Compagnie des Alpes raises EBITDA growth outlook to 6% for fiscal 2025/26
Key Facts
On 27 October, Compagnie des Alpes raised its forecast for growth in earnings before interest, taxes, depreciation and amortization (EBITDA) in fiscal 2025/26 to around 6%, excluding gains from the sale of fixed assets in Tignes, from a previous range of 2% to 5%. The company said its final performance exceeded expectations, while annual revenue came to 1,433.2 million euros, up 2.6% from the previous year and 2.2% on a like-for-like basis. Chief Executive Dominique Thillaud attributed the higher forecast to tighter control of operating costs in the latter part of the year. He said EBITDA growth was now expected to be "around 6%" without harming the customer experience. The revision reflects the contribution of cost measures to the improved outlook, while annual revenue growth remained relatively modest.
Unaudited annual revenue followed fourth-quarter sales of 277.7 million euros, compared with 271.4 million euros in the corresponding period of the previous fiscal year. That represented growth of 2.3% on a reported basis and 2.7% on a like-for-like basis. Fourth-quarter performance puts the annual increase in the context of continued improvement during the period, but did not prevent trends from diverging between the Mountain and Leisure Parks businesses. Segment figures reflected strong demand at mountain resorts, against a decline in attendance at leisure parks. The gap showed that the higher EBITDA forecast did not come with uniform improvement across the group’s activities.
The Ski Areas and Outdoor Activities division posted revenue of 632.8 million euros, up 6.5% from the previous year and 5.6% on a like-for-like basis. Average revenue per skier-day also rose 3.5%, while skier-days totaled 14.2 million, including the Pralognan-la-Vanoise resort, exceeding the previous record of 13.9 million days set last year. Ski-lift revenue, which accounts for around 95% of the division’s revenue, rose 4.4% on a like-for-like basis, with skier-days up 0.9%. The company links these results to the increase in skier-days; growth in average revenue per day also points to spending contributing to the division’s revenue. The Mountain business provided significant support to the group in a year when activity at leisure parks declined.
By contrast, Leisure Parks revenue fell 0.5% to 674.6 million euros in fiscal 2025/26. Visitor numbers declined 3%, while average spending per visitor rose 2%, limiting the impact of lower attendance on revenue. The company attributed weaker visitor numbers to unfavorable weather and higher fuel prices. The figures show that higher spending per visitor was not enough to fully offset the decline in visitor numbers. They also highlight the different operating conditions facing this business and the Mountain division, which recorded growth in revenue and skier-days. In this context, cost controls in the latter part of the year provided additional support for the revised EBITDA outlook.
In May 2026, the company had expressed confidence in achieving annual EBITDA growth close to 10%, citing strong activity in the first half and control of operating costs, particularly electricity. The latest forecast, at around 6%, is below that earlier indication, although it remains above the range the company later expected, of 2% to 5%. The company said cost-control measures were tightened in the latter part of the year while preserving the customer experience. On energy, the company covered 100% of its electricity purchases in France at 61 euros per megawatt-hour in 2026, 58 euros in 2027 and 57 euros in 2028. This coverage provides stated price levels for the three years, at a time when the company had singled out electricity as part of its efforts to control operating costs.
Compagnie des Alpes is targeting EBITDA of at least 500 million euros in fiscal 2027/28 or 2028/29, with an EBITDA margin sustainably above 30% from 2028/29. In the near term, the company said early bookings for the coming season at its mountain resorts appeared relatively strong, while corporate events for the Christmas season at its leisure parks were fully booked. The MMV Village Club in La Plagne is due to reopen in December, ahead of the start of the 2026/27 winter season. The company set 1 December 2026 as the date for publishing its annual results. Those results will provide a later opportunity to review the final annual figures, after the reported revenue was unaudited.