Pierre et Vacances SA · EURONEXT:VAC
Pierre et Vacances SA — Pierre & Vacances-Center Parcs Group — Investor Presentation (May 2021)
60 slides from Pierre et Vacances SA's investor presentation, May 2021
Slide 1: Strategic Presentation May 2021
STRATEGIC PRESENTATION I MAY 2021 1
Slide 2: Trends – Tourism Bookings
TRENDS – TOURISM BOOKINGS Appendices Weekly bookings over the past 5 weeks X4 > 2019 The trend lines correspond to the difference between the weekly movement N (WP N) and the weekly movements N-1 (grey line) and N-2 (yellow line) 2
Slide 3: (SWS
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Slide 4: Our motto
NOTRE DEVISE “ Our ambition is based on my personal conviction: Families expect us to provide holidays that are modern, authentic, fun, useful, relaxing and instructive, to enjoy unforgettable family moments from one generation to another. Our world has changed Our group will change We are going to
Slide 5: The Tourism World Has Changed
1. THE TOURISM WORLD HAS CHANGED 5
Slide 6: New Tourist Expectations in Europe
NEW TOURIST EXPECTATIONS IN EUROPE 64% of people in 86% of French people are Germany are looking for prepared to support more basic experiences local tourism 70% in France, 62% in the Netherlands 69% of holidaymakers in 32% of travellers the world expect the prefer city breaks sector to provide more
Slide 7: New Generations of Families: Millennial Parents
Responsible happiness — Citizens more than customers NEW GENERATIONS OF FAMILIES: MILLENNIAL PARENTS Meaning Millennials represented ½ of the active global population in 2020 Personalisation Millennial parents have become the main targets for Pleasure and Holiday brands Reconnection Experiences A ne
Slide 8: Millennials - Understanding These New Parents
Time to reflect and take a MILLENNIALS - OPEN MINDEDNESS step back UNDERSTANDING THESE NEW PARENTS MAKING Being true CHILDREN to oneself RESPONSIBLE 74% of millennial parents involve their children in household decisions BEING WHO YOU ARE 75% say they want to continue living their passions, even as
Slide 9: Holidays That Are Rich and Intense with a Focus on Experiences
FOR HOLIDAYS THAT ARE EXPERIENCE- BASED RICH AND INTENSE WITH A FOCUS ON EXPERIENCES RECONNECTION 72% of millennials prefer to spend their money on experiences rather than material objects USEFUL 69% of millennials go away for weekends vs. 13% in previous generations MICRO-LOCATIONS 9
Slide 10: Holidays in Full Awareness & a Search for Meaning
HOLIDAYS IN FULL AWARENESS & AWARENESS A SEARCH FOR MEANING EDUCATIONAL 99% of millennial parents believe that excursions are for learning 96% of French guests said they would like to live more responsibly INTIMITE 77% said they willingly buy seasonal products 50% of “parennials” want useful holiday
Slide 11: The Reinvention Strategy
2. THE REINVENTION STRATEGY
Slide 12: Our Vision
OUR VISION To anchor a new reinvented local tourism in the societal expectations of today and tomorrow Happiness Generator 12
Slide 13: Complementary Brands Responding to Customer Expectations
COMPLEMENTARY BRANDS PROVIDING A RESPONSE TO ALL OUR CUSTOMERS’ EXPECTATIONS Domains in the heart of Seaside, mountain and Aparthotels in the heart An online distribution nature, cottages, indoor countryside, of major cities in platform specialised in and outdoor relaxation Apartments and homes Euro
Slide 14: Our Ambition
OUR AMBITION TO BECOME THE EUROPEAN LEADER IN REINVENTED LOCAL TOURISM 14
Slide 15: Our Purpose at the Heart of Our Strategy
OUR PURPOSE AT THE HEART OF OUR STRATEGY “ As the European leader in local tourism, we are committed to helping people get back to basics in a preserved environment. ” 15
Slide 16: Our Strategy
OUR STRATEGY Meaning Experience CSR A REINVENTED GROUP Performance 16
Slide 17: 5 Strong Strategic Decisions to Reinvent the Group
5 STRONG STRATEGIC DECISIONS TO REINVENT THE GROUP A new vision of new local tourism A new shift towards a 100% experience-based offer Extensive modernisation and wide-scale upgrade New business model Strengthened and continuous investments Property development serving the Group Boosted performance
Slide 18: Our New Momentum
OUR NEW MOMENTUM Premiumisation & Offers 100% modernisation experience- Our based A reinvented customer teams at the experience heart An ambitious and responsible development 18
Slide 19: Premiumisation & Modernisation
PREMIUMISATION & MODERNISATION
Slide 20: Additional and Continuous Investments
Premiumisation & ADDITIONAL AND CONTINUOUS INVESTMENTS modernisation €430m in Capex financed by the Group over 5 years, 60% of which for the Center Parcs domains. A €130M raise. • 60% of Capex financed by the Group by 2025 to be invested in the €429m Center Parcs Domains • Continuous investments: 75
Slide 21: A Massive Renovation Plan for Center Parcs
Premiumisation & A MASSIVE RENOVATION PLAN FOR CENTER PARCS modernisation €715m in Capex financed for 90% by our institutional partners to renovate 100% of the Center Parcs Domains An extensive renovation plan €715m €278m 67 29 100% of domains renovated in 2025 14 Allocation of CAPEX: 249 Domains €4
Slide 22: A Massive Renovation Plan for Center Parcs: Accommodation Upgrade
Premiumisation & A MASSIVE RENOVATION PLAN FOR CENTER PARCS modernisation Accommodation upgrade: +16pts of growth in premium mix In 2025, 62% of accommodation in the premium category or higher (+16pts vs 2019). +16pp 62% COMFORT PREMIUM VIP 46% (from 50% to 35%) (from 28% to 36%) (from 15% to 22%) F
Slide 23: Target Growth in RevPar of 35%
Premiumisation & A MASSIVE RENOVATION PLAN FOR CENTER PARCS modernisation Target growth in RevPar of 35%, reinforced by our renovation track-record Occupancy rate Price RevPar +4pp +25% +35% 128 72% 76% 169 97 135 FY 19 Ambition après Target after FY 19 Ambition après Target after FY 19 Ambition Tar
Slide 24: Streamlining the Pierre & Vacances Portfolio
STREAMLINING THE PIERRE & VACANCES Premiumisation & modernisation PORTFOLIO An extensive renovation of 18 top and mid performing sites: €16m of Capex over 2 years (€5m of which financed by the Group) for a RevPar growth target of 23% for the sites renovated. 2019 2025 Top performers 32% 23% Extensiv
Slide 25: Strong CSR Commitments That Change the Business Model
STRONG CSR COMMITMENTS THAT CHANGE THE Premiumisation & BUSINESS MODEL modernisation STARTING OUR ECOLOGICAL TRANSITION PRIORITY ON SEARCH FOR SITES TO RENOVATE, ESPECIALLY IN THE ALPS: Improving the energy performance Participating in reheating of cold beds Protecting the environment by limit
Slide 26: Offers 100% Experience-Based
OFFERS 100% EXPERIENCE-BASED + DIGITAL + PERSONALISED + SERVICE-FOCUSED
Slide 27: Switching to Experiential
Offers 100% SWITCHING TO EXPERIENTIAL experience-based Experiences with a positive Experiences that are Experiences that are fluid local impact educational and fun from end-to-end Environmental Culture, Digital and protection history personalised and content Participative Niche holidays destinations
Slide 28: Stepping Up Roll-Out of Family Booster Activities
STEPPING UP ROLL-OUT OF FAMILY BOOSTER ACTIVITIES AT Offers 100% ALL CENTER PARCS DOMAINS experience-based Family Booster (n.): providing energy stimulus and boosting good family vibes; strengthening family ties that provide the key to happiness. IMMERSED IN NATURE MANY FUN AND Reconnecting to EDUCA
Slide 29: An Experience-Based Offer to Boost Onsite Sales
AN EXPERIENCE-BASED OFFER TO BOOST Offers 100% ONSITE SALES experience-based Boosting onsite sales: pre-stay activity reservations, new leisure and catering offer based on discovery and Nature, flexibility and revenue management Catering spending per visitor Developing a fluid online reservation s
Slide 30: A Digitalised Offer for a Fluid Customer Experience
A DIGITALISED OFFER FOR A FLUID CUSTOMER EXPERIENCE Offers 100% experience-based Independent parents and children Generalising the connected bracelet enabling parents and children to open the cottages and lockers in the Aqua Mundo and use as a payment means for activities. Maximum pleasure and shari
Slide 31: A Digitalised Offer for a Fluid Customer Experience
A DIGITALISED OFFER FOR A FLUID CUSTOMER EXPERIENCE Offers 100% experience-based Happiness Generator 31
Slide 32: Overhaul of Customer Journey Sales Strategy
OVERHAUL OF CUSTOMER JOURNEY SALES STRATEGY Offers 100% experience-based (PRICING, RM AND CRM) Target occupancy rate of 80% Increasing loyalty by improving the customer A CUSTOMER LOYALTY experience (premiumisation, enhanced CRM). +4pp Maximising the occupancy rate in fringe 80% REVENUE seasons and
Slide 33: Maeva: A New Campsite Range for Slow Tourism
MAEVA: A NEW CAMPSITE RANGE FOR A “SLOW” TOURISM Offers 100% OFFER experience-based 58% of holidaymakers would like to Holidays in the heart of eco- discover destinations managed natural areas to relax and in the surrounding area* enjoy while respecting nature! HOLIDAYS TO TAKE TIME TO DISCOVER A RE
Slide 34: Strong CSR Commitments for Customer Experience
STRONG CSR COMMITMENTS FOR CUSTOMER EXPERIENCE Offers 100% experience-based TO PROMOTE “CONSUME BETTER” TRENDS AND A POSITIVE IMPACT ON THE REGIONS A local catering offer with short and responsible food supply chains “Family booster” activities related to nature Strong partnerships with local
Slide 35: An Ambitious and Responsible Development
AN AMBITIOUS AND RESPONSIBLE DEVELOPMENT
Slide 36: Responsible Development Serving the Customer Experience
RESPONSIBLE DEVELOPMENT Ambitious and SERVING THE CUSTOMER EXPERIENCE responsible development Property development, a “business partner serving qualitative and quantitative development of the offer 1 Property development “business partner” Dynamic development of new projects and renovation works in
Slide 37: Responsible Development: Lease and Management Projects
RESPONSIBLE DEVELOPMENT Ambitious and SERVING THE CUSTOMER EXPERIENCE reasoned development responsible development Selective development of projects operated under lease or asset-light Lease operations • Center Parcs Landes de Gascogne (June 2022) • Pütnitz - Germany (Spring 2025) Landes de Gascog
Slide 38: Responsible Development: Lifestyle Hotels and Residences
RESPONSIBLE DEVELOPMENT AmbitiousAmbitious and and SERVING THE CUSTOMER EXPERIENCE responsible reasoned development development Selective development of projects operated under lease or asset-light 3 Lifestyle hotels 2 Eco-resorts Avoriaz - Architectural impression 7 Premium residences 1 PV
Slide 39: New Concepts: Lifestyle Hotels
NEW CONCEPTS Ambitious Ambitious and and responsible reasoneddevelopment development 4* Lifestyle hotels in mountain resorts A “Framilies” (friends & family) AN IMMERSIVE EXPERIENCE A NATURALLY CSR PROJECT concept CULTURE & WELLNESS Location, A cultural agenda, construction , activities, events ...c
Slide 40: New Concepts: Eco-Resorts
NEW CONCEPTS Ambitious Ambitious responsible and and responsible Ambitious development development and responsible development PRIVILEGED CONTACT WITH ECO-DESIGN Launch of 2 new “slow-travel” PROTECTED NATURE eco-resorts Reversibility of Immersion in natural occupation surroundings (removable, small
Slide 41: Aparthotel Development under Franchise
RESPONSIBLE DEVELOPMENT Ambitious Ambitious and and SERVING THE CUSTOMER EXPERIENCE responsible reasoneddevelopment development Selective development of projects operated under lease or asset-light management +71 aparthotels in 2025 (vs 2019), primarily under franchise • France: +15 • Germany: +18
Slide 42: Strong CSR Commitments That Change Our Model
STRONG CSR COMMITMENTS THAT CHANGE OUR MODEL Ambitious Ambitious and and responsible reasoneddevelopment development STARTING OUR ECOLOGICAL TRANSITION AND PROMOTING THE POSITIVE IMPACT ON REGIONS Developing projects that are 100% reversible, small in size or on land that has already been built on
Slide 43: Our Teams
Pierre & Vacances (nterParcs UR TEAMS O
Slide 44: Reinventing Ourselves
REINVENTING OURSELVES Our teams Our purpose: We Are All Happy “We are committed to helping people Family Makers get back to basics in a protected environment” Together, let’s make our Committed employees for happy guests customers’ holidays successful! Measure & improvement of our e-NPS Talents,
Slide 45: Reinventing Ourselves
REINVENTING OURSELVES Our teams Happiness Generator AN UNFORGETTABLE EMPLOYEE EXPERIENCE, BOOSTING HAPPINESS Smiles and memories for teams From person to person Emotion and action Actively engaged for the and customers Good vibes environment and future generations Young and committed teams
Slide 46: Financial Performance & KPIs
3. FINANCIAL PERFORMANCE & KPIs NB: The objectives mentioned in this strategic plan take precedence over any contrary objective previously communicated by the group, notably under the Change-Up plan
Slide 47: Revenue
REVENUE Financial performance & KPIs 80% in Tourism revenue growth (+€473m) generated by Center Parcs 1,838 222 +€473m 81 1,838 90 2019-2025 growth +€473m 1,365 292 183 Adagio +€39m 23 70 Maeva.com + others +€57m 318 P&V Spain +€20m P&V France -€26m 1 153 Center Parcs* +€383 * incl. Villages Nature
Slide 48: Cost Savings
COST SAVINGS Financial performance & KPIs +€24m in cost savings on support functions to reach 7.5% of revenue in 2025 (vs.12.6% vs 2019) 172 +€20m in purchase savings 30 134 IT: 119 15 • -30% of costs 24 • ratio/rev.: from 3.4% in 2019 to 2% in IT: 13 M€ 2025 (vs. Benchmark of 1.5%) Head office Re
Slide 49: Cost Savings
COST SAVINGS Financial performance & KPIs Cost of support functions as % of revenue -5 pts 12.6% 5.2% 7.1% 6.5% 5.0% 3.4% 7.5 % 2.5% 2019 2025 2021 2025 Benchmark 2021 2025 Benchmark 49
Slide 50: EBITDA
EBITDA Financial performance & KPIs €€275m in Group EBITDA in 2025: TOURISM EBIT MARGIN: 5% in 2023 premiumisation, experience and performance 10% in 2025 +€196m 16 €275m 16 57 6 20 25 35 41 26 7% Property development 19 3 24 81 19 12% P&V & maeva 3 PERFORMANCE: €57M 9% Adagio €79m 77 72% Center Par
Slide 51: Operating Cash Flow
OPERATING CASH FLOW Financial performance & KPIs €273m in operating cash flow generation over 2022-2025 101 37 595 (85) 101 25 273 (375) Cash generation Property cash Change in WCR Taxes CAPEX Total operating driven by growth in flows and others cash flows Tourism EBITDA 2022-2025 51
Slide 52: Group Overview 2019-2025
GROUP OVERVIEW 2019-2025 Financial performance & KPIs 2019 2020 2021* 2022 2023 2024 2025 +473 M€ 1 838 1 587 Tourism Revenue 1 365 (M€) 800 990 1 153 771 475 +196 M€ EBITDA (M€) 275 146 o/w Center Parcs 79 -300 108 196 67 -175 Operating Operating 176 cash flows 66 49 (€m) -420 Prospective indicativ
Slide 53: Key Performance Indicators
KEY PERFORMANCE INDICATORS Financial performance & KPIs Reinventing our CSR Reinventing our brand Reinventing our commitments for a positive experiences for greater appeal business model impact for better performances In 2025 100% of sites with Green Key label 100% of Center Parcs domains renova
Slide 54: 5 Strong Strategic Decisions to Reinvent the Group
5 STRONG STRATEGIC DECISIONS TO REINVENT THE GROUP A new vision of new local tourism A new shift towards a 100% experience-based offer Extensive modernisation and wide-scale upgrade New business model Strengthened and continuous investments Property development serving the Group Boosted performance
Slide 55: (SWS
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Slide 56: Group Financings
Group financings — © =
Slide 57: New Financing
NEW FINANCING Financing destined to cover the Group’s operating needs, excluding investments set out in the Reinvention plan (the full financing of the strategic plan remains dependent on an operation to strengthen the Group’s equity) Main terms and conditions Breakdown of New Money (€m) • Term Loan
Slide 58: Group Liquidity
GROUP LIQUIDITY In EURm Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Cash requirements before levers (230) (163) (316) (348) (307) (203) Levers 141 158 188 185 181 177 Prospective data established on 15 April 2021. Room to manœuvre - intra-monthly change (25) (25) (25) (25) (25) (25) Cash requirements
Slide 59: Disclaimer – Prospective Information
DISCLAIMER – PROSPECTIVE INFORMATION Prospective information This presentation contains prospective information relative to the targets and strategy of the Pierre & Vacances Center Parcs Group. Although Pierre & Vacances-Center Parcs’ management considers that this prospective information is based o
Slide 60: Strategic Presentation May 2021
STRATEGIC PRESENTATION I MAY 2021 60
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