CDA - Q3 2024 2025 sales

SALES FOR THE FIRST 9 MONTHS OF FY 2024/2025   

•      VERY ROBUST 3^RD QUARTER SALES ACROSS ALL GROUP BUSINESS DIVISIONS, PARTICULARLY SKI AREAS

•      SALES FOR THE FIRST 9 MONTHS UP 15.1%, TO €1,126.1 M, WITH GROWTH OF 10.7% ON A COMPARABLE BASIS

• EBITDA GUIDANCE FOR THE FULL YEAR CONFIRMED AT APPROXIMATELY +15%

Paris, July 29, 2025 – (Unaudited figures) Compagnie des Alpes posted sales of €1,126.1 million for the first nine months of the 2024/25 financial year (which runs from October 1, 2024, through June 30, 2025), up 15.1% compared with last year’s 9-month sales total of €978.5 million. Thanks to a particularly good third quarter performance, sales growth on a comparable basis (i.e., excluding Urban Group sales up to and including June 12, 2025, as well as sales from Belantis leisure park, acquired on April 3, 2025) reached 10.7% over the first nine months of the financial year. This strong performance reflects an excellent winter season for all mountain-related activities and even more pronounced growth in Leisure Park sales, from Halloween in October to the start of summer at the end of June.

In the third quarter of the 2024/25 financial year alone (April 1 through June 30, 2025), Compagnie des Alpes' sales reached €276.5 million, up 27.2% compared with the third quarter of the previous financial year. On a comparable basis, sales grew by 20.2%. This performance was driven by all three of the Group's divisions, particularly Ski Areas and Outdoor Activities, which had an exceptional month of April until the resorts closed, thanks to the timing of the Easter weekend.

Group consolidated sales for the first 9 months of 2024/25 (period from October 1, 2024, through June

30, 2025) and for the 3^rd quarter of 2024/25 (April 1 through June 30, 2025)

(a) The change on a comparable basis excludes Urban Group sales until the anniversary date of its inclusion in the scope of consolidation, i.e., up to and including June 12, 2025, as well as that of the Belantis leisure park, which has been consolidated since April 3, 2025.

SKI AREAS AND OUTDOOR ACTIVITIES: STRONG SALES INCREASE BOOSTED BY AN EXCELLENT 3^RD QUARTER AND A NEW RECORD IN THE NUMBER OF SKIER-DAYS  

Sales for the Ski Areas and Outdoor Activities division rose to €583.8 million for the first nine months of 2024/25, an increase of 7.6% compared with the same period last year. Growth, which was 5.5% at the end of the first half, accelerated sharply in the third quarter.

During the third quarter of the 2024/25 financial year, sales for the Ski Areas and Outdoor Activities division amounted to €59.4 million, up 30.6% compared with the same period last year. This strong growth reflects very dynamic sales, boosted not only by the timing of the Easter weekend in the second half of April (compared with the end of March in 2023/24), but also by excellent snow and sunshine conditions during the spring school holidays. The resorts were thus able to welcome skiers under excellent conditions until their closing dates, with April alone accounting for almost all of the increase in the number of skier-days over the entire season.

Over the first nine months of the financial year, core ski lift operations, which account for most sales, grew by 7.6%. This performance was driven primarily by a roughly 6.5% increase in average revenue per skierday, as well as a 1.1% rise in the number of skier-days during the period, setting a new record of 13.9 million skier-days for the 2024/25 winter season.

DISTRIBUTION & HOSPITALITY: SUSTAINED GROWTH IN THE ACCOMMODATION SECTOR

During the first nine months of the 2024/25 financial year, the Distribution & Hospitality division's sales amounted to €112.0 million, an increase of 6.9% compared with the same period in the previous financial year. Like the Ski Areas division, the Distribution & Hospitality business benefited from a strong third quarter, which led to an acceleration in growth compared with the situation at the end of March. 

Sales for the third quarter of the 2024/25 financial year reached €9.6 million, growth of 16.0% compared with the third quarter of the previous financial year.

MMV enjoyed particularly strong business throughout the first nine months of the financial year, benefiting from both optimized opening schedules and the upscale repositioning of several of its properties. Occupancy rate reached 88%^[1] across all its Club Villages and Club Residences, while average revenue per night continued to increase. Customer retention rates also improved compared with the previous financial year. Additionally, MMV benefited from incremental revenue generated by the new exclusive distribution agreement for Terrésens serviced residences, a group in which Compagnie des Alpes acquired an initial 33% stake on April 30. 

Mountain Collection Immobilier, the leading real estate agency network in the French Alps, has also delivered a strong performance since the start of the financial year. The network benefited from an expanded footprint with the opening of a new agency, an increase in the number of properties available for sale, and the recovery of its property management (HOA/condominium association) business.

Lastly, as anticipated, Travelfactory’s sales were unchanged compared with the first nine months of the previous financial year, reflecting the Group’s strategy of prioritizing margins over volumes. Notably, during

the third quarter, its subsidiary Travelski announced the launch of a new overnight train service between Paris and Bourg-Saint-Maurice for the upcoming season.

LEISURE PARKS: HIGH GROWTH RATE MAINTAINED SINCE THE START OF THE FINANCIAL YEAR AND POSITIVE IMPACT OF THE ACQUISITIONS OF URBAN GROUP AND BELANTIS

Over the first nine months of the financial year, Leisure Parks sales amounted to €430.3 million, compared with €331.3 million for the previous financial year, representing an increase of 29.9%. On a comparable basis, i.e., excluding the Urban group through June 12, 2025, and the Belantis amusement park acquired on April 3, 2025, the division’s sales rose by 16.9%, continuing the strong momentum observed in the first half of FY 2024/25.

The Leisure Parks division posted strong sales in the third quarter of FY 2024/25, of €207.5 million, up 26.8% compared with the third quarter of the previous year. This growth reflects the full-quarter contribution of Urban Group (versus 18 days in the previous year) and the near full-quarter consolidation of Belantis (as of April 3). 

On a comparable basis, third-quarter sales growth reached 17.6% compared with the same period last year, which was adversely impacted by heavy rainfall, two election weekends, the timing of Easter weekend and pre-Olympic Games atmosphere. This year, more favorable weather and calendar effects, combined with the success of Aquascope—a water park opened in July 2024 at Futuroscope with its own ticketing— contributed to the strong performance.

Over the first nine months of the financial year, comparable sales growth for the Leisure Parks division reflects a more than 14% increase in attendance and a 4.7% increase in spending per visitor (admission + in-park spending). 

This strong growth in sales is the combined result of strategic initiatives undertaken by the Group to expand its range and enhance its appeal, as well as the efforts made by its sites to promote and market their attractions and new features.

Since the start of the financial year, business has benefited from extended opening hours during the Halloween and Christmas periods, as well as new attractions offering visitors unique experiences. Futuroscope has seen strong momentum from its new “Mission Bermudes” attraction and the success of Aquascope, which enhances the park’s overall appeal and encourages longer guest stays. Walibi Belgium, which is celebrating its 50^th anniversary this year with the launch of a new “Dock World” area, has seen a sharp increase in activity, as has Walibi Rhône-Alpes, which is getting a boost from the “Mahuka” attraction inaugurated last year.

Urban Group's business is also growing, and its development continues to be driven by the ramp-up of the Île de Puteaux sports center since the end of September 2024, the opening of a new center in Avignon in January 2025, and then two centers in Marseille (La Valentine in April and La Valbarelle in June).

OUTLOOK FOR YEAR-END 2024/25

This outlook is subject to major economic contingencies.

•       Ski Areas and Outdoor Activities

The 4^th quarter accounts for approximately 2% of the annual sales for Ski Areas and Outdoor Activities and therefore has no significant impact on annual performance. Business during the summer months mainly consists of sales from outdoor activities, including ski lifts used to access said activities.

•       Distribution & Hospitality

In the 4^th quarter, the Distribution & Hospitality division's sales are mainly linked to those of MMV, for which this period traditionally accounts for around 10% of its annual sales. To date, bookings for this summer are ahead of last year's figures for the same period, both for Club Villages and Club Residences.

•       Leisure Parks

Traditionally, the 4^th quarter accounts for roughly 40% of annual sales for Leisure Parks. As indicated in the release of the 2024/25 half-year results on May 20, the Group remains confident in the parks’ performance for the summer season, supported by strong bookings and the launch of numerous new attractions across its flagship parks, further enhancing their appeal.

•       EBITDA growth

Subject to operating and weather conditions in the fourth quarter in line with historical averages, the Group reaffirms the upgraded guidance announced on May 20 for full-year EBITDA growth of approximately 15% with FY2023/24.

Q3 HIGHLIGHTS  

                              •     Acquisition of a 33% stake in Terrésens

On April 30, Compagnie des Alpes acquired a 33% equity stake in Terrésens. This marks the first step in its strategic alliance with the leading developer of warm beds in the Alps, with the aim of increasing ownership to 80% over the next three to four years. In the context of increasingly scarce mountain real estate, this transaction gives Compagnie des Alpes new expertise in property development and renovation, from land sourcing to construction oversight.

                              •    Acquisition of the Belantis leisure park, one of the largest in the east of Germany 

On April 3, Compagnie des Alpes announced that it had acquired 100% of the share capital of Event Park GmbH, which owns and operates the Belantis leisure park located in the Leipzig region of Germany, from the Parques Reunidos group. Opened in 2003, Belantis welcomes around 300,000 visitors per year and recorded sales of approximately €11 million for the 2024 financial year. Belantis has been included in the Leisure Parks division since April 3. 

POST-CLOSING EVENT ON JUNE 30, 2025

                              •     Compagnie des Alpes wins the PSD for the Pralognan-la-Vanoise ski area

On July 15, 2025, Compagnie des Alpes announced that its bid had been selected by the municipal council of Pralognan-la-Vanoise (Savoie) for the award of the public service delegation contract for the development and operation of its mountain resort (alpine ski area, Nordic ski area, reservation center). This marks a new public service delegation for Compagnie des Alpes, under a 25-year contract that will take effect on November 1, 2025. According to the Group's estimates, the cumulative revenue over the term of the contract for this new ski area contributes approximately €300 million to Compagnie des Alpes’ backlog.^[2]

This press release contains forward-looking statements regarding the prospects and growth strategies of Compagnie des Alpes and its subsidiaries (the “Group”). These statements include information relating to the Group’s intentions, strategies, growth prospects, and trends concerning its operating results, financial condition, and cash position. Although these statements are based on data, assumptions, and estimates that the Group considers reasonable, they are subject to numerous risk factors and uncertainties, and actual results may differ from those anticipated or implied by these statements due to a variety of factors, including those described in the documents filed with the French Financial Markets Authority (AMF) available on the Compagnie des Alpes website (www.compagniedesalpes.com). The forward-looking information contained in this press release reflects the Group's expectations as of the date of this document. Except as required by law, the Group expressly disclaims any obligation to update such forward-looking statements in light of new information or future developments.

ADDITIONAL INFORMATION

Group consolidated sales from October 1, 2024, through June 30, 2025

(1): The change on a comparable basis excludes the sales contribution from Urban Group up to the first anniversary of its consolidation,

i.e., through June 12, 2025, as well as that of the Belantis leisure park, consolidated since April 3, 2025.

Upcoming 2024/25 releases: 

•        2024/25 fourth quarter sales:                                                      Tuesday, October 28, after stock market

•        2024/25 annual results:                                                                 Tuesday, December 2, before stock market

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