Voyageurs du Monde Among Europe’s Growth Champions


Voyageurs du Monde finalise sa sortie de la Bourse de Paris - Depositphotos

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It is a ranking that should make the tourism industry green with envy.

The very industry, which has seen its margins and supplier commissions shrink year after year, is trying to find a future as earnings face tighter and tighter figures.

And yet, Voyageurs du Monde shows that another path is possible.

Often cited as an example, the tour operator has just been ranked among the 100 European growth leaders.


This ranking is published by the Growth Leaders Observatory, an independent, academic, non-commercial research observatory led by Francesco Castellaneta, professor of strategy and entrepreneurship at SKEMA Business School – Université Côte d’Azur, GREDEG.

“Forty listed French companies have grown their sales, profits, and shareholder returns over three years at the same time.

Vusion, GTT, Sidetrade, Voyageurs du Monde and LISI are among the most notable examples, in very different industries: from connected commerce to LNG transport, from financial software to bespoke travel and aerospace
“, commented Francesco Castellaneta, director of the Growth Leaders Observatory.


Voyageurs du Monde: Net income up 62%

Voyageurs du Monde achieves a very honorable 87th place, just ahead of two other tourism players, Valamar Riviera at 90th and Imperial Riviera at 92nd, Croatian operators.

To make it into the top 100, the French tour operator could rely on various economic indicators.

Thus, between 2022 and 2025, it posted revenue growth of 58% and net income growth of 62%. In the same period, its stock market performance rose by 103%, while the share performance in 2026 was up by 12%.

In 2025, Voyageurs du Monde’s revenues came 55% from tailor-made travel, 30% from adventure travel, and 15% from cycling.

The year 2026, marked by conflict, is expected to be less conducive to growth, as indicators have moved downward for several weeks.

The company also owns several accommodations worldwide, such as Satyagraha House, the Johannesburg home where Gandhi stayed in 1908, as well as Villa Nomade, a riad in Marrakech, Villa Bahia in Brazil, not to mention its ship Steam Ship Sudan.

Moreover, two new boats are expected by 2028.

As we revealed to you, in a previous article, the year 2026 marks the true deployment of the Voyageurs du Monde brand internationally. Not only that, but the company is expected to exit the Paris Stock Exchange very soon.


Voyageurs du Monde completes its exit from the Paris Stock Exchange

The operation was announced last July, exactly 20 years after the company’s stock market debut. The exit was scheduled for November 2026. On Wednesday, September 23, another milestone was reached in this direction, as Crowe HAF concluded the fairness of the withdrawal offer from a financial standpoint.

“The Crowe HAF firm, represented by Olivier Grivillers, named as independent expert, delivered on 21 September 2026 its definitive report concluding the financial fairness of the offer’s terms.

According to this report, the price of 180 euros per share matches the value derived from recent equity transactions and carries a premium of 9.8% on the discounted cash flow method and 13.9% over stock market comparables
“, explained the Ideal Investisseur site.

The next step is due to take place on 26 October 2026, prior to delisting.

This stock-market exit, as Alain Capestan had explained to us, responds to development goals, but also to the aim of attracting private equity funds.

Due to market constraints, some investors are not interested in this type of company. Now relieved of that burden, and with Certares owning more than 50% of the shares, Voyageurs du Monde is likely to open a new chapter in its history.

“In the medium term, nothing will change, as we will stay for another five years to complete this internationalization effort. After that, we will not remain at the helm forever. At some point, this story will end. We are in a slow process of handing over the business. We have recruited general managers across all structures and operational staff in the finance department, whereas before we handled these roles ourselves. We have structured the company, which has become a group“, the Voyageurs du Monde CEO told us.

Voyageurs du Monde Expects a Moderate Decline for 2026


Voyageurs du Monde annonce un chiffre d'affaires en hausse de 1,9% et un résultat net en baisse de 20% au premier semestre 2026 - Crédit photo @Boby

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Voyageurs du Monde, comme l’ensemble des acteurs du secteur, a été impacté par les effets du conflit au Moyen-Orient.

Le groupe vient de présenter ses résultats du premier semestres 2026. Le chiffre d’affaires s’est élevé à 323,4 M€ sur la période contre 317,3M€ en 2025 (+1,9%). Le voyage d’aventure (+4,7%) et le voyage à vélo (+5,7%) ont tiré la croissance tandis que le voyage sur-mesure a marqué le pas (-0,6%), précise un communiqué de presse.

Sur le premier semestre 2026, l’EBITDA s’élève à 10,8 M€ en baisse de 2,7% par rapport au premier semestre 2025. Le résultat net part du Groupe s’élève à 4,6 M€, en retrait de 20% par rapport à 2025, sous l’effet de la hausse des charges.


The 2026 acquired departures are down 1.3% as of August 31, 2026

The group anticipates for the current fiscal year 2026 revenue and results to show a «  moderate decline  » compared with 2025.

As of August 31, 2026, the 2026 acquired departures (the variation relative to the 2025 acquired departures on the same date) are down 1.3%. They represent 95% of the 2025 revenue.

The group plans to continue its international development in tailor-made travel, with the opening of an agency in Munich in November 2026, followed by Milan in the first half of 2027. Bynativ should also expand its destination portfolio and develop a technical platform for international sales.

In the adventure segment, the group continues to develop tailor-made trips and launches Active Trails, a new brand dedicated to an international clientele, centered on adventure travel and cycling in France. The cycling activity also plans to launch a tailor-made travel offering and to streamline its brand portfolio.


Delisting Public Offer Plan

Voyageurs du Monde a par ailleurs précisé le calendrier de l’offre publique de retrait de la Bourse annoncée début juillet.

Le 1er septembre 2026, Avantage, holding de contrôle de Voyageurs du Monde a déposé auprès de l’Autorité des marchés financiers un projet d’offre publique de retrait suivie d’un retrait obligatoire visant la totalité des actions et des obligations convertibles (OCA) du groupe.

Sous réserve de la déclaration de conformité de l’AMF, attendue le 26 octobre 2026, l’Offre serait ouverte du 28 octobre au 10 novembre 2026.

Transilien SNCF Voyageurs Organizes a Recruitment Forum


Transilien SNCF Voyageurs mobilise pour recruter 600 agents en CDI - Depositphotos.com @ricochet69

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Transilien SNCF Voyageurs organise, en partenariat avec l’Agence Oriane, un forum régional de recrutement dédié aux métiers du ferroviaire le lundi 20 avril 2026, de 9h à 17h, à Saint-Ouen-sur-Seine.

L’événement s’inscrit dans une dynamique de recrutement ambitieuse, avec 600 postes en CDI à pourvoir en 2026 en Île-de-France.

Ces recrutements concernent principalement les métiers de la conduite et de la maintenance des trains et RER opérés par Transilien SNCF Voyageurs pour le compte d’Île-de-France Mobilités.

Tout au long de la journée, les experts métiers et recruteurs de Transilien SNCF Voyageurs accueilleront des candidats convoqués pour des entretiens d’évaluation, mais également toute personne souhaitant découvrir les métiers du ferroviaire et construire un projet professionnel.


Immersion, Simulation and Discovery of Careers

The forum will offer several immersive and educational spaces to showcase railway professions in a tangible way.

Visitors will notably be able to converse with train and RER drivers, discover the tasks of machinists and electrotechnicians, or try out a driving simulator.

Innovative setups such as virtual reality will also enable an immersive experience, with a driving simulation or a tour of a technicentre.

A MOOC dedicated to driving will also be presented to help candidates become familiar with the profession and to prepare their application.

Registration is mandatory via an online form.


Recruitment, Guidance and Support

The forum will also feature a recruitment area with one-on-one interviews, speed-dating sessions dedicated to driving and maintenance, and meetings with recruiters and industry experts from Transilien SNCF Voyageurs.

An information and assistance space will bring together several actors in employment and training, including Oriane, France Travail, Local Missions, the Second Chance Schools, and the Railway CFA. Visitors will be able to obtain advice on orientation, retraining, financing options, and apprenticeship pathways.

Participants will also be able to explore the different stages of SNCF Voyageurs’ recruitment process, including selection tests and a medical examination.


Amelia Brille Publié par Amelia Brille Rédactrice TourMaG.com
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J.-F. Rial (Voyageurs du Monde): We’re Launching the Brand Internationally


Internationalisation de la marque : "une étape importante pour Voyageurs du Monde" selon Jean-François Rial - Crédit photo @Boby

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In this period of watchful waiting on the part of travel agencies, some are taking the opportunity to refresh their teams’ knowledge through training, educational tours and other initiatives, while others are using the calmer moment to launch projects.

Voyageurs du Monde decided not to let current events set the pace.

The fifth-largest French tour operator, according to our ranking based on 2024 figures, chose this quieter period to launch its global English-language site.

“It is a platform aimed at the world English-speaking clientele. Previously, we had a site dedicated to English-speaking customers, but we did not have a global interface accessible from anywhere in the world and adapted to our different products.

We are increasingly serving English-speaking clients who do not live in the countries where we are already established, as is the case in the United Kingdom, Canada and the United States.

We therefore wanted to provide a response to these clients
“, explains Jean-François Rial, CEO of Voyageurs du Monde.

Moreover, the group’s English subsidiary will become Original Travel by Voyageurs du Monde, in order to reinforce the brand image beyond the Channel.

And while examples of French travel companies expanding internationally are rather rare, even if FRAM recently set up in the Benelux, for Jean-François Rial’s company the internationalisation of the group has been a reality for a long time.

Since 2008, VDM opened a branch in Brussels, then three years later in Geneva. In 2016, the brand established itself overseas, in Canada, before settling in the United States in 2022, with the acquisition of Extraordinary Journeys.


Brand Internationalisation: “an important milestone for Voyageurs du Monde”

The challenge is therefore to introduce the brand into markets where it is not yet physically present.

This could include Scandinavia, Hong Kong, Singapore, South Africa, or any other territory with a customer base for this type of product.

“We will launch, within two weeks, a stronger international push for the Voyageurs du Monde brand. We have English-speaking advisors all over the world, so it will be easy to respond to demand.

This is an important step for Voyageurs du Monde. We are shifting to a higher dimension. We are truly launching the brand internationally, particularly in the area of public relations, where until now we relied mainly on word-of-mouth outside our borders. This time, we have a dedicated campaign
“, explains the company’s CEO.

By the way, the group’s English subsidiary will become Original Travel by Voyageurs du Monde, to solidify the brand image across the Channel.

And while examples of French travel companies going international are fairly rare, even if FRAM recently established itself in the Benelux, for Jean-François Rial’s company, the internationalisation of the group has been a reality for a long time.

Since 2008, VDM opened an office in Brussels, then three years later in Geneva. In 2016, the brand expanded beyond the Atlantic, to Canada, before establishing itself in the United States in 2022, with the acquisition of Extraordinary Journeys.


Voyageurs du Monde to Open Its First Agency in Germany

This new chapter thus marks the culmination of this development.

“We generate nearly €100 million in international turnover, i.e., around 30% of our activity, which is significant. We do not have a perfectly fixed objective, although we would like international to account for about 50% of our revenues in the medium term“, states the leader, setting a target without a precise deadline.

To achieve this, beyond launching the site and its large-scale press relations campaign, products will be somewhat adapted according to the client’s origin.

This is not all. Even if this operation does not come with opening new offices in an English-speaking country, a new Voyageurs du Monde agency will soon open in Europe.

“In September 2026, we will open an agency in Munich, to complement the one in Zurich. Agencies are more like offices for the sellers. They no longer really help to mesh the territory or attract customers, but rather serve as places to meet clients, travelers, and host events,” explains Jean-François Rial.

And international expansion will also involve new cruise ships.


Voyageurs du Monde to Welcome Two New Vessels

Following the Steam Ship Sudan and the two dahabiyahs already sailing the Nile, Voyageurs du Monde will expand its fleet in the coming years.

“In 2028, we will inaugurate two new magnificent ships, in the spirit of the Steam Ship Sudan.

These are steam-powered vessels nearly a century old. Like the other boats in the fleet, they will be stationed in Egypt. This order aims to meet the demand of international clients, because the Steam Ship Sudan is fully booked
“, rejoices the Voyageurs du Monde CEO.

For remembrance, its first steamship was directly drawn from the Thomas Cook & Son fleet, the late company behind the origins of travel agencies and the modern tourism industry.

This same ship is even said to have inspired Agatha Christie for her famous novel Death on the Nile, following a cruise she took with her husband in 1933.

Built in 1920 by the Bulaq shipyard in Egypt, the vessel was acquired by Voyageurs du Monde, which gave it a facelift in 2007.

It features five suites and 18 cabins. These developments take place amid a challenging context for the French tourism industry.


Voyageurs du Monde: activity is “quite average” and there will be no restart before summer

“It is quite average, not catastrophic. We are following a trend less dire than that of our peers. What I feel is that B2B is accelerating the slowdown in sales: when we are at -10%, they are at -30%.

May is starting off very badly. I think the activity recovery will not occur before the summer. In my view, the summer will be compromised; it will be very average.

I am not really worried about what comes next, because either a peace agreement will be reached in the coming month and things will pick up, though not fully compensating for the lost earnings, or there will be no such agreement and clients will adapt. They will cope with the conflict and its consequences.

The year 2026 will probably be less good than the previous ones, but we are financially solid. We have no debt and we possess equity.
concludes a calmly prepared leader.

It’s worth noting that the United States, which had been at the top of the list of best-selling destinations for the operator in the wake of the health crisis, has been weathering the impact more smoothly in recent weeks.

If the country is not a safe haven, the bleed seems contained: the decline is no longer 70%, as it could have been in the past, but now hovers around 20%.

This shows that customers are not resentful and adapt very quickly to crises, whether political, geopolitical, or economic.