{"id":12261,"date":"2026-05-28T11:00:00","date_gmt":"2026-05-28T09:00:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=936e97adaaab07d8d703cb383e056944"},"modified":"2026-05-28T11:00:00","modified_gmt":"2026-05-28T09:00:00","slug":"pierre-vacances-center-parcs-first-half-2025-2026-results-1-october-2025-31-march-2026","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=12261","title":{"rendered":"Pierre &amp; Vacances-Center Parcs: First-Half 2025\/2026 Results (1 October 2025 &#8211; 31 March 2026)"},"content":{"rendered":"<p>PARIS--(BUSINESS WIRE)--Regulatory News:<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260527199858\/en\/307710\/5\/LogoGroupePVCP286.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260527199858\/en\/307710\/5\/LogoGroupePVCP286.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260527199858\/en\/307710\/5\/LogoGroupePVCP286.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260527199858\/en\/307710\/21\/LogoGroupePVCP286.jpg\" \/><\/a><p>\nPierre &amp; Vacances-Center Parcs (Paris:VAC):<\/p><p>\n<i>This press release presents consolidated financial results established under IFRS accounting rules, closed by the Pierre et Vacances SA Board of Administration on 27 May 2026, the review of which is currently being finalised by the Statutory Auditors.<\/i><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Resilient activity <\/b>with first-half economic revenue<sup>1 <\/sup>up +1.8% vs the first-half 2024\/2025, o.w. +6.0% across all tourism brands.<\/li>\n<li>\n<b>Continued development of the tourism offering <\/b>with the signing of strategic partnerships for Pierre &amp; Vacances and Adagio, and the takeover of campsite franchises by maeva&amp;co.<\/li>\n<li>\n<b>Rising customer satisfaction <\/b>across every brand.<\/li>\n<li>\n<b>Expected growth in activity and results over the full-year 2025\/2026, <\/b>given the booking momentum in the second half of the year and the continued cost discipline, with an<b> adjusted EBITDA target<sup>2<\/sup> of \u20ac185 million<\/b>.<\/li>\n<\/ul><p>\n<b>Franck Gervais, CEO of Groupe Pierre &amp; Vacances-Center Parcs, declared:<\/b><\/p><p>\n<i>\u201cThe first half of 2025\/2026 confirms the relevance and robustness of our model. In a challenging international environment and despite tax headwinds in the Netherlands and Belgium, the Group posts a +6% growth in its tourism activities, driven by all our brands and by the combined progression of the average selling price and of the number of nights sold.<\/i><\/p><p>\n<i>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.<\/i><\/p><p>\n<i>I wish to commend the remarkable commitment of our teams across all our sites: they are the ones who, every day, bring to life this high-quality customer experience whose satisfaction continues to progress across all our brands. Strengthened by this momentum and by the rigorous execution of our Beyond ReInvention plan, we confirm our adjusted EBITDA target of \u20ac185 million for the financial year.\u201d<\/i><\/p><p>\n<b>I. Key events of the half-year<\/b><\/p><p>\n<b>1.1.1 Tourism offer development<\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Partnership between Swisspeak Resorts and Pierre &amp; Vacances<\/b><\/li>\n<\/ul><p>\nOn 7 October 2025, Pierre &amp; Vacances announced the signing of a partnership with Swisspeak Resorts to develop a new alpine hospitality offer in Switzerland. Since April 2026, 338 apartments spread across four iconic premium residences have been marketed under the Swisspeak Resorts by Pierre &amp; Vacances brand, in unspoiled Swiss Alpine destinations. The partnership is based on a franchise model, in which Swisspeak Resorts retains its identity and local roots, while benefiting from Pierre &amp; Vacances' brand awareness, recognised commercial strength and Revenue Management expertise.<\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Strategic partnership between the Sergic Group and Adagio<\/b><\/li>\n<\/ul><p>\nOn 4 November 2025, <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.adagio-city.com%2F&amp;esheet=54542842&amp;newsitemid=20260527199858&amp;lan=en-US&amp;anchor=Adagio&amp;index=1&amp;md5=3618cce182165222873c8b10c90aa4d5\" rel=\"nofollow\" shape=\"rect\">Adagio <\/a>announced the signing of an agreement to take over, under a management mandate, 9 sites leased by Sergic and representing a total of 1,152 keys. For Adagio, this is a major operation, with an immediate +8% increase in the number of keys operated by the brand, an acceleration of its development in its historical market, France, and a strengthening of its European leadership position.<\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Takeover of the Camping Paradis and Ushua\u00efa Villages franchises by maeva&amp;co<\/b><\/li>\n<\/ul><p>\nOn 5 January 2026, maeva&amp;co reached a structuring milestone in its development in the open-air hospitality market with the takeover of the Camping Paradis (90 sites) and Ushua\u00efa Villages (20 sites) franchises - two flagship brands operated under licences granted respectively by JLA Productions represented by its agent TF1 Licensing, and by the TF1 group - and of the Mistercamp business, a historical market player.<\/p><p>\nThis transaction is part of a continuity and growth strategy, marking a new phase of strategic development for maeva&amp;co in the camping segment, and makes maeva&amp;co the first<sup> <\/sup>open-air hospitality franchisor in France, with more than 150 independent campsites.<\/p><p>\n<b>1.1.2 Launch of a loyalty programme by Center Parcs<\/b><\/p><p>\nOn 2 December 2025, Center Parcs Europe announced the launch of Friends, its new loyalty programme.<\/p><p>\nUnlike traditional points-based programmes, Friends focuses on progression, while taking into account the different ways of being loyal to the brand: each stay enriches the customer's profile, enabling them to unlock badges and levels that open access to exclusive and cumulative benefits.<\/p><p>\nWith Friends, Center Parcs is taking a major step forwards in its customer relationship. With nearly 50% of its clientele already loyal, recognising and valuing this commitment is a direct driver of satisfaction and recommendation. This programme is also a strategic lever to encourage the second stay, a key factor in building loyalty, while reducing the average time between two stays.<\/p><p>\n<b>1.1.3 Reduced VAT rate increase in the Netherlands and Belgium affecting Center Parcs activity<\/b><\/p><p>\nThe Dutch government announced a VAT rate increase from 9% to 21% effective 1 January 2026 on accommodation services. This exogenous factor negatively impacts Center Parcs activity by \u20ac21 million over FY 2026, and by \u20ac29 million on a full-year basis, before mitigation measures.<\/p><p>\nIn Belgium, a VAT rate reform effective 1 March 2026 provides for a targeted increase of the reduced rate applicable notably to tourism accommodation activities. The services concerned (furnished accommodation, campsites and associated services) thus move from 6% to 12%, as part of the federal budgetary measures. The impact of this VAT increase in Belgium, together with the associated mitigation measures, is currently being estimated and implemented by the Group.<\/p><p>\nThese impacts have already been factored into the confirmation of the achievement of the EBITDA targets announced by press release on 29 September.<\/p><p>\n<b>II. H1 2025\/2026 results as per Operational Reporting<\/b><\/p><p>\n<b>To reflect the operational reality of the Group's businesses and the transparency of their performance, the Group's financial communication, in line with the <i>Operational Reporting<\/i> as followed by <i>management,<\/i> continues to proportionally consolidate joint venture results and does not include the application of the IFRS 16 standard.<\/b><\/p><p>\nFurthermore, the Group's results are presented according to the following operating segments<sup>3<\/sup>:<\/p><p class=\"bwmarginl1\">\n- <b>Center Parcs<\/b>, comprising the operation of the domains marketed under the Center Parcs, Sunparks and Villages Nature brands, and the construction \/ renovation activities of tourism assets;<\/p><p class=\"bwmarginl1\">\n- <b>Pierre &amp; Vacances<\/b>, comprising the tourism activity carried out in France and Spain under the Pierre &amp; Vacances brand;<\/p><p class=\"bwmarginl1\">\n- <b>maeva&amp;co<\/b>, comprising (i) the distribution of holiday stays in France and Europe operated notably under the maeva.com and Vacansoleil brands, (ii) the camping and open-air hospitality franchise activities, operated under the Campings maeva, Camping Paradis and Ushua\u00efa Villages brands, (iii) the seasonal rental of private owners' properties, operated through a network of 40 agencies bearing local brands, and (iv) the agritourism activities operated under the Parcel brand;<\/p><p class=\"bwmarginl1\">\n- <b>Adagio<\/b>, comprising the operation of urban residences leased by Groupe Pierre &amp; Vacances-Center Parcs and entrusted to the Adagio SAS joint venture under a management mandate, as well as the operation of sites leased directly by the joint venture;<\/p><p class=\"bwmarginl1\">\n- an operating segment comprising <b>the Major Projects Division<sup>4<\/sup><\/b> and <b>Senioriales<sup>5<\/sup> <\/b>;<\/p><p class=\"bwmarginl1\">\n- the <b>Corporate <\/b>operating segment, comprising mainly the Holding activities.<\/p><p>\nThe Group's Operational Reporting is presented in Note 4 of the appendix to the condensed half-year consolidated financial statements. A reconciliation table with the primary financial statements is presented below.<\/p><p>\n<b>2.1. Consolidated revenue as per Operational Reporting<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwrightsingle bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Economic revenue, in \u20acm<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth18\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2025\/26<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwpadl0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2024\/25<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Center Parcs<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>495.4<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>483.9<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>+2.4%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nTourism<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>492.5<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n464.7<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+6.0%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Accommodation<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>377.9<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>357.3<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+5.8%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Other tourism activities<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>114.6<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>107.4<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+6.7%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nOther<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2.9<\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n19.2<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-84.7%<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Pierre &amp; Vacances<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>172.9<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>162.8<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>+6.2%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Accommodation<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>143.7<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>133.6<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+7.5%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Other tourism activities<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>29.2<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>29.2<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+0.1%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Adagio<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>109.6<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>103.9<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>+5.5%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Accommodation<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>98.1<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>92.7<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+5.8%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Other tourism activities<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>11.5<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>11.2<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+2.8%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>maeva&amp;co<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>30.8<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>28.9<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>+6.6%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Other tourism activities<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>30.8<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>28.9<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+6.6%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Major Projects &amp; Senioriales<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>7.3<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>22.1<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>-67.1%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Corporate<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>0.8<\/b><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>0.6<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>+22.9%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Group Total<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>816.8<\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>802.1<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>+1.8%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>Economic revenue Tourism<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>805.8<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwrowaltcolor0 bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>760.3<\/b><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>+6.0%<\/i><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Accommodation<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>619.7<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>583.6<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+6.2%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>Other tourism activities<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>186.1<\/i><\/p><\/td><td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>176.6<\/i><\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+5.4%<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b><i>Economic revenue Other<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>11.0<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth18 bwrightsingle\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>41.9<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>-73.7%<\/i><\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b><span class=\"bwuline\">Economic revenue - Tourism<\/span><\/b><\/p><p>\n<b>Group brands revenue is up +6.0% in H1 2025\/2026 <\/b>(at \u20ac805.8 million), benefiting from both a growth in accommodation revenue (+6.2%) and an increase in revenue from other tourism activities<sup>6<\/sup> (+5.4%, o.w. +6.6% on maeva&amp;co and +5.6% for on-site activities).<\/p><p>\nThe customer satisfaction rate continues to progress across every brand.<\/p><p>\n<b><i>Accommodation revenue<\/i><\/b><\/p><p>\n<b>Accommodation revenue stands at \u20ac619.7 million in H1 2025\/2026, up +6.2% vs H1 of the previous financial year, <\/b>benefiting from the growth of all key operational performance indicators (price and volume) and covering all brands.<\/p><p>\n<b><span class=\"bwuline\">Change in main key operational performance indicators<\/span><\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwpadl0 bwrightsingle bwwidth20\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>RevPar<\/b><\/p><\/td><td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Average selling price<\/b><\/p><p class=\"bwalignc bwcellpmargin\">\n<i>(per night, for accommodation)<\/i><\/p><\/td><td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b><i>Number of nights sold<\/i><\/b><\/p><\/td><td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Occupancy rate<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwsinglebottom bwleftsingle bwpadl0 bwrightsingle bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>\u20ac <\/b>(ex-VAT)<\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Chg. % vs N-1<\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>\u20ac <\/b>(ex-VAT)<\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Chg. % vs N-1<\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Units<\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Chg. % vs N-1<\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>%<\/b><\/p><\/td><td class=\"bwvertalignt bwsinglebottom bwrightsingle bwpadl0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Chg. pts vs N-1<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCenter Parcs<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n117.3<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+2.9%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n171.9<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.5%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,198,896<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+4.2%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n68.3%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.9 pt<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nPierre &amp; Vacances<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n83.4<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+3.6%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n142.9<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+3.6%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,005,627<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+3.8%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n65.4%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.5 pt<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdagio<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n76.7<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+5.9%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n101.8<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.4%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n963,577<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+5.4%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n76.3%<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+4.2 pt<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwrightsingle bwwidth20\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>H1 2025\/2026<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>99.6<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+3.6%<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>148.7<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+1.7%<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>4,168,100<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+4.4%<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth10\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>69.1%<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth10 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+1.2 pt<\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b><span class=\"bwuline\">Change in accommodation revenue by brand<\/span><\/b><\/p><p>\n<b>In H1 2025\/2026<\/b>, activity is growing across every brand:<\/p><p>\n- <b>Center Parcs: +5.8%<\/b><\/p><p>\nThis growth, driven both by the increase in the number of nights sold (+4.2%) and by the rise in the average selling price (+1.5%), benefits both:<\/p><p class=\"bwmarginl1\">\n- French Domains: +8.8% (notably with strong performances from the extension of the Villages Nature Paris Domain) and +5.2% excluding the impact of the complete closure of the Hauts de Bruy\u00e8res Domains for 2 months in Q1 2024\/2025 (renovation now bearing fruit with a RevPar increase of nearly 20%);<\/p><p class=\"bwmarginl1\">\n- BNG region<sup>7<\/sup>: +4.1%, o.w. +5.8% in Germany, +4.1% in Belgium and +2.7% in the Netherlands.<\/p><p>\n- <b>Pierre &amp; Vacances: +7.5%<\/b><\/p><p>\nThe brand's revenue growth, driven by an increase in average selling price (+3.6%) and number of nights sold (+3.8%), is driven both by:<\/p><p class=\"bwmarginl1\">\n- the growth in performance of mountain residences (+9.5%), benefiting notably from the opening of the 1<sup>st<\/sup> phase of the new 4-star Capella residence in Avoriaz and from a high occupancy rate (93.1% in the half and 96% in Q2) and from an average selling price increase (+4.5%),<\/p><p class=\"bwmarginl1\">\n- the revenue increase of seaside sites, in France and Spain (+4.4%, o.w. +3.3% volume effect and +1.1% price effect).<\/p><p>\n- <b>Adagio: +5.8%<\/b><\/p><p>\nActivity growth in H1 2025\/2026 is essentially linked to the increase in the number of nights sold (+5.4%), benefiting notably from a supply effect with 2 new aparthotels in London and Stuttgart (opened summer 2025).<\/p><p>\nThe brand posts an average occupancy rate of 76.3%, up 4.2 percentage points vs the previous financial year.<\/p><p>\n<b><i>Revenue from other tourism activities<sup>8<\/sup><\/i><\/b><\/p><p>\nIn H1 2025\/2026, revenue from other tourism activities stands at \u20ac186.1 million, up 5.4% vs H1 of the previous financial year, driven by maeva&amp;co (+6.6% in the half) and by the growth of on-site sales (+5.6%, o.w. +6.4% on entertainment activities and +5.0% for revenue linked to F&amp;B activities).<\/p><p>\n<b><span class=\"bwuline\">Economic revenue - Other<\/span><\/b><\/p><p>\nIn H1 of the 2025\/2026 financial year, revenue from other activities stands at \u20ac11.0 million,<b> <\/b>down vs in H1 2024\/2025 (\u20ac41.9 million), a decrease with no significant impact on EBITDA and confirming the continued withdrawal of the Group from its real-estate and non-strategic activities.<\/p><p>\nRevenue from other activities is mainly composed of:<\/p><p>\n- renovation operations of Center Parcs Domains on behalf of owner-lessors, for \u20ac2.5 million, compared to \u20ac18.7 million in H1 2024\/2025 (mainly related to the renovation of the Hauts de Bruy\u00e8res Domain in France and to the extension of the Park Eifel Domain in Germany);<\/p><p>\n- Senioriales for \u20ac5.5 million (vs \u20ac10.2 million in H1 2024\/2025);<\/p><p>\n- the Major Projects Division: \u20ac1.7 million (vs \u20ac11.9 million in H1 2024\/2025, o.w. \u20ac10.6 million related to Villages Nature Paris).<\/p><p>\n<b>2.2 Results as per Operational Reporting<\/b><\/p><p>\n<i><b>NB: the seasonality of the Group's activities in H1 of the financial year structurally leads to a negative operating result over the period. The revenue of H1<sup> <\/sup>(winter season) is structurally lower than that of the summer season, while most operating expenses, such as salaries and rents, are linear over the year.<\/b><\/i><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>Operational Reporting, in \u20ac million<\/i><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwleftsingle bwpadl0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2025\/26<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2024\/25<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Economic revenue<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>816.8<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>802.1<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Adjusted EBITDA<\/b><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-41.6<\/b><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-40.3<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nCenter Parcs<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-49.6<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-46.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nPierre &amp; Vacances<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n5.0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-5.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nmaeva&amp;co<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-1.5<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-1.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nAdagio<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2.9<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nMajor Projects &amp; Senioriales<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n12.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nCorporate<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-2.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-2.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Current operating result<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-77.7<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-74.4<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFinancial charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-7.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-8.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nOther operating charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-17.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-13.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nShare of profit from equity affiliates<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIncome tax<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.8<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-6.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth54\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net result<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-101.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth23\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-102.0<\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b>Adjusted EBITDA <\/b>in H1 2025\/2026 stands at -\u20ac41.6 million, vs -\u20ac40.3 million in H1 2024\/2025.<\/p><p>\nThe comparison of tourism performance vs the previous financial year<b> <\/b>is impacted by:<\/p><p>\n- the reduced VAT rate increase in the Netherlands and Belgium (negative impact of -\u20ac3.2 million on Center Parcs EBITDA in H1 2025\/2026);<\/p><p>\n- the lower benefit of the rent savings generated by the Villages Nature project further to the agreements signed in December 2022 (\u20ac4.0 million for the 2025\/2026 financial year vs \u20ac12.3 million for the 2024\/2025 financial year, representing a differential of -\u20ac3.6 million in H1);<\/p><p>\n- the recognition, in H1 2024\/2025, of non-recurring items, in particular:<\/p><ul class=\"bwlistdisc\">\n<li>\na reversal of impairment on real-estate inventories of the Center Parcs Landes de Gascogne Domain for \u20ac12.1 million,<\/li>\n<li>\na shortfall estimated at \u20ac5 million related to the complete closure of the Center Parcs Hauts de Bruy\u00e8res Domain in October and November 2024 (renovation works on central facilities) and to the restoration works of the Pierre &amp; Vacances - Avoriaz l\u2019Hermine residence (1<sup>st<\/sup> phase).<\/li>\n<\/ul><p>\nOn a like-for-like basis, adjusted EBITDA thus improves by more than <b>\u20ac12.5 million<\/b> vs H1 2024\/2025, benefiting both from activity growth and from the realisation of additional savings as part of the execution of the Beyond ReInvention plan.<\/p><p>\n<b>Net financial charges<\/b> stand at -\u20ac7.1 million, vs -\u20ac8.2 million in H1 2024\/2025, the decrease being driven notably by the significant reduction in the drawdown of the revolving credit facility (RCF), whose maximum drawn amount fell from \u20ac150 million in H1 2024\/2025 to \u20ac90 million in H1 2025\/2026. This evolution reflects the continued improvement of the Group's financial dynamics, driven by revenue growth and a rigorous management of working capital requirements.<\/p><p>\n<b>Other net operating charges <\/b>amount to -\u20ac17.4 million in H1 2025\/2026 (vs -\u20ac13.2 million in H1 2024\/2025), mainly including:<\/p><p>\n- a -\u20ac8.8 million charge related to the recognition of the implementation costs of the new <i>Friends<\/i> loyalty programme of Center Parcs. As the programme is retroactive, the cost of the benefits of stays made by eligible customers over the retroactivity period (3 years) is recognised as a commercial expense against a contract liability;<\/p><p>\n- costs incurred (mainly fees and personnel expenses) as part of the Group's transformation projects and the closure of certain sites, for an amount of -\u20ac3.9 million (o.w. -\u20ac2.8 million related to the strategic options review project);<\/p><p>\n- a -\u20ac3.5 million charge related to the recognition, under IFRS 2, of free share allocation plans implemented alongside the Group's restructuring operations.<\/p><p>\n<b>Tax income <\/b>amounts to \u20ac0.8 million in H1 2025\/2026, arising mainly from the recognition of deferred tax income in Germany and the Netherlands.<\/p><p>\n<b>The net loss <\/b>of the Group stands at -\u20ac101.4 million, a slight improvement vs H1 2024\/2025.<\/p><p>\n<b>2.3. Balance sheet items and net financial debt as per Operational Reporting<\/b><\/p><p>\n<b>Simplified balance sheet<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwleftsingle bwpadl0 bwvertalignm bwwidth55 bwsinglebottom\" colspan=\"1\" rowspan=\"2\"><p class=\"bwcellpmargin\">\n<i>in \u20ac million<\/i><\/p><\/td><td class=\"bwtopsingle bwleftsingle bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>31\/03\/2026<\/b><\/p><\/td><td class=\"bwtopsingle bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>30\/09\/2025<\/b><\/p><\/td><td class=\"bwtopsingle bwrightsingle bwpadl0 bwvertalignm bwwidth15 bwsinglebottom\" colspan=\"1\" rowspan=\"2\"><p class=\"bwcellpmargin bwalignr\">\n<b>Change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>operational reporting<\/i><\/p><\/td><td class=\"bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>operational reporting<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGoodwill<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n147.2<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n146.1<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet non-current assets<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n542.9<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n541.0<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.9<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nFinance lease assets<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n91.8<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n95.3<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-3.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>TOTAL USES<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.0<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-0.4<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nEquity<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n209.3<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n306.6<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-97.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nProvisions for risks and charges<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49.6<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n51.1<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-1.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nNet financial debt<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-21.3<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-45.4<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+24.0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nDebt related to finance lease assets<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n122.7<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n125.2<\/p><\/td><td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-2.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nWCR and other<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n421.7<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n344.9<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+76.8<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrowaltcolor0 bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>TOTAL SOURCES<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.0<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-0.4<\/b><\/p><\/td><\/tr>\n<\/table><p>\n<b>Net financial debt<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>in \u20ac million<\/i><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwpadl0 bwrightsingle bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>31\/03\/2026<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>30\/09\/2025<\/b><\/p><\/td><td class=\"bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Change<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwleftsingle bwrightsingle bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nGross financial debt<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwrightsingle bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n54.8<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n52.4<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwwidth15 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+2.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nCash<\/p><\/td><td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrightsingle bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-76.2<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-97.7<\/p><\/td><td class=\"bwrightsingle bwpadl0 bwsinglebottom bwwidth15 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+21.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth55\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net financial debt<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-21.3<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-45.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwrightsingle bwrowaltcolor0 bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+24.0<\/b><\/p><\/td><\/tr>\n<\/table><p>\nThe Group is in a <b>positive net cash position.<\/b><\/p><p>\n<b>Gross financial debt at 31 March 2026<\/b> (\u20ac54.8 million) mainly corresponds to:<\/p><ul class=\"bwlistsquare\">\n<li>\nloans contracted by the Group as part of the financing of real-estate programmes held for sale, for \u20ac48.7 million (\u20ac36.2 million on the Center Parcs Lot-et-Garonne programme and \u20ac12.5 million on the Avoriaz programme);<\/li>\n<li>\nvarious bank loans for an amount of \u20ac4.7 million;<\/li>\n<li>\ndeposits and guarantees for an amount of \u20ac0.7 million;<\/li>\n<li>\na finance lease on Parcel Tiny House of \u20ac0.6 million;<\/li>\n<li>\naccrued interest for an amount of \u20ac0.2 million;<\/li>\n<\/ul><p>\nDuring H1 of the financial year, under the \u20ac205 million revolving credit facility subscribed on 23 July 2024, the Group made drawdowns for a maximum amount of \u20ac90 million during the half. These were fully repaid during the period. As a result, as of 31 March 2026, the facility is not drawn.<\/p><p>\nThe amount of the <b>debt related to finance lease assets<\/b> mainly corresponds to the restatement of finance lease contracts relating to the central facilities of the Center Parcs Lac d\u2019Ailette.<\/p><p>\n<b>Bank ratios<\/b><\/p><p>\nThe contract governing the revolving credit facility put in place upon the refinancing of the Group's debt on 23 July 2024 requires compliance with four financial ratios: the first comparing Group debt with adjusted EBITDA, the second comparing Group debt plus 5 times the value of owner rents with adjusted EBITDAR<sup>9<\/sup>, the third verifying a minimum liquidity, and the last verifying a maximum CAPEX per year.<\/p><p>\nAs of 31 March 2026, these covenants are respected.<\/p><p>\nThe real-estate debt contract of SNC Sud-Ouest Cottages also benefits from covenants relating to the financial situation of the SNC. A classic LTV (Loan To Value) ratio comparing the value of the debt and the fair value of the financed asset, as well as two ratios relating to the prospective financial flows of the structure (comparison between rents and financial expenses of the loan). The ratios are calculated each 31 December. As of 31 December 2025, the last calculation date, these covenants were respected.<\/p><p>\n<b>III. Outlook<\/b><\/p><p>\n<b>Group Strategic Review<\/b><\/p><p>\nOn June 18, 2025, the Group announced the launch of a review of its strategic options. The aim of this approach was to explore the full range of opportunities in order to realize the Group's full potential, including through discussions with certain investors which could potentially result in an evolution of the Group\u2019s shareholding structure.<\/p><p>\nThe Group is pursuing the discussions and will communicate on the outcome of its strategic review in the coming weeks.<\/p><p>\n<b>Financial target<\/b><\/p><p>\nGiven the tourism bookings to date for the second half (which represent more than 70% of the target, o.w. more than 50% in Q4), the Group currently anticipates growth in its annual performance and confirms the adjusted EBITDA target of \u20ac185 million for the full financial year, demonstrating the Group's resilience in a difficult geopolitical context.<\/p><p>\n<b>Appendix: Reconciliation Tables<\/b><\/p><p>\nThe Group's financial communication is in line with the Operational Reporting, which is representative of the performance and economic reality of the contribution of each of the Group's businesses, i.e.:<\/p><p>\n- excluding the impact of the application of IFRS 16 across all financial statements. Indeed, in the Group's internal financial reporting, the rent expense is recognised as an operating expense. Under IFRS 16, however, the rent expense is replaced by financial interest and by the straight-line amortisation expense over the lease term of the right-of-use asset. Rent savings obtained from lessors are not recognised in the income statement, but are deducted from the value of the right-of-use asset and of the lease liability, thereby reducing the amortisation and financial expenses to be recognised over the remaining lease term;<\/p><p>\n- with the presentation of joint ventures using the proportional consolidation method (i.e. excluding the application of IFRS 11) for the income statement items.<\/p><p>\nThe Group's Operational Reporting as followed by management, in accordance with IFRS 8, is presented in Note 4 \u2013 Operating segment information of the appendix to the consolidated financial statements as of 31 March 2026.<\/p><p>\nThe reconciliation tables with the primary financial statements are therefore presented below.<\/p><p>\n<b>Income statement<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>H1 2026<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>IFRS 11<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2026<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>(in \u20ac million)<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>Operational reporting<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>restatements<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>IFRS 16 impact<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>IFRS<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nRevenue<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n816.8<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-28.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n788.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nPurchases and external services<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-588.9<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+18.0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+205.6<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-365.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>O.w. cost of sales of real-estate assets<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-4.3<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+0.4<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-3.9<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>O.w. owner rents<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-239.9<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+9.4<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+204.0<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-26.5<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nPersonnel expenses<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-251.0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+8.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-243.0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nOther operating charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-5.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+2.0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-2.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nDepreciation, amortisation and provisions, net<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-49.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-116.0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-164.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Current operating result<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-77.7<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+0.3<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+90.6<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>13.2<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>Adjusted EBITDA<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-41.6<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-0.5<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+206.6<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>164.5<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nOther operating charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-17.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-15.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nFinancial charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-7.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-86.6<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-93.8<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nShare of profit from equity affiliates<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-2.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-3.0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nIncome tax<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.8<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.4<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.6<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3.8<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Net result<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-101.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+5.9<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-95.5<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>H1 2025<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>IFRS <\/b><b>11<\/b><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>(in \u20ac million)<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>Operational reporting<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>restatements<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignr\">\n<b>IFRS 16 impact<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwalignr bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>IFRS<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nRevenue<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n802.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-28.3<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-8.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n765.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nPurchases and external services<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-580.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+18.5<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+207.5<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-354.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>O.w. cost of sales of real-estate assets<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-40.9<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+8.7<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-32.2<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>O.w. owner rents<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-225.7<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+6.8<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>+197.5<\/i><\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<i>-21.3<\/i><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nPersonnel expenses<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-242.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+8.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-234.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nOther operating charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-6.8<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-5.6<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-12.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nDepreciation, amortisation and provisions, net<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-46.9<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-120.9<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-166.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Current operating result<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-74.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+72.0<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-2.4<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>Adjusted EBITDA<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-40.3<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-0.9<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+192.9<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>151.7<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nOther operating charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-13.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-12.9<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nFinancial charges and income<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-8.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-88.9<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-97.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nShare of profit from equity affiliates<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.3<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nIncome tax<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-6.2<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+0.1<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth15 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1.6<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-4.6<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth40\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Net result<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-102.0<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-0.2<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-14.8<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-117.0<\/b><\/p><\/td><\/tr>\n<\/table><p>\nThe Group's revenue under IFRS standards stands at \u20ac788.3 million, up +3.0% vs H1 of the previous financial year, benefiting from both a growth in occupancy rates and selling prices.<\/p><p>\nThe Group's net result stands at -\u20ac95.5 million, including notably, beyond the EBITDA of \u20ac164.5 million, net depreciation, amortisation and provisions of -\u20ac164.1 million and financial expenses of -\u20ac93.8 million.<\/p><p>\n<b>Balance sheet<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2026<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>IFRS 16<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwrightsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>H1 2026<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>(in \u20ac million)<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>Operational reporting<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>impact<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>IFRS<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nGoodwill<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n147.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n147.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nNet non-current assets<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n542.9<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-10.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n532.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nFinance lease assets \/ Right-of-use assets<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n91.8<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+ 2,281.8<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,373.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Uses<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.0<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+ 2,271.1<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3,053.1<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nEquity<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n209.3<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-643.8<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-434.5<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nProvisions for risks and charges<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49.6<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49.6<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nNet financial debt<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-21.3<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-21.3<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nDebt related to finance lease assets \/ Lease liabilities<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n122.7<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+ 3,029.9<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,152.6<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nWCR and other<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n421.7<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-115.0<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n306.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Sources<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.0<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+ 2,271.1<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3,053.1<\/b><\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>30 September 2025<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>IFRS 16<\/b><\/p><\/td><td class=\"bwvertalignb bwtopsingle bwleftsingle bwrightsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>30 September 2025<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<i>(in \u20ac million)<\/i><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b><i>Operational<\/i> <i>reporting<\/i><\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>impact<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>IFRS<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nGoodwill<\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n146.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n146.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nNet non-current assets<\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n541.0<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-9.3<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n531.7<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nFinance lease assets \/ Right-of-use assets<\/p><\/td><td class=\"bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n95.3<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+ 2,326.5<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n2,421.8<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Uses<\/b><\/p><\/td><td class=\"bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+ 2,317.2<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3,099.6<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nEquity<\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n306.6<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-648.8<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-342.2<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nProvisions for risks and charges<\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n51.1<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n51.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nNet financial debt<\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-45.4<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-45.4<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nDebt related to finance lease assets \/ Lease liabilities<\/p><\/td><td class=\"bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n125.2<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+ 3,078.9<\/p><\/td><td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n3,204.1<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\nWCR and other<\/p><\/td><td class=\"bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n344.9<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-112.9<\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n232.0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth49\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n<b>Sources<\/b><\/p><\/td><td class=\"bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>782.4<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth17 bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>+ 2,317.2<\/b><\/p><\/td><td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth17\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>3,099.6<\/b><\/p><\/td><\/tr>\n<\/table><br\/> <b>Contacts<\/b> <br\/><p>\n<b>Investor Relations and Strategic Operations<\/b><br\/>Emeline Laut\u00e9\n<br\/>+33 (0) 1 58 21 54 76\n<br\/><a  href=\"mailto:info.fin@groupepvcp.com\" rel=\"nofollow\" shape=\"rect\">info.fin@groupepvcp.com<\/a><\/p><p>\n<b>Press Relations<\/b><br\/>Val\u00e9rie Lauthier\n<br\/>+33 (0) 1 58 21 54 61\n<br\/><a  href=\"mailto:valerie.lauthier@groupepvcp.com\" rel=\"nofollow\" shape=\"rect\">valerie.lauthier@groupepvcp.com<\/a><\/p><br\/> <a href=\"http:\/\/www.businesswire.com\/news\/home\/20260527199858\/en\/Pierre-Vacances-Center-Parcs-First-Half-20252026-Results-1-October-2025---31-March-2026\/?feedref=Zd8jjkgYuzBwDixoAdXmJgT1albrG1Eq4mAeVP39212bri8lIe-zl5tWvCOnRHW3evRMp3sIgu8q3wq1OF24lT93qbEzrwa15HGbLqMObxY5fjCLYi_If30KxIsYuhwbuLAuCkn8FS6sh-I3dfDZEg==\"> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"<p>PARIS&#8211;(BUSINESS WIRE)&#8211;Regulatory News:<br \/>\nPierre &amp; Vacances-Center Parcs (Paris:VAC):<br \/>\nThis press release presents consolidated financial results established under IFRS accounting rules, closed by the Pierre et Vacances SA Board of Administration on &#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-12261","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/12261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12261"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/12261\/revisions"}],"predecessor-version":[{"id":12262,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/12261\/revisions\/12262"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}