUR, in line with the 786 MEUR consensus, representing a 6.8% increase. This was driven by momentum in tailor-made activities (+6.4%) and the adventure segment (+8.8%).
On the operational front, the group highlighted the successful rollout of its operations in German-speaking Switzerland and strong growth in adventure travel offerings, particularly in the individual segment, confirming the increasing shift toward tailor-made services in this niche.
Middle East weighs on outlook
Regarding the outlook, the group plans to continue its European expansion with new locations in Germany and Italy starting in 2026. However, it warned of the impacts of the conflict in the Middle East, which is disrupting certain destinations and weighing on global demand.
Since late February 2026, the Middle East conflict has directly affected the Group's business, and Voyageurs du Monde explicitly anticipates a decline in revenue and earnings in 2026 should hostilities continue.
TP ICAP Midcap maintains Buy rating
In this context, TP ICAP Midcap reiterated its Buy recommendation on the stock with an unchanged price target of 219 EUR, describing the 2025 results as "solid and without major surprises." However, the analyst noted that the outlook appears "slightly more cautious than expected," with booked departures at the end of March 2026 up only 1.9%, penalized by the Middle East conflict.
According to TP ICAP Midcap, a rebound in demand remains possible in the short term due to a catch-up effect. The broker also believes that valuation remains attractive and views any share price weakness as an accumulation opportunity.
Voyageurs du Monde is a travel agency organized around 3 activity areas:
- organization of personalized individual trips (55.3% of net sales): Voyageurs du Monde, Comptoir des Voyages, Bynativ and Original Travel brands;
- organization of adventure trips (44.6%): primarily trekking, hiking and bike tours (Terres d'Aventure, Allibert Trekking, Nomade Aventure, KE Adventure Travel, EuroFun Touristik, Loire Valley Travel, Radweg Raisen, SE Tours and Ruckenwind Reisen brands);
- other (0.1%): primarily organization of group trips and standard guided tours.
At the end of 2025, its products and services are marketed through a network of 18 branches in France (13), Switzerland (2), Canada (2) and Belgium, and via Internet.
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