Benjamin Chaiken

David Katz

Brandt Montour

Charles Scholes

Stephen Grambling

Chris Woronka

C. Patrick Scholes

Patrick Scholes

Shaun Kelley

- Pierre & Vacances-Center Parcs (VAC) confirms its adjusted EBITDA forecast of **more than 180 million euros for fiscal year 2025**.  **[1524358_a28117961392460e98f9c54eb90feacd_0]** 
- The Group targets an adjusted EBITDA of **270 million euros by 2030**, driven by an expected average annual tourist revenue growth of **5.8%** to reach **2,490 million euros in 2030**.  **[1524358_a28117961392460e98f9c54eb90feacd_0]** 
- This 2030 objective is supported by a strategic options review that could involve capital evolution and additional financing, and the company projects adjusted EBITDA of **185 million euros in 2026**.  **[1524358_a28117961392460e98f9c54eb90feacd_0]** **[1524358_a28117961392460e98f9c54eb90feacd_1]** 
- The Group plans nearly **640 million euros in CAPEX** over the business plan duration and expects cumulative operating cash flow generation of approximately **300 million euros over the next five years**.  **[1524358_a28117961392460e98f9c54eb90feacd_1]**

VAC Confirms FY2025 Adjusted EBITDA Forecast and Sets 2030 Targets

- Pierre & Vacances-Center Parcs **confirmed its guidance for FY 2025 adjusted EBITDA** at **more than €180 million**.  **[1524358_ba67185d5b3e43dd9917c87e875eca02_0]** 
- The Group has set a **2030 adjusted EBITDA target of €270 million**, aiming for an EBITDA margin of almost **11%**.  **[1524358_ba67185d5b3e43dd9917c87e875eca02_0]** **[1524358_ba67185d5b3e43dd9917c87e875eca02_1]** 
- An **ongoing review of the Group’s strategic options** has highlighted additional opportunities, including acquisitions, to unlock its full potential.  **[1524358_ba67185d5b3e43dd9917c87e875eca02_0]** 
- By 2030, the Group targets average annual tourism revenue growth of **5.8%** to reach **€2,490 million** and plans to expand its managed portfolio to **more than 50,000 accommodation units**.  **[1524358_ba67185d5b3e43dd9917c87e875eca02_0]** 
- The Group anticipates nearly **€640 million in capex** financed by the Group and around **€300 million in cumulated operating cash flow generation** over the next five years.  **[1524358_ba67185d5b3e43dd9917c87e875eca02_1]**

Pierre & Vacances-Center Parcs Confirms 2025 Adjusted EBITDA Guidance and Sets 2030 Target

- Marriott Vacations Worldwide Corporation (VAC) filed an 8-K on **September 19, 2025**, reporting the creation of a direct financial obligation.  **[1524358_0001524358-25-000160_vac-20250918.htm:0]** **[1524358_0001524358-25-000160_vac-20250918.htm:4]** 
- The company entered into an **Indenture dated September 18, 2025**, for **6.500% Senior Notes due 2033**.  **[1524358_0001524358-25-000160_vac-20250918.htm:6]** 
- The Issuer has the option to redeem all or a portion of these Notes on or after **October 1, 2028**.  **[1524358_0001524358-25-000160_a41indenture.htm:62]** 
- Redemption prices for the Notes are **103.250%** in 2028, **101.625%** in 2029, and **100.000%** in 2030 and thereafter.  **[1524358_0001524358-25-000160_a41indenture.htm:62]**

Marriott Vacations Worldwide Corporation Enters Indenture for 6.500% Senior Notes Due 2033

MARRIOTT VACATIONS WORLDWIDE (VAC)