Industry News
French ski resorts invested €555 million in 2025, maintaining a historically high level of spending and reinforcing the sector’s central role in mountain economies, according to the annual investment survey conducted by Montagne Leaders magazine in partnership with Atout France and Domaines Skiables de France. The total is nearly identical to 2024 and stands 50% above the ten-year average, keeping investment near record levels since the barometer was created. According to the survey, investment in 2025 represents 32% of pre-tax turnover—nine percentage points above the 10-year average—demonstrating how large a share of revenue operators are directing back into infrastructure and modernization.
Industry representatives say sustaining that level of commitment has become more complex. Long-term analysis included in the survey shows that ski areas now must devote a greater portion of their turnover to capital projects than they did in the early 2010s. Projects have grown more technically demanding, regulatory requirements have increased, and equipment costs have risen sharply. The report notes that between 2019 and 2025, the price of a new detachable chairlift increased faster than lift ticket prices.
Damien Zisswiller, Deputy Mountain Representative within the Atout France Mountain Delegation, said in the release that while the overall investment figure remains strong, it reflects mounting economic, regulatory, and climatic pressures. “True performance now lies in the ability of operators to sustain this effort over time, reconciling modernisation, diversification and financial balance,” he said.
New ski lifts accounted for roughly half of total investment, with €281 million spent across 48 installations. Half of those were conveyor belts, reflecting an emphasis on beginner areas and customer diversification. Twenty-four structural lifts—including gondolas, chairlifts, and surface lifts—averaged €11 million per installation, a figure the survey attributes in part to an increase in gondola projects and associated station construction.
Spending on reception and multi-service buildings emerged as one of the fastest-growing categories, with €62 million invested in mountain restaurants, welcome centers, locker facilities, and related infrastructure. According to the survey, that represents an 80% increase compared to the five-year average and a 125% increase compared to the ten-year average. The shift reflects what industry leaders describe as a structural reorientation toward enhancing visitor experience, increasing ancillary revenue, and supporting year-round activity.
Maintenance and modernization also remain a significant focus. More than 220 interventions totaling €71 million were carried out across nearly 100 ski areas in 2025 to extend equipment lifespan, improve safety, and enhance operational performance. Anne Marty, President of Domaines Skiables de France, said in the release that investment remains “a lever for the evolution of resorts and the development of regions,” emphasizing that operators are working to transform their offerings in both winter and summer while optimizing operating costs.
Over the past decade, from 2016 through 2025, French ski areas have invested €3.96 billion in development and maintenance, according to the survey. France recorded 54.7 million skier days during the 2024-2025 season, ranking second globally. The broader winter mountain economy generates an estimated €12 billion in tourist spending annually from roughly 10 million visitors, with an additional €2 billion in summer tourism spending. More than 120,000 jobs in the French mountains depend directly on ski area operations each winter, in addition to tens of thousands of indirect positions within the supplier ecosystem.
The report also notes that investment in artificial snow infrastructure has declined significantly since the COVID-19 pandemic, even as France remains less equipped in snowmaking compared to some Alpine neighbors. At the same time, leisure facilities dedicated to diversification such as zip lines and four-season toboggans increased by 40% in 2025 compared to the average of the previous four years, reflecting continued efforts to broaden the range of non-ski activities.
Investment varied by mountain range in 2025, with €230.26 million committed in Savoie, €84 million in Haute-Savoie, €80.16 million in Isère, €71.84 million in the Southern Alps, €34.9 million in the Pyrenees, €5.61 million in the Massif Central, €1.17 million in the Jura, and €0.88 million in the Vosges, excluding grooming equipment. While the headline figure remains strong, the survey shows that the sector’s challenge is no longer simply how much to invest, but how to sustain that level of investment amid rising costs, regulatory pressures, and increasing climate variability.
