TourMaG – It will soon be three years since PenguinWorld took over the brand, the site and the technology of BDV (Flight Exchange and Travel Exchange). What assessment do you draw?
Raphaël Torro : We relaunched Bourse des Vols fairly quickly because bringing it back online was easier for us. By contrast, Bourse des Voyages was a far more substantial project since everything had to be rebuilt.
We have also completely redesigned BDV’s identity, the logo having remained unchanged since its creation. We crafted a new logo, now used for both Bourse des Vols and Bourse des Voyages. The two brands continue to grow.
TourMaG – Besides flights, you’ve shown an appetite for trains. On Bourse des Voyages, you offer stays with accommodation + train; do these products find their audience?
Raphaël Torro: Indeed, on Bourse des Voyages we offer packages that include train travel, a service that, in my view, isn’t sufficiently highlighted. Many travelers are interested in this mode of transport, but price remains a significant hurdle.
There is therefore real work to educate customers. Users know this offering exists, but they often give up when they see the prices. With the exception of certain routes within France, train travel is not very competitive: a Paris–London trip can cost five to six times more than a flight.
Of course, the train has advantages: it directly connects city centers, it avoids airport constraints, and it enables a lower CO2 footprint. But in practice, these arguments often struggle to offset the price gap, which continues to hinder adoption by travelers.
Raphaël Torro : We relaunched Bourse des Vols fairly quickly because bringing it back online was easier for us. By contrast, Bourse des Voyages was a far more substantial project since everything had to be rebuilt.
We have also completely redesigned BDV’s identity, the logo having remained unchanged since its creation. We crafted a new logo, now used for both Bourse des Vols and Bourse des Voyages. The two brands continue to grow.
TourMaG – Besides flights, you’ve shown an appetite for trains. On Bourse des Voyages, you offer stays with accommodation + train; do these products find their audience?
Raphaël Torro: Indeed, on Bourse des Voyages we offer packages that include train travel, a service that, in my view, isn’t sufficiently highlighted. Many travelers are interested in this mode of transport, but price remains a significant hurdle.
There is therefore real work to educate customers. Users know this offering exists, but they often give up when they see the prices. With the exception of certain routes within France, train travel is not very competitive: a Paris–London trip can cost five to six times more than a flight.
Of course, the train has advantages: it directly connects city centers, it avoids airport constraints, and it enables a lower CO2 footprint. But in practice, these arguments often struggle to offset the price gap, which continues to hinder adoption by travelers.
“Since the announcement of an agreement, about two weeks ago, activity is gradually restarting”
TourMaG – What is the impact of the Middle East crisis on the group’s brands: BDV, Resaneo, or Quartier Libre, your in-house tour operator, specializing in guided tours in Europe?
Raphaël Torro : We have clearly observed a sharp slowdown in bookings from the end of February. Week by week, the drop ranged from 20% to 40%, on both Bourse des Vols and Bourse des Voyages.
Since the announcement of an agreement, about two weeks ago, activity is gradually rebounding. We also notice that bookings for standalone flights restart a little earlier—two or three days earlier—than those for stays.
Today, we are seeing booking levels that are comparable, or slightly higher, than last year. However, this will not offset the losses recorded since March.
At Resaneo, the slowdown was more pronounced for B2C activities. We observe that the B2B market is more affected. Unlike customers who book directly online, travelers guided by an agent discuss itineraries, travel conditions and the geopolitical context.
When Gulf transits are mentioned, some hesitate more. Alternatives via European carriers exist, but they are often significantly more expensive.
As for Quartier Libre, we thought European destinations might fare better, but travelers simply stopped booking, mainly out of fear of not being able to return if the situation worsened or there was a fuel shortage.
We do indeed see a slight shift toward destinations perceived as safer, such as Norway, Iceland, Scotland, or Ireland, but the phenomenon remains limited.
For about two weeks now, bookings have picked up again, following the restart of standalone flight sales. Levels are slightly higher than those of 2025, but not enough to offset the delay, including for the upcoming summer’s departures.
Raphaël Torro : We have clearly observed a sharp slowdown in bookings from the end of February. Week by week, the drop ranged from 20% to 40%, on both Bourse des Vols and Bourse des Voyages.
Since the announcement of an agreement, about two weeks ago, activity is gradually rebounding. We also notice that bookings for standalone flights restart a little earlier—two or three days earlier—than those for stays.
Today, we are seeing booking levels that are comparable, or slightly higher, than last year. However, this will not offset the losses recorded since March.
At Resaneo, the slowdown was more pronounced for B2C activities. We observe that the B2B market is more affected. Unlike customers who book directly online, travelers guided by an agent discuss itineraries, travel conditions and the geopolitical context.
When Gulf transits are mentioned, some hesitate more. Alternatives via European carriers exist, but they are often significantly more expensive.
As for Quartier Libre, we thought European destinations might fare better, but travelers simply stopped booking, mainly out of fear of not being able to return if the situation worsened or there was a fuel shortage.
We do indeed see a slight shift toward destinations perceived as safer, such as Norway, Iceland, Scotland, or Ireland, but the phenomenon remains limited.
For about two weeks now, bookings have picked up again, following the restart of standalone flight sales. Levels are slightly higher than those of 2025, but not enough to offset the delay, including for the upcoming summer’s departures.
“New long-haul bookings concern more the end of the year or 2027 than Summer 2026”
TourMaG – What about air pricing; are fares trending downward?
Raphaël Torro : Ticket prices remain broadly comparable overall. They may drop by 2 to 3% if occupancy rates aren’t satisfactory, but there’s no meaningful decrease.
Airlines were very quick to apply fuel-related increases, even as they hedge against oil-price fluctuations. If oil prices stay down for a longer period, I’m not sure these surcharges will be removed as quickly.
For distributors like us, it’s a double blow: the fuel surcharge is treated as a tax and isn’t part of the remuneration base. On the flip side, we’re seeing a drop in average spend, as we sell far fewer long-haul trips.
Since the peace agreement was announced, bookings have picked up again, mainly for short- and medium-haul. Travelers remain more cautious about long-haul, which is typically planned several months in advance. A week-long European stay can still be decided quite last-minute, but a trip to the far reaches of the world isn’t really the case.
Raphaël Torro : Ticket prices remain broadly comparable overall. They may drop by 2 to 3% if occupancy rates aren’t satisfactory, but there’s no meaningful decrease.
Airlines were very quick to apply fuel-related increases, even as they hedge against oil-price fluctuations. If oil prices stay down for a longer period, I’m not sure these surcharges will be removed as quickly.
For distributors like us, it’s a double blow: the fuel surcharge is treated as a tax and isn’t part of the remuneration base. On the flip side, we’re seeing a drop in average spend, as we sell far fewer long-haul trips.
Since the peace agreement was announced, bookings have picked up again, mainly for short- and medium-haul. Travelers remain more cautious about long-haul, which is typically planned several months in advance. A week-long European stay can still be decided quite last-minute, but a trip to the far reaches of the world isn’t really the case.
TourMaG – Gulf airlines have resumed operations. Could the lifting of restrictions by the Ministry of Europe and Foreign Affairs, particularly for the United Arab Emirates, give a new boost?
Raphaël Torro : It has already been several weeks that air connections have mostly resumed normally, with the exception of a few destinations like Iran.
The carriers were able to rely on bookings made before the conflict, which helped maintain a solid level of activity in June. As for orders, I’m not sure June will be a good month for these carriers…
New long-haul bookings concern more the end of the year or 2027, than Summer 2026. It’s not only a matter of geopolitics; there is, on one hand, the price effect, and on the other, as I explained, people don’t head to the other side of the world at the last minute.
For this summer, travelers are prioritizing closer destinations rather than major trips, which should return next year.
Raphaël Torro : It has already been several weeks that air connections have mostly resumed normally, with the exception of a few destinations like Iran.
The carriers were able to rely on bookings made before the conflict, which helped maintain a solid level of activity in June. As for orders, I’m not sure June will be a good month for these carriers…
New long-haul bookings concern more the end of the year or 2027, than Summer 2026. It’s not only a matter of geopolitics; there is, on one hand, the price effect, and on the other, as I explained, people don’t head to the other side of the world at the last minute.
For this summer, travelers are prioritizing closer destinations rather than major trips, which should return next year.
Quartier Libre: a Lapland circuit in Norway, Sweden and Finland
TourMaG – On Quartier Libre, are you preparing new offerings?
Raphaël Torro : We aren’t launching new destinations, but we are expanding our production, especially in Lapland.
We are developing a circuit that allows visitors to explore the various facets of this region. Lapland isn’t limited to one country: it spans Norway, Sweden and Finland.
The idea is to offer an itinerary faithful to our know-how, showcasing landscapes as well as the different cultures coexisting in these northern territories.
TourMaG – You had launched a train product for Scotland. Did it find its audience?
Raphaël Torro : No, unfortunately as I mentioned, the air alternative is cheaper, especially if you’re starting from the provinces. Scotland is well served by air. By train, you must go via Paris, then London, and finally Scotland.
Today, train travel remains more expensive than flying from a budgeting standpoint. For now, it targets a niche clientele: travelers who fear flying or who absolutely want to travel by train and have the means to do so.
Raphaël Torro : We aren’t launching new destinations, but we are expanding our production, especially in Lapland.
We are developing a circuit that allows visitors to explore the various facets of this region. Lapland isn’t limited to one country: it spans Norway, Sweden and Finland.
The idea is to offer an itinerary faithful to our know-how, showcasing landscapes as well as the different cultures coexisting in these northern territories.
TourMaG – You had launched a train product for Scotland. Did it find its audience?
Raphaël Torro : No, unfortunately as I mentioned, the air alternative is cheaper, especially if you’re starting from the provinces. Scotland is well served by air. By train, you must go via Paris, then London, and finally Scotland.
Today, train travel remains more expensive than flying from a budgeting standpoint. For now, it targets a niche clientele: travelers who fear flying or who absolutely want to travel by train and have the means to do so.
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Raphaël Torro : “I’d say 2026 was a frustrating year”
TourMaG – The goal is also to develop new uses?
Raphaël Torro : Yes. We have already conducted initiatives, notably with France DMC Alliance, and the idea is to support tour operators in creating more products that integrate train travel.
TourMaG – How would you rate 2026 for the group?
Raphaël Torro : I’d call it a frustrating year. It had started off very well, but external geopolitical events disrupted that momentum.
In the end, the results will probably not meet expectations, not because we did not work well or made mistakes, but because the environment deteriorated abruptly. It’s always disappointing when you feel you’ve done the work but cannot reap the rewards.
TourMaG – You just organized your traditional “Terrasse Party.” What is the objective of this event?
Raphaël Torro : The idea is very simple: to share a good time with our partners.
Originally, this event mainly brought together airlines. Today, we have broadened it to include all PenguinWorld partners. It remains organized under the BDV umbrella, but the main aim is to thank our partners and suppliers in a friendly setting.
TourMaG – Why choose the Adidas Arena this year?
Raphaël Torro : Last year we gathered on the rooftop of the Accor Tower in Issy-les-Moulineaux to announce our partnership with Teldar, a wholly owned subsidiary, and because we try each year to showcase a distinctive venue, a terrace that our guests may not know.
This year we selected the Adidas Arena, home to Paris Basketball, with whom we are partners. It’s still a relatively little-known venue with a pleasant setting, well suited for such an event.
Raphaël Torro : Yes. We have already conducted initiatives, notably with France DMC Alliance, and the idea is to support tour operators in creating more products that integrate train travel.
TourMaG – How would you rate 2026 for the group?
Raphaël Torro : I’d call it a frustrating year. It had started off very well, but external geopolitical events disrupted that momentum.
In the end, the results will probably not meet expectations, not because we did not work well or made mistakes, but because the environment deteriorated abruptly. It’s always disappointing when you feel you’ve done the work but cannot reap the rewards.
TourMaG – You just organized your traditional “Terrasse Party.” What is the objective of this event?
Raphaël Torro : The idea is very simple: to share a good time with our partners.
Originally, this event mainly brought together airlines. Today, we have broadened it to include all PenguinWorld partners. It remains organized under the BDV umbrella, but the main aim is to thank our partners and suppliers in a friendly setting.
TourMaG – Why choose the Adidas Arena this year?
Raphaël Torro : Last year we gathered on the rooftop of the Accor Tower in Issy-les-Moulineaux to announce our partnership with Teldar, a wholly owned subsidiary, and because we try each year to showcase a distinctive venue, a terrace that our guests may not know.
This year we selected the Adidas Arena, home to Paris Basketball, with whom we are partners. It’s still a relatively little-known venue with a pleasant setting, well suited for such an event.
Publié par Céline Eymery Rédactrice en Chef – TourMaG.com Voir tous les articles de Céline Eymery
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