CDA - 2022 2023 FY sales

2022/23 FINANCIAL YEAR:

ANNUAL SALES AT HISTORICAL LEVEL OF 1 125 MILLION EUROS

•      17% SALES GROWTH •           RECORD ORGANIC GROWTH OF 10% •         ROBUST GROWTH FOR ALL GROUP BUSINESSES

Paris, October 24, 2023 – Consolidated sales for Compagnie des Alpes for the 2022/23 financial year amounted to €1,125.5 million, exceeding the €1 billion mark for the first time in its history. This represents growth of 17.4% on an actual basis compared with 2021/22. On a like-for-like basis, i.e., adjusted for the acquisition of MMV, consolidated since the start of the financial year, growth was 9.9% compared with last year. All three divisions contributed to the Group’s robust sales dynamic.

Group consolidated sales at September 30, 2023

(1)      The breakdown of 2021/22 sales by division has been adjusted to reflect the new reporting format announced by the Group during the presentation of its annual financial statements in early December of 2022 (creation of a third division, Distribution & Hospitality, and the elimination of the Holdings & Support division).

(2)      The change on a comparable basis excludes sales by MMV, consolidated as of October 1, 2022, as well as those generated by entities acquired during the year (Chalet Time real estate agency and the Arc Aventures ski school by Evolution 2.

In the 4th quarter alone, sales reached €231.8 million. This represents growth of 8.4% on an actual basis and 4.5% on a like-for-like basis compared with the 4^th quarter of the previous year.

SKI AREAS & OUTDOOR ACTIVITIES: STRONG DEMAND FOR OUR HIGH-ALTITUDE SKI AREAS  

Over the full 2022/23 financial year, sales from Ski Areas & Outdoor Activities amounted to €489.2 million, representing an increase of +7.2% compared with the 2021/22 financial year. Ski lift sales (95% of this division's total sales) came to €465.9 million, up 7.8%.

This growth was driven by a 1.8% increase in the number of skier-days, which reached a total of 12.5 million over the full 2022/23 financial year in a national ski market down 5%.¹ This performance illustrates the

appeal of the Group's assets, in terms of the size and quality of the resorts, as well as their infrastructure, snow cover, slope maintenance, and geographic position within the Alps and high altitude locations.

Sales growth was also driven by a 5.9% increase in average revenue per skier-day, reflecting the partial passthrough of the rise in electricity costs onto the sale price of ski passes.

Sales in the 4^th quarter of financial year 2022/23 for the Ski Areas and Outdoor Activities division (which represents only around 2% of the division's annual sales) rose by 18.8% to €9.8 million. Two-thirds of this increase was attributable to ski lift ticket sales, which rose mainly due to a price effect and, additionally, to the significant increase in sales for Evolution 2 thanks to the success of the outdoor activities on offer, notably rafting, cycling, hiking, canyoning, paragliding, and climbing.

DISTRIBUTION & HOSPITALITY: STRONG GROWTH, BOOSTED IN PARTICULAR BY THE INTEGRATION OF MMV  

Sales in the Distribution & Hospitality division reached €110.3 million for financial year 2022/23, compared with €32.9 million in 2021/22. This sharp increase is primarily due to the consolidation of MMV, which has been consolidated since October 1, 2022. Over the full year, MMV's net contribution to the division's sales amounted to €70.7 million.^[2] Its lodging and accommodation sales, net of commissions, were up 9% compared with the previous year. This growth reflects the satisfactory occupancy rates recorded by MMV hotels and residences during the year, as well as the positive impact of the new Samoëns Village residence club and that of the new Risoul residence club in the 4^th quarter.

On a comparable basis, i.e., excluding MMV, the Distribution & Hospitality division's annual sales were up 18.1% over financial year 2021/22. This strong performance can be attributed to both the estate agency and tour operator businesses, which recorded relatively similar growth rates.

Sales in the 4^th quarter for Distribution & Hospitality represented almost 9% of the division's full-year sales. They totaled €9.8 million, €7.7 million of which were provided by MMV alone, which posted a strong increase, with an average occupancy rate of 97% in July and August, and a customer satisfaction rate of 89% over the summer, confirming the enthusiasm for the quality of MMV's offering.

LEISURE PARKS: RECORD ORGANIC GROWTH

Leisure Parks business had another highly dynamic year, with sales for financial year 2022/23 reaching €525.9 million, up 12.0% over the previous year. This strong growth is balanced by a 5.2% increase in visitor numbers to 10.6 million, and an increase in spending per visitor of almost 7%.

The increase in attendance is due both to the increasingly intense Halloween and Christmas periods, with an extension in the number of sites and opening periods, as well as to the Group’s efforts in terms of developing parks, updating activities, and launching new attractions. Many of the Group's parks set new attendance records. Parc Astérix offers a good illustration of the success of this strategy, with 2.81 million

visits during the financial year, an increase of 7%, Parc Astérix ranks second among French theme parks. In addition, the increase in spending per visitor also accelerated during the third quarter of this year.

Visitor satisfaction scores were up overall at most sites, attributable to investments in attractiveness, hotel development, and the work conducted by the Group to improve flow management, which has been particularly helpful in absorbing the increase in visitor numbers. The scores that have improved the most are those for waiting times, value for money, and new attractions.

Sales in the 4^th quarter for Leisure Parks reached €212.1 million, up 3.4% compared with the same period last year. Visitor numbers were very slightly down (-1.9%) compared with the exceptionally good 4^th quarter of 2021/22. Visitor numbers were adversely affected during the summer by unfavorable weather conditions (precipitation, extremely hot weather), but outside of these periods, growth was strong with a record month of September. The upward dynamic in spending per visitor continued to build, +5.3% versus the same period last year.

OUTLOOK

This outlook is subject to major economic uncertainties.

•       2022/23 EBITDA

Given the excellent level of sales in the second half of the 4^th quarter, and more specifically the record month of September, and despite the energy “shock” (i.e., the unprecedented increase in electricity rates), the Group currently expects to slightly exceed the target it had set for this financial year, i.e., EBITDA close to that of 2021/22, excluding the impact of consolidating MMV and non-recurring items. 

•       Ski Areas & Outdoor Activities BU; Distribution & Hospitality BU

To date, preparations for the 2023/24 winter season in the mountains are on track, with a positive booking dynamic for accommodations in the Group's resorts.

This is particularly true of MMV's accommodations, which are currently ahead of last year.

•       Leisure Parks

The 2023 Halloween season is also shaping up well.

As part of the Group's strategy of extending the operating periods of its sites, Walibi Belgium and Bellewaerde will open for the first time during the Christmas period. These two sites will join Parc Astérix, as well as Walibi Rhône-Alpes and Walibi Holland, which both opened for the first time over Christmas in financial year 2022/23.

The 2023/24 season will see the parks' appeal further enhanced. Parc Astérix will celebrate its 35^th anniversary with a host of festivities, while Walibi Rhône-Alpes and Bellewaerde will both benefit from the largest investment in their history, with attractions that will be a European and world first, respectively. Walibi Belgium, meanwhile, will benefit from the reopening in December of Aqualibi, which after a complete renovation will be the largest water park in Belgium.

This press release contains forward-looking statements concerning the outlook and growth strategies of Compagnie des Alpes and its subsidiaries (the “Group”). These elements include indications relating to the Group's intentions, its strategies, its growth outlook, and trends concerning its operating results, its financial situation, and its cash position. Although these indications are based on data, assumptions, and estimates that the Group considers to be reasonable, they are subject to numerous risk factors and uncertainties such that actual results may differ from those anticipated or implied by these indications due to multiple factors, in particular those described in the documents registered with the Autorité des marchés financiers (AMF) available on the Compagnie des Alpes website (www.compagniedesalpes.com). The forward-looking information contained in this press release reflects the guidance given by the Group on the date of this document. Unless there is a legal obligation, the Group expressly declines any commitment to update these forward-looking elements in the light of new information or future developments.

Upcoming events and releases 2022/23: 

•         2022/23 annual results:                                                 Tuesday, December 5, 2023, before stock market

•         2023/2024 1^st quarter sales:                                        Tuesday, January 23, after stock market

•         Annual Shareholders’ Meeting:                  Thursday, March 14, afternoon

•         2023/2024 2^nd quarter sales:                                       Tuesday, April 23, after stock market

www.compagniedesalpes.com

ADDITIONAL INFORMATION

Consolidated Group sales, October 1, 2022, through September 30, 2023

(1)         The breakdown of sales by division for financial year 2021/22 has been adjusted to reflect the new reporting format announced by the Group when it presented its annual financial statements in early December of 2022 (creation of a third division, Distribution & Hospitality, and the elimination of the Holdings & Support division).

(2)         The change on a comparable basis excludes sales by MMV, consolidated as of October 1, 2022, as well as those generated by entities acquired during the year (Chalet Time real estate agency and the Arc Aventures ski school by Evolution 2.