The Compagnie des Alpes (CDA), Europe's leading ski resort operator and a major player in the leisure park industry, has once again reported outstanding financial results. For the first nine months of its 2024/2025 fiscal year (October 1 to June 30), the group recorded a revenue of €1.126 billion—a 15.1% increase compared to the same period last year. This growth reflects an exceptional winter season across mountain activities and even stronger momentum in its leisure parks, which have performed robustly from Halloween through the early summer months.
Notably, the company’s "Ski Areas and Outdoor Activities" division achieved a record-breaking winter with €583.8 million in revenue (+7.6%), driven by nearly 13.9 million skier-days. Spring also brought strong performance, with revenue rising 30.6% between April and June alone. The "Leisure Parks" division posted an impressive €430.3 million over the same nine months (+29.9%), while "Distribution and Hospitality" saw a 7% boost to €112 million. These figures reinforce CDA’s goal of delivering a 15% increase in EBITDA for the full fiscal year. The company’s share price has surged by 46% since January, supported by positive broker outlooks and strong seasonal indicators.
A Strategic Win in Pralognan-la-Vanoise
In a move that surprised many in the industry, the Compagnie des Alpes has been awarded the public service concession (DSP) for the ski area of Pralognan-la-Vanoise, a charming and mid-sized resort in the Tarentaise region. The agreement, unanimously approved by the local council on July 14, entrusts CDA with operations for the next 25 years starting November 1, 2025.
This marks a strategic pivot for the group, traditionally associated with high-altitude mega-resorts like Tignes, Val d’Isère, and La Plagne. Pralognan, with just 12 lifts and 26 km of runs, stands out for its exceptional snow reliability and access to the Vanoise National Park. Despite its modest size, the resort boasts one of the region’s strongest summer seasons, accounting for 40% of its annual traffic. The site’s historical significance and steady performance, 218,741 skier-days and €4.67 million in revenue last season, make it a valuable long-term asset. Pralognan represents both a diversification and a reaffirmation of its commitment to preserving authentic Alpine experiences.
The End of an Era in Tignes
Meanwhile, the CDA is preparing to conclude its long-standing partnership with Tignes, one of the crown jewels of its ski portfolio. The local council has decided to establish a locally owned public company (SPL) to take over the ski area from June 1, 2026, when the current DSP ends. CDA acknowledges the decision and has pledged to maintain its high service standards through its subsidiary STGM until the contract's close on May 31, 2026.
Over the past decade, CDA has invested nearly €140 million into the Tignes ski area, rescuing it from financial hardship and increasing skier-day numbers by 8%, reaching 1.74 million this season. The SPL will inherit all lift infrastructure with an estimated compensation of €103 million, plus an option to acquire additional assets valued at €7.5 million. All 300 STGM employees will be retained by the new entity.
While CDA prepares its exit from Tignes, it continues operations in neighboring Val d’Isère until at least 2032. The company has stated it will evaluate future investment opportunities selectively as it redeploys the resources released from the Tignes transition.