Edreams Odigeo · BME:EDR
Edreams Odigeo — Investor Day (January 2025)
108 slides from Edreams Odigeo's investor day presentation, January 2025
Slide 1: Proud to be Prime - Capital Markets Day 2025
January 2025 PROUD TO BE PRIME Capital Markets Day 2025 MeDreams GOvovaces “opodo @ vos ilige i eDreams ODIGEO ny)
Slide 2: CMD Presentation Disclaimer
CMD Presentation Disclaimer This presentation has been prepared by eDreams ODIGEO S.A. (the “Company” and, This presentation does not constitute or form part of, and should not be construed as, an together with its subsidiaries, the “Group”) solely for information and background purposes offer or in
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Certain Financial Forecasts and Other Forward-Looking Statements This presentation includes forward looking statements regarding the Group’s intentions, beliefs or current The financial forecasts presented herein are based on the Group’s business plan which reflects, a
Slide 4: Non-GAAP and Alternative Performance Measures
Non-GAAP and Alternative Performance Measures The financial information included in this presentation includes, in addition to the financial The Group has presented these APMs and non-IFRS measures because it believes that they information prepared in accordance with International Financial Reportin
Slide 5: Agenda for Today
AGENDA FOR TODAY MORNING 9.00-9.20 1 Introduction eDO results & key achievements Dana Dunne, Chief Executive Officer 9.20-10.40 2 Prime subscription business Dana Dunne, Chief Executive Officer Gerrit Goedkoop, Chief Operating Officer 10.40-11.00 Coffee Break Andreas Adrian, Chief Trading Officer 11
Slide 6: Vision
Vision To be the leading subscription company in the travel space, leveraging a cutting-edge AI-driven proprietary platform to deliver unique and highly valued proposition for customers, superior returns for shareholders and a sense of “Proud to be Prime” by eDOers 6
Slide 7: Prime has high customer advocacy
Prime has high customer advocacy Trustpilot ratings 2024 eDreams 4.4 Gotogate 3.0 +50 Booking.com 2.3 Hopper 1.8 Air France 1.5 Easyjet 1.4 British Airways 1.3 Lufthansa 1.3 Iberia 1.3 Ryanair 1.3 Expedia 1.2 Source: Trustpilot ratings for the different brands. NPS is internal company data (procedur
Slide 8: We have excellent financial results for FY25
We have excellent financial results for FY25 2x-3x €180M >€90M LTV(*) to CAC CASH EBITDA (Free) Cash Flow(**) Source: Company data. (*) LTV 24 months. (**) (Free) Cash Flow ex Non- Prime Working Capital and excluding refinancing impact. 8
Slide 9: A large untapped potential and a strong ambition for the future
A large untapped potential and a strong ambition for the future Potential Prime subscribers with 10% household penetration Global Travel Market €1.5Tn Online Travel €1.5Tn 41M Prime members Market Global Travel Market (€0.9Tn) eDO Current Growth potential Source: Company data and Eurostat, UK Office
Slide 10: We have a team that delivers
We have a team that delivers Prime members Cash EBITDA 2.0M Nov. 2021 7.25M FY25 €2.9M 2Q FY22 LTM €180M FY25 “Omicron: what we “Ukraine war has “Double digit “Consumer confidence know about Covid nearly doubled inflation and still below pre-pandemic strain prompting fresh household energy bleak out
Slide 11: We have a great valuation appreciation opportunity
We have a FCF Yield great valuation appreciation opportunity eDreams ODIGEO 8-11% Airlines 4.8% Global OTAs 3.9% Hotels 3.5% B2C Global Subscription companies 2.8% Source: Company data and Bloomberg. Airlines: Bloomberg median data. Companies included: AirFrance KLM, IAG, Lufthansa, Easyjet, Ryanair
Slide 12: Strong cash flow creation can fund future growth and returns
Our strong Cash Flow creation can fund future growth and returns to shareholders (Free) Cash Flow ex Non-Prime Working capital (€ million) >90 Keep on growing existing markets 44.9 Expand into new 20.1 markets (2.6) Return money to shareholders FY22 FY23 FY24 FY25 Source: Company data. Note: FCF exc
Slide 13: eDO Results and Key Achievements
1 eDO Results and Key Achievements eDO FY25 Targets 13
Slide 14: eDO set an ambitious growth target in November 2021
1 eDO set an ambitious growth target in November 2021 for March 2025 Prime Members(*) Prime Members 2.0M 7.25M Last Capital markets eDO FY25 Day (Nov 2021) Targets Cash EBITDA (**) Cash EBITDA €2.9M €180M Source: Company data. (*) As of November 2021. (**) 2Q FY22 LTM. 14
Slide 15: Unexpected macroeconomic setbacks: global Covid outbreak
1 Since then, there have been a number of unexpected macroeconomic setbacks which impacted the industry “Omicron: what we know about Covid strain prompting fresh global restrictions” Dec 2021 GLOBAL COVID OUTBREAK 2019 2020 2021 2022 2023 2024 15
Slide 16: Unexpected macroeconomic setbacks: high global inflation
Since then, there have been a number of unexpected 1 macroeconomic setbacks which impacted the industry “Cost of living crisis: one in four have had to cut essential spending” August 2022 “Double digit inflation and bleak outlook for 2023” May 2023 HIGH GLOBAL INFLATION 2019 2020 2021 2022 2023 2024
Slide 17: Unexpected macroeconomic setbacks: Ukraine war, Israel conflict
1 Since then, there have been a number of unexpected macroeconomic setbacks which impacted the industry “Ukraine war has nearly doubled household energy costs worldwide” Feb 2023 “Consumer confidence still below pre- pandemic levels despite economic rebound” May 2024 UKRAINE WAR | ISRAEL CONFLICT 20
Slide 18: eDO is well on track to achieve its objective: Prime members
1 Yet with all of these unexpected macroeconomic events, eDO is well on track to achieve its ambitious objective 7.25M eDO Prime members per quarter 6.5M 1.7M ∼ 4x In three years Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3e Q4e FY2021 FY2022 FY2023 FY2024 FY2025e Source: company financial intern
Slide 19: eDO is well on track: quarterly LTM Cash EBITDA
1 Yet with all of these unexpected macroeconomic events, eDO is well on track to achieve its ambitious objective Quarterly L12M Cash EBITDA (€) +180M +139M +2.9M Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2021 FY2022 FY2023 FY2024 FY2025 Source: company financial internal data. 19
Slide 20: eDO improved performance more than the reference sector
1 In fact eDO has improved its performance over the past 3 years more than the sector of reference... CAGR - Cash EBITDA (2022 - 2024e) 46% 33% 24% 20% 20% Hotels (1) Subscription (2) Global OTAs (3) Airlines (4) eDO Source eDO: company financial internal data. (1) Hotels: Bloomberg median data. Com
Slide 21: We maintained our target while other travel companies revised guidance
1 …and we maintained our target while other travel companies revised their guidance several times and issued profit warnings Share of companies which lowered their yearly guidance in the last 12 months(*) Top Subscription Global OTAs Top European Airlines Companies 80% 83% 43% eDreams is a clear exc
Slide 22: eDO leads the industry in customer satisfaction
1 In addition, eDO leads the industry in customer satisfaction eDreams consistently reached the highest customer review scores of Trustpilot ratings 2021 2024 the industry in the top customer review websites: eDreams 3.3 4.4 Gotogate 1.8 3.0 4.4 3.9 A+ Booking.com 1.4 2.3 Hopper 2.7 1.8 Air France 1
Slide 23: Key takeaways
1 Key takeaways 1 2 3 We delivered We achieved one We are the very strong of the best CAGR industry leader performance performance in terms of under trying (Cash EBITDA) in customer conditions. the industry. satisfaction. 23
Slide 24: eDO Unique & Competitive Subscription Business
2 eDO Unique & Competitive Subscription Business 24
Slide 25: Subscription companies typically generate higher returns for shareholders
2 Subscription companies typically generate higher returns for shareholders Revenue EBITDA Margin FCF EV/EBITDA (2017-2024e) (2024e) Yield (2024e) 4.0x 23% 2.8% 23.5x Global B2C Subscription Global OTAs 1.5x 23% 3.9% 9.2x Airlines 1.7x 17% 4.8% 3.2x Hotels 1.2x 27% 3.5% 12.1x Source: Bloomberg. Glob
Slide 26: Transformation from transaction to subscription business
2 eDO has fundamentally transformed from a more risky transaction business to a higher value subscription business Transactional Subscription Business Model Business Model Revenue Predictability Lower Revenue Predictability Higher Personalisation Lower Personalisation Higher Loyalty Lower Loyalty Hi
Slide 27: Subscription revenue and profitability now most of the business
2 Subscription Revenue and Profitability from now represents most of the business Transitioning from a transactional model … to a clear subscription model now Pre-COVID 2Q FY22 LTM 2Q FY25 LTM Share of Subscription Cash Revenue Margin over total 5% 38% 66% Share of Subscription Cash Marginal Profit
Slide 28: eDO is one of the largest European subscription companies
2 And in a short period of time, eDO has become one of the largest European subscription companies Rank Company Sector Country Launch date Subscribers in Mio 1 Spotify Music Sweden 2008 252 2 Canal+ Video France 1984 26.8 3 Sky Group Video UK 1990 23.2 4 DAZN Video UK 2016 20.0 5 MUBI Video UK 2007
Slide 29: Prime subscription model has unique benefits
2 Our Prime subscription model has fundamental unique benefits across customers, partners, and eDO market position eDO PARTNERS CUSTOMERS (airlines, hoteliers, MARKET car rentals) POSITION eDO UNIQUE PROPRIETARY PLATFORM 29
Slide 30: Customers like Prime and are more engaged
2 Customers truly like Prime and are more engaged than transaction customers eDO PARTNERS CUSTOMERS (airlines, hoteliers, MARKET car rentals) POSITION eDO UNIQUE PROPRIETARY PLATFORM 30
Slide 31: Customers get access to a large set of travel options
2 Customers get access to a large set of travel options in a one-stop shop… ~700 Airlines worldwide & over 100,000 A unique flights everyday fully AI-driven proprietary 2.1 Million hotels Customers Platform connecting 400 car rental providers thousands of providers 3.8 Billion unique itineraries cre
Slide 32: Prime attracts newer customers and has a large addressable market
2 Prime allows us to attract newer customers and has a large total addressable market Demographics Booking Type w/children Boomers 6% 11% Domestic 26% New Regular 75% GenX 43% Customers 27% Male 60% Intercontinental Alone 26% 64% Millenials 36% Low Cost 57% Continental Female 48% w/other 40% adults
Slide 33: Prime is attractive to younger generations
2 Prime is attractive to the younger generations Age distribution of our Prime customers per cohort 61% of our Prime members are GenZ or Millennials and our share of GenZ is growing significantly over time. 100% 75% Customers 50% Boomers GenX Millenials 25% GenZ 0% FY22 FY23 FY24 FY25 Note: Booking
Slide 34: Unique travel proposition with unrivalled benefits
2 …And a unique travel proposition that gives our customers access to unrivalled suite of price and non-price benefits CMD Nov 21 2025 Prime Prime Prime Plus Price Savings Price Savings Discounts on flights Discounts on hotels(*) Flexibility Discounts on car rentals Share Prime discounts for 4 frien
Slide 35: Prime offers amazing value to our customers
2 Prime offers amazing value to our customers VIP €465 Key benefits Support Flight Price discounts Freeze is the average Prime benefits per year Hotel Cancel For a member can get using our products discounts Any Reason Flight Customers Car Ancillary discounts discounts On top of many other advantage
Slide 36: Case study - Price Freeze
2 Case study - Price Freeze Several OTAs and Airlines have started to launch new price freeze products but eDreams dominates clearly the market with its Price Freeze at €1 available for its Prime members. eDreams OTA 1 OTA 2 Airline 1 Airline 2 Price Freeze From €20 From €30 From €7 From €4 fee €1 t
Slide 37: Case study - Price Freeze results
2 Case study - Price Freeze Results “I discovered Price Freeze feature Attach Rate for Increased some time ago and I think this is a Prime Repeat transactions(*) Prime Renewal Rate(**) great solution that gives more confidence to customers. You can block the price and then see if you need to change
Slide 38: Prime is one of a kind subscription programme in travel
2 In the travel industry, Prime is one of a kind subscription programme and gives the best value proposition for customers Subscription Traditional Travel Prime is the most Programme Loyalty programmes competitive travel eDreams Prime OTA 1 OTA 2 OTA 3 offering thanks to its Discounts on all flights
Slide 39: Subscribers' satisfaction surpasses transaction customers'
2 Subscribers’ satisfaction far surpasses transaction customers’ and ranks among the best in the industry Prime Customer NPS evolution Prime Repeat Customer Scoring split +17pt 2024 vs. 2021 9 out of 10 of our Prime repeat customers scores us a 7 or above 50 Customers 42 33 33 9-10 7-8 0-6 2021 2022
Slide 40: Customers value quality of experience more than price benefits
2 Customers value the quality of their experience more than price benefits What are the main drivers for promoters? Categories % of promoters Valued attributes Speed & agility of the buying process, reliability Customer Experience 87% and overall good shopping experience, good service and feel value
Slide 41: New subscribers come from recommendations
2 As a result, a significant portion of new subscribers come from the recommendation of existing subscribers Share of Prime members who joined from recommendation from family/friend Customers Recent Prime Markets Average Prime Markets Top Mature Prime Markets 41
Slide 42: Prime members show stronger engagement over time
2 Our Prime members do more transactions showing stronger engagement with our products over time Repeat Transactions per member over the years (indexed) 2.5 250 2.0 200 1.5 150 Customers 100 1.0 0.5 0.0 Year 1 Year 2 Year 3 Year 4 Source: Company data. Average of repeat transaction per member for Co
Slide 43: Churn improving materially
2 These high levels of satisfaction and engagement have resulted in churn improving materially Churn has been improving in the past 36 months ...and it decreases over time as members stay longer with us Percentage of churn evolution in the past 36 months Churn Rate evolution by tenure (indexed to ye
Slide 44: Prime delivers great value to our partners
2 Our Prime subscription model delivers great value to our partners eDO PARTNERS CUSTOMERS (airlines, hoteliers, MARKET car rentals) POSITION eDO UNIQUE PROPRIETARY PLATFORM 44
Slide 45: eDO brings a large untapped customer base to partners
2 eDO brings a large and untapped customer base to our fixed asset partners Traffic/customer overlap eDO traffic size vs airlines and hotels eDO vs. top 20 European airlines and hotel chains outside their home market in their respective home markets eDO vs top 20 European airlines and hotel chains 5
Slide 46: We help partners improve load and yield generation
2 We help our partners to improve their load & yield generation over a longer period of time Partners eDO passengers represent 8% of total capacity in the top 20 eDO routes 46
Slide 47: Prime is appealing to partners and improves yield
2 Prime is highly appealing to our partners which improves their yield performance and leads to an increased engagement over time +173% 50% more participation from our year-on-year increase for airlines and airlines partners hotels participating in Prime campaigns vs. non participating ones(*) 80 Pa
Slide 48: Other fixed asset industries also seek third party distribution
2 Other fixed assets industries with top brands also seek third party distribution Apple distribution channels Disney resorts distribution channels .com Partners 48
Slide 49: eDO has a unique position in attractive markets
2 eDO has a unique position in attractive and growing markets eDO PARTNERS CUSTOMERS (airlines, hoteliers, MARKET car rentals) POSITION eDO UNIQUE PROPRIETARY PLATFORM 49
Slide 50: eDO positions into attractive industries
2 With a unique model, eDO positions into 2 attractive industries eDO Market Position Travel Subscription 50
Slide 51: Travel is a very large and attractive industry
2 Travel is a very large and attractive industry, and Prime is unique and well positioned to capitalise in the market opportunity Global Travel €1.5 n Market (€1.5Tn) eDO Market Position Online Travel Global Travel Market Market (€0.9Tn) eDO Source: Phocuswright. PhocalPoint report (Yearly Gross boo
Slide 52: Travel sector has good industry dynamics and macro expectations
2 The travel sector has good industry dynamics and macro expectations, which is the industry segment on which Prime is focused 2006 2020 3rd Israeli Invasion of COVID-19 Lebanon 2016 2008 Brexit 1982 Lehman Brothers 2nd Israeli 2000-2000s eDO Market Position Invasion of Energy Crisis Lebanon 1990-91
Slide 53: The subscription industry is continuously growing
2 The subscription industry is continuously growing with a significant segment of new customers more and more open to it The subscription economy is on the rise.. €1.4Tn Subscription Market Size +18% Subscription Economy Size eDO Market Position CAGR 2020-2025 .. and subscribers are proven to incr
Slide 54: Multiple winning models can co-exist in any industry
2 Multiple winning models can co-exist in any industry Subscription Transactional Sales Revenue (2023) USD 242Bn USD 648Bn eDO Market Position Rank per market share in USA #3 #1 FCF Yield 1.6% 2.3% EV/EBITDA 2024e 33.0x 18.5x Stock Price CAGR S&P 500 1994-2024 18% 11% 9% 2004-2024 16% 9% 9% 2014-202
Slide 55: A successful subscription model requires key elements
2 A successful subscription model requires a number of key elements High customer 1 2 Very strong AI eDO Market Position satisfaction capabilities Successful Subscription Model Robust Product Full transformation of the business 4 3 offering and great cross selling & up selling capabilities 55
Slide 56: Transforming into a subscription business is not easily replicable
2 Transforming into a subscription business is not easily replicable Cash Marginal Profit Margin(*) Share of Cash Revenue 1 You need to be willing to per maturity of the member Margin per member incur initial material declines in profitability in the short to medium terms. >50% eDO Market Position B
Slide 57: Key takeaways
2 Key takeaways 1 2 3 4 In the last 3 years, Prime customers Prime is delivering Prime is a eDO has become a satisfaction is one a significant unique model successful and of the highest in upside to in Travel, a sector large subscription the industry and our partners that proved to be business in co
Slide 58: Key growth levers
3 Key growth levers 58
Slide 59: eDO built a unique and cutting-edge platform
3 eDO spent the past years building a unique and cutting-edge platform MARKET PRODUCT AI EXPANSION IMPROVEMENTS eDO UNIQUE PROPRIETARY PLATFORM 59
Slide 60: eDO has significant advantage as a leader in AI
3 eDO has created significant advantage by being one of the leaders in AI MARKET PRODUCT AI EXPANSION IMPROVEMENTS eDO UNIQUE PROPRIETARY PLATFORM 60
Slide 61: First movers in AI since 2014
3 We were one of the first movers in AI, in 2014, which has allowed us to build a very deep and broad platform Adopting an AI first At-scale deployment of a Deployed Natural Developing in-house AI strategy, setting up proprietary Language capabilities in Agents and Copilot tools our own in-house res
Slide 62: eDO is a recognised leader in AI in Europe
3 eDO is a recognised leader in AI in Europe “We are proud to work with eDreams ODIGEO as one of our early generative AI partners to pioneer new developments and advance its application in online travel and e-commerce.” CEO Google Cloud (X-formally Twitter, May 2023) “The best implementation of a da
Slide 63: eDO leverages data as a competitive advantage
3 eDO leverages its data as a competitive advantage due to its Prime subscription and its scale in flights We have… DEEPER data >6 Billion daily online AI predictions WIDER data 100 Million AI Daily searches BETTER data 48.5 Petabytes per year of eDO data used to train AI models & advanced analytics
Slide 64: Large data set is key to stay ahead of competition
3 Today, in a highly automatized and personalised world, large data set is key to stay ahead of competition “Data is one of the most valuable “Data causes long-lived firms to assets a business can have and grow bigger”. “Scale wins”. potentially has a tremendous impact National Bureau of Economic Re
Slide 65: eDO built a strong proprietary platform on innovative AI
3 eDO does a number of things that no one else does in travel, and even across all e-commerce industries eDO built a strong proprietary platform sitting on innovative AI capabilities and large data assets to: AI Provide an enhanced & fully personalised Customer Experience Offer best-in-class product
Slide 66: Prime growth potential through market expansion
3 Prime has significant growth potential through further market expansion MARKET PRODUCT AI EXPANSION IMPROVEMENTS eDO UNIQUE PROPRIETARY PLATFORM 66
Slide 67: Prime markets achieved 3.4% household penetration in Europe
3 eDO’s Prime markets have only achieved 3.4% household penetration in Europe while growing over time Prime household penetration 2024 Prime household penetration evolution over years in two different markets 8% 8% 7% 7% 3.4% 6% 6% Market Expansion 5% 5% 2.0% 62% 50% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% ye
Slide 68: Large upside in existing markets
3 There is a large upside just in existing markets Potential Prime members upside Potential Prime members upside with 6.2% household penetration with 10% household penetration Market Expansion 19M Prime members +7.7M +13.4M 30M Prime members +4.2M +10.0M 6.5M 6.5M Upside in non European Prime market
Slide 69: 10% household penetration in European markets means 16.5M members
3 If eDO would grow to 10% penetration of households in its existing European markets, this would mean reaching 16.5M Prime members 10% This is realistic given eDO 8% already achieves 6.2% penetration of households Market Expansion 6% in its first market, which 4% has achieved over the past year top
Slide 70: Prime proven outside Europe: Australia, US and Canada
3 And Prime has proven to work outside of Europe. Case study of Australia, United States and Canada Prime is a strong repeatable formula… … that can be scaled across markets Repeat & Acquire NPS Subscription rate Recommend Customers Lower Best value Market Expansion marketing proposition costs and P
Slide 71: Growth opportunity by launching Prime in new markets
3 eDO has more growth opportunity by expanding and launching Prime in new markets Market Expansion Prime is present in 10 markets while as a transaction business eDO is present in Non Prime market Prime market 44 markets. New test markets 71
Slide 72: New and expanded markets would reach 41 million members
3 If eDO launched Prime in 10 new markets and expanded existing markets, it would reach 41 million members Potential Prime members Upside with 6.2% household penetration with 10% household penetration Market Expansion +11M 25M 41M +7M +13M +8M Prime members Prime members +4M +10M 6.5M 6.5M Upside in
Slide 73: Continuously improve Prime product offerings
3 eDO will continuously improve its Prime product offerings to meet customer needs and maintain a competitive edge MARKET PRODUCT AI EXPANSION IMPROVEMENTS eDO UNIQUE PROPRIETARY PLATFORM 73
Slide 74: Segmenting and productising the Prime offering
3 Segmenting and further productising the Prime offering can provide good growth Typical for very successful B2C subscription companies is to evolve its initial subscription into offering segmented additional subscription offerings or tiers. Product Improvements Original Spotify Premium Netflix Plus
Slide 75: Advantages of segmentation and tiering
3 Adopting a segmentation and tiering approach brings businesses several advantages, both in the short and long term Market Customer Penetration Retention Product Improvements Customer Brand Satisfaction Perception 75
Slide 76: Launch of Prime Plus
3 Over the past year, eDO has launched its first ever ‘second’ proposition, Prime Plus CMD 2025 Nov 21 Prime Prime Prime Plus Price Savings Discounts on flights Discounts on hotels(*) Product Improvements Discounts on car rentals Share Prime discounts for 4 friends and family Wallet exclusive vouche
Slide 77: Better engagement from Prime Plus customers
3 This has led to better engagement from customers that have taken Prime Plus Prime Plus customers Prime Plus customers tend to come repeat significantly more more from friends recommendations +10pp Product Improvements Transactional Prime Prime Plus Transactional Prime Prime Plus Repeat Rates (exit
Slide 78: Further segmenting offers to expand customer reach
3 Beyond Prime Plus, we can further segment offers to expand our customer reach Entry Premium Business options options options Product Improvements Close to our core New customer customer segment segments Lower Prime fee Higher Prime fee 78
Slide 79: Opportunities in hotels and other large travel products
3 There are opportunities to further appeal to customers via the other very large travel products like Hotels 2000 €531 Product Improvements 1500 (Global Hotel market*) 1000 €293 500 (Online global hotel market*) 62% 0 2024 Total Travel Market Air Hotel Package Car Rental (OTA penetration**) Rail Cr
Slide 80: 2022 whitelabel hotel solution shortcomings
3 In 2022 we offered hotels through a Whitelabel solution with significant shortcomings for Prime customers 2022 Search Results Product Improvements Generic funnel, not Prime designed. Inventory limited to one provider only. No promotional campaigns. Lacked AI prime personalisation. Prices didn't sh
Slide 81: Better hotel experience on proprietary platform
3 We now offer a significantly better hotel experience through our own, proprietary platform 2025 Search Results Product Improvements Market-beating prices throughout funnel. Multi-provider proprietary platform maximising customer savings. 15+ campaigns per year, with negotiated high-value discounts
Slide 82: 2022 whitelabel lacked state-of-the-art Prime user experience
3 The 2022 Whitelabel solution lacked state-of-the-art Prime user experience 2022 Hotel Details Product Improvements Limited Prime savings, poorly retailed. Hotel and room gallery was outdated and difficult to use. One room type per booking. Minimal post-search retargeting and post-booking contact.
Slide 83: State-of-the-art proprietary hotel platform
3 Our state-of-the-art proprietary hotel platform is continuously enhanced further… 2025 Hotel Details Product Improvements Best Price guarantee, showcasing price competitiveness. Image gallery using smart filters and powered by AI. Multiple room types per booking. Full customer contact strategy for
Slide 84: Improvement visible in key Prime hotel metrics
3 … which is already visible in our key site metrics for Prime Conversion Hotel Prime bookings Higher LTV for customers booking improvement share uplift Flight and Hotel vs. only Flight +50% 2.9x +40% Product Improvements Q4 FY23 Q3 FY25 Q4 FY23 Q3 FY25 Flight Only Flight & Hotel Net Conversion - Ho
Slide 85: Prime hotel customers have higher NPS and retention
3 Prime customers have a higher NPS and on top, higher retention rate vs customers that only book flight Prime customers have an even higher Annual retention rate improves when NPS on hotels customers also book hotels 57 +13pp Product Improvements 50 25 Non Prime Prime Prime Hotel Flight only Also b
Slide 86: Other product categories for growth and engagement
3 Beyond hotels there are many other product categories that provide opportunities for eDO to grow and drive further engagement Product Improvements Train Prime for Business Bus More partnerships (with financial In-Destination activities services institutions, other loyalty programmes, etc) 86
Slide 87: Key takeaways
3 Key takeaways 1 Deep usage of AI 2 Prime penetration 3 Prime is a product 4 Prime in hotels 5 Increasing significantly in the existing that can be has significantly the depth of improves eDO markets will scaled outside of improved over our Prime operations, continue to our core markets the past ye
Slide 88: Financial outlook
4 Financial outlook 88
Slide 89: Strong foundation for future success
4 eDO’s strong Foundation for Future Success From transaction Key drivers to subscription for growth Growth FY26 Guidance beyond FY26 89
Slide 90: On track to meet our guidance
4 After a successful plan delivered, we are on track to meet our guidance Prime members (M) Cash EBITDA (€M) 180 7.25 6.5 139 2.0 2.9 CMD 2Q FY25 FY25 2Q FY22 2Q FY25 FY25 NOV. 21 LTM LTM LTM Source: Company data. 90
Slide 91: Transformation to a subscription-led company
4 We have successfully achieved the transformation of our business model: today we are a subscription-led company % Prime vs. Non-Prime % Prime vs. Non-Prime Cash Revenue Margin Cash Marginal Profit 17 34 50 62 83 66 50 38 2Q FY22 2Q FY25 2Q FY22 2Q FY25 LTM LTM LTM LTM Prime Non-Prime Prime Non-Pri
Slide 92: Increased penetration while maintaining stable LTV to CAC
4 Since the last CMD, we have increased penetration while maintaining a stable LTV to CAC Prime members evolution since CMD November 2021 (In millions) 6.5 Prime 24-month LTV 6.2 5.8 to CAC range over 5.4 5.1 the last 3 years 4.7 4.3 3.9 3.6 3.2 2.7 2.0 2.2 2x-3x CMD 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Slide 93: Key drivers to manage LTV to CAC
4 There are several key drivers to manage our LTV to CAC Main drivers of performance: ARPU LTV Marginal profit from the customer (excluding % of renewal Marketing costs), over 24 months only Variable cost (excl. acquisition) = % organic traffic (Old customers CAC & recommended) vs. paid traffic Cost
Slide 94: Stable 2x to 3x LTV to CAC ratio
4 We maintain a stable 2x to 3x LTV to CAC ratio adjusting acquisition costs to the LTV generated by customers Evolution of LTV(*) and CAC since last CMD LTV Solid performance, with renewal rate growth offsetting ARPU decrease. CAC Strategic investments in new geographies, balanced by efficient cust
Slide 95: Launch of Prime Plus
4 Over the past year, eDO has launched its first ever ‘second’ proposition, Prime Plus CMD 2025 Nov 21 Prime Prime Prime Plus Price Savings Discounts on flights Discounts on hotels(*) Discounts on car rentals Share Prime discounts for 4 friends and family Wallet exclusive vouchers (over €300 per mon
Slide 96: Improving value proposition without increasing ARPU
4 …without increasing the ARPU. Our focus is on improving the value proposition and keeping our members over time Over the past years, we've 84 reinvested revenue from new 75 78 products and features into 75 enhanced value and discounts for our customers. We plan to continue this approach, prioritis
Slide 97: Key drivers of LTV and expected evolution
4 There are several key drivers to manage our LTV to CAC Main drivers of performance Expected evolution ARPU 70-75 Marginal profit from LTV = the customer (excluding Marketing costs), over 24 months only % of renewal Increase in % Increase in LTV Variable cost (excl. acquisition) Stable Fuel growth
Slide 98: Growing Cash EBITDA drives stronger FCF growth
4 Growing Cash EBITDA drives even stronger FCF Growth 2Q FY25 Cash EBITDA and (Free) Cash Flow(*) evolution (€M) FY22 FY23 FY24 LTM FY25 in € million Cash EBITDA 44.2 84.4 121.4 139.0 180.0 180 +48% 139 Capex (26.9) (38.1) (48.8) (53.3) 121 >90 84 >+100% Taxes 1.8 (1.7) (4.6) (2.3) 60 44 45 Interest
Slide 99: 10% penetration would mean 30M Prime subscribers
4 If eDO would grow to 10% penetration of households in its existing markets, this would mean reaching 30M Prime subscribers Potential Prime members upside Potential Prime members upside with 6.2% household penetration with 10% household penetration 19M Prime members +7.7M +13.4M 30M Prime members +
Slide 100: Keep LTV-to-CAC ratio within 2x-3x
4 We plan to keep our current LTV-to-CAC ratio within the same range 2x-3x Source: Company data. Note: LTV 24 months. 100
Slide 101: Expanding Prime member base in FY26
4 We will continue expanding our base of Prime members in FY26 through several levers Prime members evolution >10% >10% +1M 7.25 FY25 FY26 FY27 FY28 Source: Company data. 101
Slide 102: Capital investment to grow beyond FY25
4 Capital investment: we will continue investing to further grow beyond FY25 Fixed costs (€M) CAPEX (€M) To seize emerging eDreams ODIGEO opportunities, we'll TOP COMPANIES ~1,700 ~1,850 invest in expanding TO WORK FOR 2024 Forbes Spain our development ~120 capabilities. ~105 ~60 ~55 Our strong empl
Slide 103: Add 1M members and reach €215-220M Cash EBITDA in FY26
4 We aim to add 1M members and reach €215-220 million Cash EBITDA in FY26, sustaining growth and profitability Prime members (M) Cash EBITDA (€M) 215-220 +1M 7.25 180 6.5 139 2Q FY25 FY25e FY26 2Q FY25 LTM FY25E FY26 Source: Company data. 103
Slide 104: High FCF growth of more than 30% in FY26
4 … translating into high FCF growth of more than 30% in FY26 (Free) Cash Flow(*) (€M) >120 >90 45 FY24 FY25E FY26 Source: Company data. (*) (Free) Cash Flow ex Non Prime Working Capital and excluding Refinancing impact. 104
Slide 105: Strong cash-flow generation enables continuous deleveraging
4 Strong cash-flow generation enables continuous deleveraging Leverage profile (Net Debt/ Cash EBITDA) The optimal Bond window for 8.6x refinancing window refinancing is between summer 2025 and summer 2026. As our net 4.2x leverage decreases, 2.3x 2.4x we expect a 1.7x-2.0x decrease in our interest
Slide 106: Possible uses of (Free) Cash Flow
4 We are a cash-generating business and we have already started to use our available resources to remunerate shareholders Yield FY25 Yield FY26 February 2024: Share buy-backs 8% 11% 1st buy-back programme May 2024: Tender offer Possible Dividends November 2024: 2nd buy-back uses of programme (Free)
Slide 107: eDO is undervalued with FCF yields of 8-11%
4 Despite strong Free Cash generation, eDO is heavily undervalued with FCF yields of 8-11% while peers are 3-5% UPSIDE eDO eDO (Free) Cash Flow(*) POTENTIAL FCF Yield FY26 11% Hotels FCF Yield 3.5% eDO FCF CAGR 2QFY25-FY26 eDO >€120M FY26e FCF Yield 58% FCF Yield FY25 58% 8% Airlines FCF Yield 4.8%
Slide 108: Key takeaways
4 Key takeaways 1 2 3 4 Subscription now Growth driven by We expect to add With FCF yields of drives c.70% of increased over 1M members 8–11% compared to Cash Revenue and members through next year while 3–5% for peers, over 80% of Cash existing market increasing Cash strong fundamentals, Marginal Pr