Pierre et Vacances SA provided earnings guidance for the third and fourth quarter of fiscal 2020. In the third quarter, with more than two months of site closures and a gradual re-opening in June (estimated at 30% of the level seen in June 2019), the Group could record a loss of close to €300 million in revenue (with an impact potentially limited to negative €130 million for underlying operating profit in view of the savings made (partial unemployment, on-site costs variabilisation) and depending on rental negotiations underway). For the fourth quarter, the period set to contribute the most to the Group’s performances, trends are encouraging: the portfolio of reservations currently stands at more than 50% of the revenue budgeted for the fourth quarter, or a 10-15 point lag depending on the brand relative to the rate reached in the previous year, with the gap narrowing significantly as the weeks go by since the governments’ announcements for the end to the lockdown.