Voyageurs du Monde (ALVDM) H2 2025 earnings summary

Executive summary

• Sales grew 6.8% year-over-year to €785.0m in 2025, with all segments contributing, especially tailor-made and adventure travel.

• Net income attributable to owners rose 2.0% to €48.4m, despite a slight decline in consolidated net profit and lower financial income.

• EBITDA increased 6.3% to €72.7m, maintaining a 9.3% margin.

• Expansion included new agency openings in Zurich, Lausanne, Nantes, and plans for Germany and Italy.

• The group maintained a 20% value redistribution rate, paying €19m in profit sharing and bonuses.

Financial highlights

• Gross profit increased 8.1% to €255.7m, representing 32.6% of sales.

• Operating expenses grew 9.0% to €188.4m, with staff costs up 7.6%.

• Net financial income declined 42% to €4.1m, mainly due to a public share buyback.

• Cash flow from operating activities was €64.1m; closing net cash position reached €223.1m.

• Dividend of €6.70 per share proposed for 2025.

Outlook and guidance

• Ongoing international expansion with new agencies planned in Germany, Italy, and other regions.

• Product development includes new tailor-made and group travel offerings, and further growth in the UK and US.

• 2026 departures as of March 31 were up 1.9% year-over-year, but sales for March fell 11% due to geopolitical uncertainty.

• If current conflicts persist, a decline in sales and earnings is expected for 2026.