Compagnie des Alpes (CDA) Q3 2026 TU earnings summary

Executive summary

• Sales for the first nine months of FY 2025/26 reached €1,155.5 million, up 2.6% year-over-year, with a strong third quarter for Ski Areas and Outdoor Activities, and growth in Distribution & Hospitality excluding the impact of a fire.

• Leisure Parks division saw a slight sales decline due to adverse weather, but visitor satisfaction increased and new attractions performed well.

• EBITDA growth guidance revised to 2–5% (from nearly 10%) excluding capital gains from Tignes asset disposal; including these, EBITDA growth expected at 10–13%.

• Acquisition of a 33.9% stake in PadelCity aims to create a European leader in padel and five-a-side soccer.

Financial highlights

• Ski Areas and Outdoor Activities sales rose 5.7% year-over-year to €617.0 million; third quarter sales up 8.8%.

• Distribution & Hospitality sales declined 1.4% to €110.4 million, but would have grown 4.7% excluding the fire impact.

• Leisure Parks sales fell 0.5% to €428.1 million, with a 4.1% drop in Q3 due to weather and a high comparison base.

• EBITDA for FY 2024/25 was €409.4 million.

Outlook and guidance

• EBITDA growth for FY 2025/26 now expected at 2–5% excluding Tignes capital gains, or 10–13% including them.

• Medium-term targets unchanged: EBITDA of at least €500 million by FY 2027/28 or FY 2028/29, with EBITDA margin above 30% from 2028/29.

• Net industrial capex to remain at ~20% of revenue in FY 2026/27, then decline to ~16% from FY 2028/29.

• Financial leverage ratio targeted between 2x and 3x net debt/EBITDA.

• Annual dividend payout of ~50% of net income (excluding non-recurring items) reaffirmed.