Edreams Odigeo · BME:EDR
Edreams Odigeo — Q2 2026 Earnings Presentation
36 slides from Edreams Odigeo's earnings presentation, Nov 18, 2025
Slide 1: Strategic Growth Plan: Evolving Our Subscription Model for Accelerated Growth
Strategic Growth Plan Evolving Our Subscription Model for Accelerated Growth 1H FY26 Results Presentation 18th November 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by eDreams ODIGEO, S.A. (the “Company” and, together with its subsidiaries, the “Group”) solely for information and background purposes and has not been independently verified by any third party. This presentation contains information extracted from and
Slide 3: Agenda of today's Presentation
1 Agenda of today's Presentation 1 2 3 4 5 Result Update Strategic plan: Immediate Financial Closing (1H FY26) Significant Headwind Outlook Remarks Acceleration of Prime Members Growth 3
Slide 4: Agenda of today's Presentation
1 Agenda of today's Presentation 1 2 3 4 5 Result Update Strategic plan: Immediate Financial Closing (1H FY26) Significant Headwind Outlook Remarks Acceleration of Prime Members Growth 4
Slide 5: In 1H FY26 eDO continued to show strong performance
1 In 1H FY26 eDO continued to show strong performance 7.7M €94.0M €32.6M YTD Share Repurchase Prime Members(*) Cash EBITDA(*) 5.98M +18% year-on-year +16% year-on-year Cancelled Shares +457k in 1H FY26 +7pp LTM Cash EBITDA(*) c.5% of shares outstanding Margin (*) Definitions of Non-GAAP measures on p
Slide 6: The Prime subscription model is the engine of our growth
The Prime subscription model is the engine of our growth. In 1H FY26 Cash EBITDA(*) 1 grew 16% year-on-year Highlights 1H FY26 P&L with increase in Prime deferred revenue In 1H FY26 we saw significant improvements in profitability, driven primarily by the increasing maturity of our Prime member(*) bas
Slide 7: Agenda of today's Presentation
21 Agenda of today's Presentation 1 2 3 4 5 Result Update Strategic plan: Immediate Financial Closing (1H FY26) Significant Headwind Outlook Remarks Acceleration of Prime Members Growth 7
Slide 8: Important opportunity to create more shareholder value by investing in accelerated growth
2 Important opportunity to create more shareholder value by investing in accelerated growth eDreams ODIGEO Strategic Update | 8
Slide 9: We have been testing monthly and quarterly payments for several years
We have been testing monthly and quarterly payments for several years 2 Customers told us that they prefer in … and we have been testing monthly/quarterly payments in 10 general monthly payments to annual markets and 5 products (flight, rail, accommodation, price freeze, payments… standalone). Prefer
Slide 10: In our tests, customers clearly preferred monthly or quarterly payments over annual
2 In our tests, customers clearly preferred monthly or quarterly payments over annual payment Higher Net Promoter Score (NPS) Higher Conversion in the funnel Net Promoter Score (NPS) - indexed Conversion - Prime 1st Booking per visit (indexed) >10% 8% 50 Annual Monthly Annual Monthly Payment Payment
Slide 11: Monthly and quarterly payments unlock new growth opportunities for Prime
2 Monthly and quarterly payments unlock new growth opportunities for Prime New middle Small ticket Rail Price Freeze items income markets Better fit for rail Enable offering price Smaller monthly Leverage smaller ticket customers due to: freeze for new acquired payments are better items (e.g., bus, c
Slide 12: We will roll out monthly and quarterly payment where LTV is positive
2 We will roll out monthly and quarterly payment where LTV is positive vs. annual payments - which is in a majority of scopes for new member acquisition % of scopes where monthly or quarterly payments have higher LTV than annual payments New markets Existing markets In positive scopes, LTV is on agg
Slide 13: We will invest in new Prime markets beyond our initial 10 countries
2 We will invest in new Prime markets beyond our initial 10 countries which will accelerate our Prime member(1) growth As mentioned in the Capital Markets day, we have been Results are positive and showing further growth opportunity testing Prime in 14 new markets in the last year Prime Household NP
Slide 14: We will invest in new Prime markets beyond our initial countries
2 We will invest in new Prime markets beyond our initial 10 countries which will accelerate our Prime subscriber growth Based on these promising results, we will Our first phase will focus on growing a focus on scaling Prime further set of markets that showed great geographically by focusing on: pote
Slide 15: We are entering the attractive Rail market in Europe
2 We are entering the attractive Rail market in Europe to complement our leading flight proposition and to drive subscriber growth and increase member engagement The European rail market: …is large and growing …already taken huge share from …is deregulating and opening short distance flight market up
Slide 16: Our superior LTV generation through Prime gives us a competitive advantage
2 Our superior LTV generation through Prime give us a competitive advantage over rail-focused transactional competitors Market entry across several markets has shown a significant growth opportunity in rail for us and confirmed our competitive monetisation advantage through Prime. Prime provides uniqu
Slide 17: Since the CMD, we have made significant progress in our hotel business proposition
2 Since the CMD, we have made significant progress in our hotel business proposition and further invest in hotels for growth We already shared promising results at CMD and we are seeing our Large Hotel Opportunity metrics further accelerating 1H FY26 vs. 1H FY25 (YoY variations) €531 Billion +42% +33
Slide 18: eDO has cemented its position as a transformative leader in the tech ecosystem
2 We continue to invest in and leverage our AI leadership to support our growth eDO has cemented its position as a transformative leader in the tech ecosystem by achieving massive-scale AI adoption, evidenced by processing more than 400 billion tokens per year(*) and successfully integrating these t
Slide 19: We continue to invest in and leverage our AI leadership to support our growth
2 We continue to invest in and leverage our AI leadership to support our growth Current use cases across the organization are already generating substantial value and strategically position us to capitalise on significant opportunities to enhance both our customer proposition and internal productivit
Slide 20: Agenda of today's Presentation
31 Agenda of today's Presentation 1 2 3 4 5 Result Update Strategic plan: Immediate Financial Closing (1H FY26) Significant Headwind Outlook Remarks Acceleration of Prime Members Growth 20
Slide 21: Ryanair has recently intensified their OTA blocking efforts
3 Ryanair has recently intensified their OTA blocking efforts which is increasing instability in our Ryanair content coverage. Loss of Ryanair volumes impacted us on new customers acquisition but not on churn of existing customers. ● For over 15 years, Ryanair has pursued an anti-OTA, anti-fixed-asset
Slide 22: Agenda of today's Presentation
4 1 Agenda of today's Presentation 1 2 3 4 5 Result Update Strategic plan: Immediate Financial Closing (1H FY26) Significant Headwind Outlook Remarks Acceleration of Prime Members Growth 22
Slide 23: We will deliver 40% more Prime members than market consensus
4 We will deliver 40% more Prime members(*) than market consensus(**) Prime Members(*) Prime ARPU(*) (in millions) (in euros) 15.0 100 30 >13M - FY 7 F Y2 % GR -20 +40% 13.0 CA 15 75 eDO FY26 vs. 11.0 Market Consensus(**) 9.7M 50 9.0 25 7.0 5.0 FY25 FY26 FY27 FY28 FY29 FY30 FY25 FY26 FY27 FY28 FY29
Slide 24: We expect to grow Cash EBITDA by more than 33% p.a.
4 We expect to grow Cash EBITDA(*) by more than 33% p.a. from FY27 to FY30. Cash EBITDA(*) will start growing 5 quarters from now in 4Q FY27 We will have an investment period in enablers of growth during the second half of FY26 and FY27: Cash EBITDA(*) will come down to €155 million in FY26 and €115
Slide 25: Agenda of today's Presentation
51 Agenda of today's Presentation 1 2 3 4 5 Result Update Strategic plan: Immediate Financial Closing (1H FY26) Significant Headwind Outlook Remarks Acceleration of Prime Members Growth 25
Slide 26: We have done this before: we have transformed the business dramatically
5 We have done this before: we have transformed the business dramatically in the past and delivered on long term guidances eDO has a team that delivers: Prime members(*) Cash EBITDA(*) Net debt(*)/Cash EBITDA(*) 2.0M 7.3M €2.9M €180.4M 8.6x 1.7x Nov. 2021 FY25 2Q FY22 LTM FY25 2Q FY22 FY25 We transf
Slide 27: We will deliver a much better business
5 We will deliver a much better business Higher Higher Stronger More Continue Growth Customer LTV Customer Loyalty Diversified Share BuyBack +40% 13% >10% 66% €100M Prime members(*) Higher Lifetime of eDO volume will be committed for FY30 value for Prime driven by non-flight the next monthly/quarterly
Slide 28: Appendix - 1H FY26 Results Backup slides
Appendix - 1H FY26 Results Backup slides 28
Slide 29: Our Prime business is financially strong
6 Our Prime business is financially strong, and our overall profitability continues to improve, and delivers outstanding margins Cash Marginal Profit Margin(*) for Prime continues to Cash EBITDA Margin(*) improved as a result of this improve as maturity of Prime members(*) increases maturity Cash Margi
Slide 30: eDO is a subscription business focused on travel
6 eDO is a subscription business focused on travel. Prime strong growth more than offsets the anticipated declines in the Non-Prime side of the business Cash Revenue Margin(*) (LTM) (€M) Cash Marginal Profit(*) (LTM) (€M) +2% +23% 683 696 295 34 235 182 239 261 74% 40 88% 66% 514 199 448 83% 2Q FY25
Slide 31: Income Statement
6 Income Statement Highlights 1H FY26 Var. Var. 1. Revenue Margin(*) increased by 5% vs. 1H FY25 to €343.8 million. This 2Q FY26 2Q 1H FY26 1H improvement was driven by a substantial 20% increase in Revenue Margin(*) (In euro million) FY26 vs FY25 FY25 FY26 vs FY25 FY25 for Prime, resulting from exp
Slide 32: Cash Flow Statement
6 Cash Flow Statement Highlights 1H FY26 2Q 2Q 1H 1H (In euro million) FY26 FY25 FY26 FY25 1. Net cash from operating activities in 1H FY26 increased by €24.2 million, mainly reflecting: Adjusted EBITDA(*) 48.9 25.2 98.1 47.8 ○ Working capital outflow of €34.8 million compared to an outflow of €19.4 mi
Slide 33: Our strong financial position allows us to invest in the growth of our business
6 Our strong financial position allows us to invest in the growth of our business, while we keep buying back our stock Leverage profile (Net debt(*)/Cash EBITDA(*)) a. Our strong financial position allows us to 4.2x invest in the growth of our business, while we keep buying back our stock. We have the
Slide 34: Glossary of definitions
Glossary of definitions Non-reconcilable to GAAP measures c. Adjusted Revenue items refers to adjusted items that are included inside revenue. 1. Gross Bookings refers to the total amount paid by customers for travel products and d. Adjusted interest expense on debt refers to one-off costs from debt
Slide 35: Glossary of definitions
Glossary of definitions 11. Cash Marginal Profit Margin means Cash Marginal Profit divided by Cash Revenue Margin. See 18. Gross Financial Debt or Gross Debt means total financial liabilities including financing cost definitions of "Cash Marginal Profit" and "Cash Revenue Margin". Cash Marginal Profit Margi
Slide 36: Glossary of definitions
Glossary of definitions 24. Net Leverage Ratio means the total amount of outstanding Net Financial Debt on a consolidated 27. Revenue Margin per Booking (Non-Prime) means Revenue Margin of the Non-Prime segment basis divided by “Cash EBITDA”. This measure offers to the reader a view about the capacit