Pierre & Vacances-Center Parcs Weathers Tax Storms, Posts Robust Growth

PARIS – May 28, 2026 – In a powerful display of resilience against economic headwinds, European holiday leader Pierre & Vacances-Center Parcs (PVCP) today announced strong first-half results for its 2025/2026 fiscal year. The group reported a 6.0% surge in economic revenue across its tourism brands, driven by healthy demand and strategic expansion, even as it navigates significant new tax burdens in key markets.

Despite what CEO Franck Gervais described as a "challenging international environment," the company's core tourism activities generated €805.8 million in the six months ending March 31, 2026. This performance, bolstered by both higher prices and more nights sold, has given the group confidence to reaffirm its full-year adjusted EBITDA target of €185 million. The results underscore the success of its ongoing transformation plan, even as the company pursues a strategic review that could reshape its future.

“The first half of 2025/2026 confirms the relevance and robustness of our model," stated Gervais. "This performance reflects the strength of our positioning on local tourism, embraced by a European clientele seeking accessible, high-quality and meaningful destinations. It also reflects the very tangible benefits of our premiumisation strategy and of our ability to enhance our offer in the most sought-after destinations.”

Strategic Expansion Fuels Growth Engine

A cornerstone of the group's recent success is an aggressive and diversified expansion strategy. The report highlights several key moves that have broadened PVCP's market footprint and reinforced its brand portfolio.

Most notably, the company's maeva&co division has become the largest open-air hospitality franchisor in France. Through the takeover of the Camping Paradis franchise (90 sites) and the Ushuaïa Villages franchise (20 sites), maeva&co now oversees more than 150 independent campsites. This move strategically positions PVCP to capitalize on the booming demand for camping, glamping, and nature-focused holidays.

Simultaneously, the Adagio aparthotel brand executed a major expansion, taking over the management of nine sites from the Sergic Group. This single transaction added 1,152 keys to its portfolio, representing an immediate 8% increase in capacity and strengthening its leadership position in the European market for urban serviced apartments.

The group's namesake Pierre & Vacances brand has also pushed further into the premium segment. A new partnership with Swisspeak Resorts will see 338 high-end apartments in four Swiss Alpine residences marketed under the “Swisspeak Resorts by Pierre & Vacances” brand. This franchise-style agreement leverages PVCP's commercial strength while expanding its lucrative mountain destination offerings.

Navigating Economic and Fiscal Headwinds

The positive results are particularly noteworthy given the significant fiscal pressures the company faces. The Dutch government's decision to increase the VAT on accommodation services from 9% to 21% as of January 1, 2026, is expected to create a negative impact of €29 million on a full-year basis before mitigation. A similar VAT hike in Belgium from 6% to 12% on tourism accommodation adds to the challenge.

Despite these external shocks, the company's underlying performance remains strong. When accounting for the new tax impacts and other non-recurring items from the previous year, the group’s adjusted EBITDA improved by more than €12.5 million compared to the first half of 2024/2025. This indicates that the core business is becoming more profitable, driven by operational efficiencies and revenue growth that are successfully offsetting some of the new costs.

These efficiencies are a direct result of the group's ongoing “Beyond ReInvention” strategic plan, which focuses on premiumization, cost discipline, and enhancing the customer experience. The company’s ability to increase its average selling price by 1.7% while also increasing the number of nights sold by 4.4% demonstrates a successful balance of pricing power and sustained consumer demand.

The “Beyond ReInvention” Plan in Action

Beyond financial metrics, the success of the group’s transformation is evident in its customer-facing initiatives. The recent launch of 'Friends,' a new loyalty program for Center Parcs, marks a significant investment in customer retention. Moving away from a traditional points-based system, the program rewards repeat visits with exclusive benefits and status levels, a strategic move designed to encourage loyalty in a brand where nearly half of all customers are already repeat visitors.

This focus on the customer experience is paying dividends, with the company reporting that customer satisfaction rates continue to progress across every brand. Renovations and upgrades, such as those at the Center Parcs Hauts de Bruyères domain, are also bearing fruit, with the site seeing a RevPar (Revenue per Available Room) increase of nearly 20% following its modernization.

The company’s operational reporting shows a slight increase in its first-half adjusted EBITDA loss to -€41.6 million from -€40.3 million the prior year. However, the seasonality of the business means the first half is structurally loss-making, with the bulk of profits generated during the summer season. The underlying improvement of €12.5 million on a like-for-like basis provides a clearer picture of the positive trajectory.

A Future in Flux: The Impending Strategic Review

While the operational engines are firing on all cylinders, the group's corporate structure may be on the verge of a significant transformation. The company confirmed it is pursuing a strategic options review, launched in June 2025, to “realize the Group's full potential.” This process includes discussions with investors that could potentially result in an evolution of its shareholding structure.

With the press release stating that the company will communicate on the outcome “in the coming weeks,” all eyes are now on the boardroom. This review, following a major financial restructuring in 2022, could signal anything from the entry of a new major investor to a merger or other significant corporate action, marking a potential new chapter for the 59-year-old company.

For now, management remains focused on the current fiscal year. With over 70% of the booking target for the second half already secured, the company's confirmed €185 million EBITDA target signals strong confidence in its ability to deliver on its promises, regardless of the strategic shifts that may lie ahead.