Hello, ladies and gentlemen. We are the 4th of December, 2024, and we are glad to see you all here with Georges Sampeur, the Group Chairman of PVCP, Philippe Ledermann, who's the CFO, and myself, Franck Gervais, CEO of the Group. We will comment together on the results of 2024. What do you need to remember to sum up this year? The first point, salient point, is that for the first time in 13 years - the last time was in 2011 - the net result of the Group is positive by EUR 30 million, and it's the fourth year of growth for our turnover. A few key numbers: our revenue is EUR 1.9 million, EUR 1.8 billion for tourism brands, up 4%, and you will see later we will comment upon this growth with a growth of pricing, premiumization, accommodation revenue. Group-adjusted EBITDA is EUR 174 million. It's above our guidance of 170.
It's a margin of 1.9% for the Group this year, above last year, an increase compared to the previous year, which was at EUR 37 million, and we're a year ahead for the Reinvention BP, and it's more than doubled compared with the revenue of 2019. So it's a very good adjusted EBITDA, which you can see in net profitability, which is at EUR 30 million. On the right side of the balance sheet for the Group, what does this mean? We have operational cash, which is growing compared to previous year: EUR 68 million of operational cash this year, 40% of conversion of EBITDA to cash. We've also had a major event this year for the Group. In July of last year, the Group paid back all its debt, EUR 330 million, which allowed us to leave the restructuring process.
The covenant, the fiducie-sûreté mechanism, is no longer a burden on the Group, which gives us an RCF credit line of EUR 200 million, and the Group has a negative net debt of EUR 33 million, with a cash of EUR 87 million and a gross debt of EUR 54 million. Our cash situation is positive this year. Again, very positive financial result, and we are going to go over what has allowed us to obtain these results. It's the way we executed our plan and all of its components. Our savings plan was accomplished ahead of our goals. We've also increased client satisfaction. We have ever more clients, and they are more and more satisfied every year, and a new development this year in terms of asset-light. We've opened last year the Beyond Reinvention chapter, which projects us towards 2026 and 2027.
We'll talk about the five strategic pillars of Beyond Reinvention, but the Group is solid today in all four of its business lines, so we can accelerate momentum and confirm our guidance for 2026: EUR 200 million in EBITDA, which is a 10% margin, and I would like to remind you that this year we were at 9.1%. So we're going to cover the financial indicators, and now we're going to talk about, and then we're going to talk about plan execution. On this first part, we're going to compare 2020 and 2024, but also for the last year, we're going to compare between 2019 and 2024. 2019 was the last pre-COVID year, so over the last five years, including two difficult years of COVID for everyone and for the Group, we can see that Group revenue has increased by 32% from EUR 1.3 billion to EUR 1.8 billion for tourism revenue.
At the same time, EBITDA was doubled, plus it's gone up to EUR 174 million in 2024, up from EUR 79 million in 2019. Cash generation has gone up 20%, EUR 10 million more than last year. And our net cash position, you can see at the bottom right, which is EUR 33 million, so positive cash position. We were at -EUR 130 million, so our net debt was negative in 2019. So we've improved our situation by EUR 160 million between pre-COVID and now. And you can see at the bottom left, net result positive, up to EUR 29 million. The last time net result was positive was in 2011, so we are glad to see these positive results. And now I will let Philippe comment on the P&L for the year.
Thank you, Franck. Ahead of you, you can see a slide that presents our revenue.
Let's start by looking at the graph on the left. You can see Group revenue is at EUR 1.9 billion. It includes two branches: the tourism revenue, EUR 1.8 billion, and this represents 94% of our total revenue, and other revenue at EUR 107 million, which is decreasing compared to the previous year, and this corresponds to our strategy, which is exiting the real estate activities. If we now focus on tourism revenue, EUR 1.806 billion, we can look at the bar chart on the right. You can see that it's a 3.7% increase in revenue compared to 2023. You can see our accommodation revenue is up 2.6%, and other tourism revenue is up 7.7%. If we look at the details, you can see that on the bar chart on the right that for accommodation revenue, we're up 2.6%. There are three components to that.
The first component is Center Parcs, EUR 873 million, 63% of the total. The growth there is 2.7%, with the BNG, Belgium, Netherlands, Germany parks, which is driving the growth, but France has stagnated because of the partial closure of two venues. And the growth of revenue of Center Parcs is driven by a growth of sale prices, which was made possible because of our premiumization and because of the improvement of our offer for clients.
We can see now this will change the makeup of accommodation and services, more VIP and premium segments, and a lower rate in lower segments. The second component, Pierre & Vacances, a growth of more than 5%, pulled by Spain, 15.7%, but also France is growing, + 1.9%, and that's in spite of the reduction of the stock, 15.7%. So the RevPAR is still the same. This RevPAR increased by 6%. And then let's look at the last component of the accommodation revenue, Adagio. It is slightly decreasing, - 1.3%. Now, why is that? Because we compare to a very demanding base in 2023, + 29% last year. And second, Adagio, suffered from the fact that people avoided Paris prior and post-Olympic Games. So we can see that core businesses increased by 6%.
That was T1, T2, 6%, and then T3 was -10% because of the Games, and T4, 0%. So prior to the Games, we have this is due to the fact that people didn't come because that which was said time and again, Paris would be hell on earth because of traffic, and then it was an unsafe city. And then also people, after the Games, didn't come because there were travel bans in several companies, and then there were a number of exhibitions and events. Now, we should take note of the fact that during the Games, Adagio performed very well with an occupancy ratio close to 90%, higher by 11%, and then the other segment increased by 58%. So we've made many comments on this, but let's have a quick look at tourism revenue.
There are two segments, accommodation, we just spoke about that, and then other tourism revenue, up by 7.7%. Then there are two components, first, Maeva, + 17.8%, that's about EUR 70 million revenue. Why such growth? First, seven new countries with launches, and then the stock, which is increasing by 17%. Last component of other tourism revenue, on-site revenue, + 5.8%. Now, you're talking about catering, leisure, holidays, and so on. This is a non-room type of business. It decreases twice as quickly as accommodation. It shows that we can provide customers with an enriched experience. We can build more services, and so we have more benefits. Let us have a look at the last component of this, other revenue. This includes renovation operations at Center Parcs domains, where we rebuild, and those rebuildings depend on the pace of renovation, EUR 35 million as opposed to EUR 87 million last year.
This includes major projects and other business lines that are extensions, and then Les Senioriales. This has been decreasing, EUR 34 million as opposed to EUR 61 million last year. Why? Because we divested some of this on the 1st of January, and that was a structurally deficit-generating business line. Let us look now at the P&L. And the P&L, sorry. So 9.1% EBITDA margin. And second, we back into net results. Now, let's look at the details. 2024 on the left. And then we have total revenue. We have tourism revenue increasing by what you can see in EBITDA margin, up by 9.1%. EBITDA includes the non-recurring revenue on the account of a non-recurring subsidy from Germany. In other words, if we didn't have that, we'd be standing at EUR 163 million. This would amount to an increase in 26% year- on- year and EUR 27 million compared with tourism revenue.
That EUR 26 million should be seen in terms of EUR 174. So the conversion rate is very high, more than 40%. Now, why were we able to generate this EBITDA growth? Well, we showed that on the right, at the bottom. In summary, first, we managed to pass on increases in sales, and second, we managed to decrease our profits. Decrease our costs, sorry. So we've managed to optimize management revenues. EUR 59 million of inflation costs that can be analyzed as follows. One-fifth on wages, one-fifth on rents, and three-fifths in terms of other operating costs, such as maintenance, cleaning, and so on. Now, a very critical point is the following: EUR 18 million reduction in costs. This is one of the main pillars of our strategy. And we are carrying this out in a systematic and organized way. More about this later. Now, let us go back to the P&L.
You can see that EBITDA of tourism business lines amount to nearly EUR 200 million. Look at the remarkable growth in Pierre et Vacances. The operating profitability has been multiplied by three. Back in 2022, EBITDA was about EUR 7.5 million. Now, look at this. Other EBITDA. This relates to corporate costs connected with shareholders. This also includes a loss on Les Senioriales. There was a loss on the divestment of Les Senioriales, but it was reduced by half compared to last year. We are all aware of the difficulties this segment has been going through. So we are dealing with this. We divested leasing businesses, and we are currently turning around Les Senioriales. We reduced the cost by half, as we said, compared with last year. And we will cut them again by half this year. And we want to break even in 2026.
And there are also provisions for depreciations of our stock.
There's also, we're going to look at the bottom line of the P&L now. You can see financial charges are down significantly. This is connected to optimization of our positions. The interest rate has been optimized as well. This has had a marginal impact on net financial charges because this happened at the end of July, which is two months before closing of our fiscal year. Our transformation costs, they are also the cost of accounting for the impact of IFRS, the impact of the free share scheme, and taxation is mainly accounted for in the Netherlands and Germany. Last but not least, our net result is positive at EUR 29 million for the first time in 13 years. We're going to conclude with the balance sheet. Two key points. The first one is debt refinancing.
The second point is our net debt is negative at the end of 2024, thanks to an operating cash flow of EUR 68 million, which is 39% of EBITDA. If we start with debt refinancing on July 2024, there was an early repayment on a voluntary basis, EUR 303 million of old reinstated debt.
EUR 328 million total because it includes EUR 25 million of state guaranteed debt, which allowed us to close the chapter of restructuring with the end of the Fiducie-sûreté mechanism, with covenants that are going to be much lighter in the new debt structure because we've instituted a revolving credit line of EUR 205 million, with light covenants and a better RCF debt, which is more adapted to our business because we only draw from it when we need it, when we are low on cash, and we don't draw from it when we don't need it, which means we are going to generate EUR 15 million in financial interest savings over five years. What does that mean for our balance sheet? Net gross cash is up, and we only have at the 30th of September, we have high cash, and we didn't draw on the RCFs at all.
The key point is that our net financial debt is negative. Another way of saying that is that our net cash is positive. To sum it all up, on the financial part, the tourism revenue is growing. We've seen a great increase in the Pierre & Vacances activity, growth of EBITDA, which reaches 9.1%. Refinancing of our debt. Net debt, which is negative.
Thank you, Philippe, for the financial results of 2024 for the group. In this second part, we are going to cover together the key points of the execution of the Reinvention plan. It's the third year for this plan. Here are the five pillars of this strategic plan. We're going to go over each of them in terms of proof and results. The first is to act as a leader of positive impact local tourism.
The second pillar is to always invest in an immersive, authentic experience with improved product quality, the best of technology, and services by the men and women of our group, which allows us to grow revenue and customer satisfaction. The third strategic pillar is to push development of light assets. The fourth pillar is to continue to reduce costs, especially corporate structure costs. And the fifth pillar, the goal for us as a group, is to support each of our four tourism brands, Center Parcs, Pierre & Vacances, Maeva, and Adagio. And these brands are becoming more and more autonomous with an equity story and an equity destiny, which is specific to each of them. So the first goal is to act as a leader of positive impact local tourism.
First of all, local tourism, which is the area we operate in, emits 10 times less CO2 than long-distance tourism, for instance, when an American tourist comes to France. So local tourism has a much lower impact. Once that has been said, we also want to be exemplary, and we want to improve our carbon footprint more yet. From a societal standpoint, the human element is very strong, and we want to develop human capital. We've worked a lot on diversity, especially when it comes to gender diversity. We have 53% of women in managerial positions, and the higher up you go in the hierarchy, the less women we have, so we worked a lot on this topic today.
In the executive committee, we have 25% of women, and there's a lot of work that's been done to feed the pipeline that allows women to occupy higher roles in the group. The second important point for us is satisfaction of the employees, so the Net Promoter Score of the employees has grown 15 points, which shows that the employees of the group are very committed, so that's the first point, the work on human capital and diversity. The second societal aspect is that we have a foundation in the group, the Pierre & Vacances Center Parcs Foundation, which is there to help vulnerable families. The foundation has continued to work, and it's worked with 10 NGOs, and it's allowed 15,000 families to go on vacation. This is close to the DNA of the group, and we want to continue doing that, and we want to bring it to light.
We've also been working on energy transition. We want to lower our footprint, lower our energy consumption. You can see the figures on the screen, minus 15% in terms of energy consumption for Center Parcs compared to 2019, and our carbon footprint for Scope one and two has gone down 26% compared to 2019, so for Center Parcs, almost 30% of renewables in our 29 parks today. CSR is also rare resources we need to protect. We're talking about water, especially, so there's a lot of work to limit our water use, to limit water waste through leakage. You can see that our water use has gone down 5% for Center Parcs and 20% for Pierre & Vacances, and there's a whole plan of projection for group activity for 2030, 2050, so that we can work on climate adaptation in all of our venues.
Finally, biodiversity, because the goal is also to have a positive impact so we can regenerate nature. We have a plan that's been validated by Act4nature France, which more than 40% of the Center Parcs, which present activities that are connected to nature for our customers. We want each of our customers to have access to these activities. 67% of Center Parcs have an ecological plan for restoration of a natural environment.
Our second strategic axis is to always invest increasingly on an immersive experience. The best is for our customers, and we are combining product technology and culture of service. The investments will be committed by Philippe. Let's look at the figures. EUR 92 million were invested in 2024. Looking back, we were around EUR 60 million or EUR 70 million of investments. 71% of our Capex aim to improve customer satisfaction.
Another remarkable point is that owners still trust us, keep on investing with us, and they invested an additional EUR 30 million in 2024. Second point, and I want to point out that more than EUR 500 million were invested over the last five years. Now, second point is that we have a double objective to this Capex. We want to digitize the customer experience and further, we want to increase our operational efficiency. Now, so we carried out a number of investments. And then I'd like to make a few points to see how this customer experience went through. Let's start with Center Parcs. On the left, you can see our products: cottages, accommodation, restaurants, and so on. As you can see, 95% of our villages were renovated and premiumized. And if you compare this with the revenue per cottage between FY 2019 and 2024, you can see that in gray.
You can see a growth of 33%. And then for renovated villages, 44%. So that 11% differential shows that upgrading the product improves the customer experience. So we have also seen an increase in prices of revenues. And this is the end product of a product which is no longer the same. In other words, the cottage mix is no longer the same as back in 2019. We have three stages: comfort, premium, and VIP, 18,000 in total. VIP cottages make up 25%. That's 4% more than back in 2019. And the average price was EUR 250 for people per cottage, 56% more than in the comfort category. Then below, we have the premium category, 40% of the fleet, 19% more than back in 2019. And it's 14% more than the comfort category.
The comfort category made up half of our fleet in 2019, and now it is about 1/3. So much for upgrading and renovation. In parallel, we're trying to reinvent the customer experience so that the customer experiences the best with his friends or family for four days on average with Center Parcs. We invested a lot in training. We want service to be excellent. We want to share culture, and we want us to cover all of our employees, 9,000 of them. We have a two-day training. We started training 5,000 people, and everyone will be trained at the end of the year. We aim for the better standards of services. We want the staff quality has the highest score when it is seen by customers.
And then we try to emphasize the seasonal aspect of our businesses and of the way our customers go through that experience. Winter is an extension of summer, so to speak. We always want to focus on family and nature. We want that to be at the core of the experience. Last point. As regards experiential dining and shopping in line, we want also those families to go through tremendous experiences. We want them to experience our restaurants and so on. And you can see that this consumption outside of accommodation increased by 24%. And the expenditure per individual per day went up by 24%, went up from EUR 6.5 to EUR 8.3 between 2019 and 2024, mostly on food and beverage. We worked with Albron to improve the quality of menus and concepts.
You can see that we renewed the contract with Albron in Belgium and Netherlands, and they will invest EUR 40 million in those new concepts. You can see at the bottom that the NPS has significantly increased, went up from minus 2.5 to 14.6 for Center Parcs, Pierre & Vacances. Now, we've done a remarkable work on our strategic pillars. You can see on the right, the NPS went up, and it currently stands at the tremendous value of 45 compared with 2020 and 2019. You can see at the bottom that the RevPAR growth is very high, 79 + 5% compared to 2023, thanks to a lot of work on the whole experience, the whole contact points with clients, quality of Wi-Fi, digitalization, and so on.
You know that almost three quarters of our customers don't spend a lot of time checking in because this has been done ahead of time digitally, and we can feed them a lot of information, the right, the interesting things to do so that they can have an even better experience. Now, we also increased the notoriety of the brand and the modernization of the brand, which used to be a bit obsolete, and this has worked fairly well. We've invested a lot on management tools in order to increase the price. We renovated our residences, increased maintenance, FF&E budgets, and renovations, and you can see that 22 residences were impacting significantly RevPAR by an NPS. Adagio. You can see that a lot of work on the customer experience and satisfaction has also been carried out on Adagio as well.
In digitalization of experience of the customer journey, and then a structural improvement in services, protocol, safety, hygiene, and so on, and renovation also means that 82.5 out of 100. That's an increase of several points, and on the right, you can see that Aparthotel Adagio, well, customers feel at home in the best of all worlds. Now, we used a lot of technologies here. IT, EUR 22 million were invested in CapEx, 60% of the CapEx carried out achievements with direct business impacts, and then 40% for back office. On the left, we invested on new revenue management solutions for Pierre & Vacances and Center Parcs. We carried out a successful deployment of Duetto, which generates more revenues, and we managed to open web sales for new Center Parcs in Denmark, opening in June in a new currency, so that was quite successful.
And then Gen AI deployment is being successfully carried out for customer care and on-site guidance. We have developed solutions, and we want to Gen AI to feed all of our segments, maintenance, and so on. And then finally, AI investment increased the weight of direct sales, 67%. And 67% of our sales are carried out directly. So this way, we can decrease commission fees. On the right, you can see initiatives that go the right way. For instance, we reduced obsolescence of IT systems by 15 points in one year. We invest on a major central renovation tool that feeds all of the channels, both Pierre & Vacances and Center Parcs and maeva.
And our on-site employees have a new tool with a successful deployment on our 180 sites. This allows everything from a digital standpoint to be much faster, much more fluid.
And our in-house users see the same as our customers' improved IT deployment for the business. The third strategic pillar after positioning and client experience is development. Development is fundamental for us. We have about 70% of our costs that are fixed costs, and so developing stock is fundamental. You can see that we've increased stock between 2023 and 2024. We've gone from 44,000 housing units, 44.5 to 44.8 thousand units. This has been done partially through leases, and there's an increase of the asset light share as well. So less stock in leases and more in asset light for the three brands, Center Parcs, Pierre & Vacances, and Adagio. And on the right, it's the evolution of the maeva stock, which is a distribution platform.
Our inventory has grown by 17% in our digital store, with a strong increase of the camping and peer-to-peer part because we've acquired eight new seasonal renting agencies, especially on the coastline and in the mountains. We've acquired the biggest camping distributor in Northern Europe. It's now under the ownership of maeva, now operates in maeva.com and Vacansoleil.com. This operates in 18 countries with 30 versions launched successfully over the last six months. An illustration of this growth of stock with Pierre & Vacances, which is a very good illustration of this paradigm shift of this year. It's the end of stock erosion, stock attrition for Pierre & Vacances, and it's the start of a new net growth for stock starting in 2024.
You can see between 2023 and 2024, it's a weak growth, but it's a net positive for Pierre & Vacances in France and in Europe, with a decrease of the leases minus 5.5% between 2022 and 2024. We're looking at 14,800 apartments leased by Pierre & Vacances in France and Spain. And on the other hand, a very strong growth of asset-light management, + 22%. And this is a proportion of total stock, which now amounts to 15% for Pierre & Vacances, 15% of asset-light, so 11% this year, the goal being 15% over the duration of our growth plan. We also want to renew our contributed stock. You can see that 92% of the stock that was coming to an end this year was renewed. And the idea is to have a stock which is more profitable, more healthy, with a better product quality.
When we look at our inventory in terms of top, mid, and low performers, you can see it was three-fourths, which in 2019, and now we're at 58% of high performers in 2024, low performers being housing, where we lose money. We've gone from 33% to 9% in successive asset-light developments. It's 24 sites for Pierre & Vacances in both France and Spain, 11 franchises, 13 management contracts, more than 30 leads in the pipeline. And you can see the picture of the beautiful Domaine du Golfe du Lion, which we opened in Saint-Cyprien. It's a four-star domain with a very exemplary eco resort, which is a great example of the asset-light development of Pierre & Vacances. The fourth strategic pillar is to continue decreasing costs. Thank you, Franck. We're going to look at this slide, which details the fiscal year 2024 in terms of cost reduction.
This is once more a key pillar of our strategy and one of the drivers of value creation for Pierre & Vacances. What you can see on the graph on the left side is that we've reduced costs by EUR 18 million over fiscal 2024, which allows us to reach EUR 56 million in terms of savings compared to 2022. Very clear examples on the right-hand side. We talked about the on-site catering. We've negotiated with one of our suppliers for catering, which is mostly externalized at Center Parcs. We've negotiated with one of our suppliers, an extension of our contract for another 11 years. We've obtained a significant increase on commissions on this contract. There are parks where catering is internalized in Belgium, and we've managed to lower the cost of food products, lower the cost of logistics.
Linens, which used to be purchased in kits, we now purchase it in a de-kitted manner. So we are saving money on a service we're no longer using. And it's also a more environmentally friendly choice. We talked earlier about IT. We've reduced the size of our data centers thanks to cloud migration. We've also reduced the cost of licenses for our software. In total, the cost reductions are 200 different initiatives across all business lines throughout the group with very strict governance and very close monitoring, methodical and structured organization. What we can also say is the structural costs that were amounted to 9% of turnover in 2022 now weigh 8.3%. So that's also one of the ways in which we've improved profitability. In total, we're looking at EUR 56 million cumulated savings compared to 2022.
In the first Reinvention plan, we talked about EUR 60 million at the end of 2026. We can say now that this goal will be met and will be overshot because we're already at EUR 56 million. We now announce EUR 90 million for 2028, and we will meet that objective. We'll do everything we can to meet that objective.
Thank you, Philippe. This allows us to look at the fifth pillar of Beyond Reinvention. You can see all of the business lines of Center Parcs, of the group, Center Parcs, Pierre & Vacances, Adagio, and Maeva are now profitable, cash-generating, and they all have a very clear vision in terms of development of their business line. All of them are working.
All of the work we've done over the last three years has allowed us to make our business line much more autonomous for them to continue on their trajectory and to steer the group in service of these four business lines. So here's a bit of history on all four business lines. On the left, Center Parcs, you can see that the goal for Center Parcs is to continue to improve customer experience, to invest in training of our teams on the quality of the activities on site, the quality of products on site, renovation. We want to improve the quality of our cottages and parks, and we want to pursue development. You can see clearly in the strategic plan between now and 2028, we're talking about the creation of 1,000 more cottages. We want to 1,600 more cottages.
We will open parks in Denmark, in Germany, two years later, and eight extensions for 600 cottages. We're going to increase the cottages in Les Landes de Gascogne to further improve the quality for customers in a park that's working very well. EBITDA growth, you can see in Center Parcs, we were at EUR 60 million EBITDA in 2019. We're at EUR 150 million in 2024, a very strong trajectory. The EBITDA has been multiplied by 2.5, so you can see that there's a very significant improvement driven by improvement of the product and training. Pierre & Vacances in 2019 was doing minus EUR 5 million in EBITDA. We're in 2023 at +EUR 10 million and EUR 27 million in 2024. You can see that it's a remarkable recovery.
Work has been done on every level of this business line to hunt down costs, to improve the quality of our park and the contribution of each of our residences, make the brand much more homogenous, to make this a quality brand, a big renovation program throughout the business plan. 90 sites will be renovated by 2028. We help our owners by expending about 60% of the CapEx necessary for these renovations ourselves. We're pushing development to really grow the inventory of Pierre & Vacances. We were looking at an attrition of stock over the last five years, but this year, we've managed to grow our stock once more, and it will reach 17,000 units this year.
What about Adagio in 2023? That was an exceptional year because of the Rugby World Cup and so on.
And in 2024, the games had a negative impact on our business, but a positive impact on the image of Paris and on the profitability and the long-term business of Adagio. A lot of people are already coming from abroad in Paris. So we pushed the brand strengthening. We added hotel services. We tried to optimize the business model to extend the average length of stay so that they would spend four nights rather than three nights. And then we are pursuing network extension. There was a bit of slack over the last few years. And we aim to have three openings since 2028, 60% in asset light and 40% on the lease basis. So we are very ambitious on Adagio, both in France and abroad. Finally, maeva, which is our distribution platform.
maeva should become more bigger, EUR 150 million revenue, as I said, internationalization, 10% on the international currently. And then we want to pursue the stock development to offer more offers to our clients. Campsites, 90 maeva campsites by 2028. And then new agencies, we should acquire seven new agencies by 2028 and more than 7,000 maeva homes proposals. So the EBITDA used to be zero, and it should be up to EUR 2 million, and we are aiming for EUR 5 million in 2028. So for all of these business lines, this is very clear. And I'd like to emphasize a group that was turned around because of the staff and because of the alignment between management, the board, his chairman, I'd like to thank him very warmly, and the shareholders. And I'd like to leave the conclusion to Georges for this year.
Thank you, Franck.
First, let me pay a tribute to the teams of our staff that did a remarkable job over the last three years. There's a strong sense of belonging and a strong sense of pride in this group. We have very low turnover rate, and people who were anxious at the time of the restructuring have found it in themselves to turn the company around. To summarize the last three years, I'd say three words. First, restructuring, repositioning, and then development. A lot of work was made to do away with cost centers, stop leases in Les Senioriales, a lot of work on the rationalization of the group. This restructuring of the group was carried out. Second phase, repositioning the group. We wanted to reposition every brand so that they could build up their history.
Adagio, maeva, and so on will never have as high results as Center Parcs, but they have their own history to build up, and they can be a champion in their own area. A lot of work was carried out. Now we are looking at development because we cannot have the same growth in revenues on the same scope. We have to build up the history for each brand looking at the coming years. That was, by the way, the conclusion. I'd like to thank all of your teams for the good work. We are quite open to taking questions from you.
Thank you, Georges. We're going to take questions, which you can see on the screen. We will express them in a different way. Let's take the first. Très vite sur Adagio.
In the P&L, you covered Adagio very quickly.
The results are degraded in 2024 compared to 2023. Yes, we're going to come back to that. The revenue is stable because of three quarters of growth and one quarter of it was bad. The Olympic Games were profitable in terms of business overall. Unfortunately, business was down because of that. So revenue went down 10%. We can comment maybe the degradation of EBITDA. So there's been a decrease in revenue, of course, and there's been a bad adjustment of our costs during this period. And of course, we are working on that. We've been working on that since the spring of last year. Je lis au fur et à mesure.
So let's look at this. How does the company think about capital allocation going forward, given net cash position at this point? Niveau de cash. And a net positive free cash flow?
More specifically, between organic investments, M&A or buybacks? What do you think? Are there M&A opportunities you are looking at? Currently, our priority is to invest on the growth of the group and to improve the product, the customer experience. This is our strategy going forward.
I'll talk about the question on our share price later. We're going to stay on business. Thank you for the presentation. Congratulations on progress today. What is the share of French revenue compared to Belgium, Netherlands, and Germany in Center Parcs? Because you saw the behavior was different this year. Could you quantify how the activity for Center Parcs in France decreased? We're going to look at the exact figure. We're going to look for the exact figure here. I'm just quickly going to do the calculation so that we have the exact revenue for France.
France is a third of the Center Parcs business, so the decrease of the Center Parcs activity in France was a bit above 2%. And to reiterate, it was negatively impacted by the partial closure of two sites, and two sites out of seven is huge. It was impacted by exogenous phenomenon. We can talk about those quickly. We talked for Adagio about the avoidance of the Paris region around the Olympic period. This also impacted Center Parcs. Center Parcs also suffered from a difficult environment around the parliamentary dissolution in France. When you have electoral weekends, of course, your clients don't go on vacation. They stay at home to vote. And we know also that the weather at the start of summer, June and July, was particularly unfavorable. Yes, there's really been a specific year for Center Parcs in France. We talked about the weather.
We talked about the electoral context in France. Many people didn't leave so they could vote. There's been instability, which made reservations complicated. And two of our parks were shut down for six weeks each. Normandy, we're talking about the parks in Normandy and Les Hauts de Bruyères, near the castles of the Loire River. We're happy that we renovated these parks, but of course, it had a negative impact on our occupancy availability. Both parks are now reopened, and Les Hauts de Bruyères has been reopened at the beginning of this week. In other expenses, there are three components. So the first component is corporate costs, which are not rebuilt. Those will always exist, and it's below EUR 10 million. The second component is the loss on Les Senioriales. We've said it's gone. This loss has been diminished by half between 2023 and 2024.
Our goal is to slash it by another 15% next year, and we want to break even in 2026. We've also had provisions, and to say it transparently, we've had a provision on real estate stock connected to the context of increase in interest rates. We can reasonably expect that interest rates will not increase in 2025, and so this source of, let's say, costs will disappear next year. And so to answer the question clearly, these other expenses will decrease next year.
Financial costs in 2025. We said that we are looking at a EUR 15 million drop over five years. So there will at least a drop by EUR 3 million next year, those financial costs. What are the restructuring that have to be carried out? We said that we want to keep up the growth of the cash profitability. They're all profitable.
The only loss center is Les Senioriales. As Philippe said, we divided the loss by two compared to last year. And same thing next year, same thing 2026. So we're keeping up this work. We sold the lease business, and so we have some residual stocks. And once we've got rid of those inventories, there won't be much left. So all of our businesses will be profitable, and we'll have gotten rid of the loss centers.
Why not give a bit of the guidance for 2025 when you give one for 2026 and 2028? So this allows us to give you a few elements on sales. Sales to date for the first quarter are stable. They're actually slightly positive compared to the same quarter, which was up 6% compared to 2023. And this is 20% of the year.
Most of the year is on the second half, of course, with the summer. And we have much more last-minute sales. The amount of sales we do in November for the month of November are very high. So when we meet again, we'll talk about the guidance for 2025. But right now, we're clearly on trajectory, on target. So we say that for 2025, we are on target to confirm these 2026 guidances for EBITDA and 2028 guidance for EBITDA as well. We want to, first and foremost, strictly adhere to the execution of our plan. And we're talking about the savings we talked about so that we can do exactly what we've announced. And finally,
another question. Results are in the green, but the stock price is in very poor position. Why? I don't have the answer to that.
In spite of those results, in spite of the valuations that are very high, this is where we stand. I think that is because the float is very low. So because there is such a low float available, there's a kind of glass ceiling for the stock price. We hope that will change.
Concerning the RCF, do you have an idea of the connected costs, financial costs over the season? Well, we said that this would draw only partially, and we expect that we'll be drawing less than 50% financial costs, as we've said they are down three million, they will be down EUR 3 million compared to this year. Second question by Arnaud. We're going to read it. You've simplified the balance sheet. It's a delicate topic. There's a remaining issue around dilutive elements. Can you cover this topic quickly?
We're talking about EUR 460 million shares on the market today. There are two big categories of dilutive instruments. There's the BSA, and we're talking about EUR 80 million, about 50% for debtors and about 50% for shareholders. And the other half is 23 million for management in the event that we reach all our targets for performance. Concerning the strikes you are referring to, the shareholder BSA have a strike at 275, and the creditor BSAs have a strike at 225. So we're not there yet.
What share of Center Parcs were renovated? As we said, 80%. What is the remaining CapEx to finalize this renovation and ramp up the strategy? So we've said, given the figure for Center Parcs, and in the capital market release we did in May, we said it was about the same magnitude, about EUR 90 million per year.
We want to continually invest to ramp up and generate profitability. And then owners, institutional lessors in particular, will bring EUR 200 million for existing structures, plus development investments. That is a Danish, there's a Danish investment group in Denmark, about EUR 250 million, and they are going strong into real estate promotion. You answered the question on dilutive instruments, didn't you?
Are you going to decrease the stock for housing for the PV brand? So we're going to, we've said it already, but there's an increase of stock of 5%. So we've reached a low point in 2023, and there's once more an increase in 2024, and we're going to increase with a stronger development, which is going to overcome attrition. Attrition is already down thanks to what we've done.
But to give you an idea, what we're targeting is every year, we want to sign 800-1,000 new apartments for Pierre & Vacances in France, in Spain, but also in Italy, in Portugal, where we are developing rapidly. So we're really at an inflection point in terms of stock evolution after the operational recovery of the brand. Just a commentary on the renovation plan, you have to take into account the fact that the excellent results the group is capable of generating is renewing the trust of our owners, which were a bit worried a few years back. So it's encouraging them to reinvest in our assets, which is what we need, of course, to improve customer experience. But it's very important to highlight that we've restored the trust of our owners.
Paul, to answer your question, which I'm reading again, I'd like to clarify what I said.
When I mentioned other expenses, I meant other operational costs, not other EBITDA elements, about two-thirds in restructuring costs and one-third of free stocks. Do you confirm that restructuring costs will significantly drop? And my answer is yes, they will.
It seems there are no more questions on the feed. We thank you all for this remote participation, and we wish you all a very good day. Thank you very much.