Slide 1: lastminute.com Q3 2023 Results
lastminute.com Q3 2023 Results
Slide 2: The Speakers
The Speakers Luca Concone Sergio Signoretti Chief Executive Officer Chief Financial Officer lastminute.com Q3 23 Results | 2
Slide 3: Safe Harbour Statement
Safe Harbour Statement The material in this presentation has been prepared by lastminute.com N.V. and reports general background information about lastminute.com activities as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information
Slide 4: Agenda
Agenda Intro and Highlights 01 L. Concone Q3 2023 results 02 S. Signoretti September YTD results 03 S. Signoretti Guidance FY 2023 and beyond 04 L. Concone 05 Q&A
Slide 5: Agenda
Agenda Intro and Highlights 01 L. Concone Q3 2023 results 02 S. Signoretti September YTD results 03 S. Signoretti Guidance FY 2023 and beyond 04 L. Concone 05 Q&A
Slide 6: Market Update: Flights in September 2023 closed at -9% of 2019 levels
Market Update Flights in September 2023 closed at -9% of 2019 levels Recovery curve continues with a slight uptick in Q3, albeit still below 2019 levels JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP 2019 2022 2023 European Commercial Flight Activity* - Delta Actual vs. 2019 level S
Slide 7: Operational & strategic highlights September YTD
Operational & strategic highlights September YTD Growth of the Improved B2B Affiliation and Strengthening of Cancellations Dynamic Package representation of Comarketing the Leadership impacts Business company business improved Team neutralised performance significantly + 50% vs 2022 in • EBITDA adjuste
Slide 8: New Adjusted EBITDA all in with Cancellations & Voucher misredemption effect included
New Adjusted EBITDA all in with Representation of our business Cancellations & Voucher through B2C/B2B views misredemption effect included Proven B2C platform coupled with strong B2B capabilities Q3 2023 GTV (€m) 815 1 ● OTA main categories (DP, Flight only, Hotel only, TO) B2C ● CRUISE business Reve
Slide 9: Agenda
Agenda Intro and Highlights 01 L. Concone Q3 2023 results 02 S. Signoretti September YTD results 03 S. Signoretti Guidance FY 2023 and beyond 04 L. Concone 05 Q&A
Slide 10: Q3 2023 | Focus on profitable growth driven by DP
Q3 2023 | Focus on profitable growth driven by DP DYNAMIC ADJ. EBITDA PACKAGES GTV REVENUES* Gross profit share** -4% vs. 2022 +3% vs. 2022 +63% vs. 2022 49% Gross Profit share Substantially in line vs Revenues grow vs LY Adjusted EBITDA LY with higher DP GTV driven by DP (+ 46% Dynamic Package showed
Slide 11: Dynamic Packages represent half of the Revenues and Gross Profit of the Group
Dynamic Packages represent half of the Revenues and Gross Profit of the Group growing approx +50% vs Q3 2022 +3% +21% +14pp +11pp share share 2023 vs 2022 2023 vs 2022 (19%) (1%) +46% +56% Dynamic Package Take Rate 10% 11% Dynamic Package Marginality 13% 19% % Rev * on GTV % on Revenues REVENUES GROS
Slide 12: Focus on profitability growth mainly driven by DP B2C and more efficient marketing spend
Focus on profitability growth mainly driven by DP B2C and more efficient marketing spend both on Flights and DP +3% +21% 2023 vs 2022 2023 vs 2022 +8% +4% +1% +34% Take Rate Mktg Spend €m 34.2 31.7 8% 9% % Rev * on GTV % on Revenues 43% 39% REVENUES GROSS PROFIT €m €m lastminute.com Q3 23 Results | 12
Slide 13: Q3 2023 | Ebitda adjusted +63% vs 2022
Q3 2023 | Ebitda adjusted +63% vs 2022 EBITDA margin from 10% to 15% Highlights 3Q FY23 Q3 2023 Q3 2022 % 23 vs. 22 ● The increase in DP ABV pushes GTV to -4% GTV (€m) 815 845 (4%) despite the decreasing trend in bookings. Revenues (€m) 81.4 79.0 +3% ● Gross Profit B2C growth linked to increased effici
Slide 14: Q3 2023 | Net Result
Q3 2023 | Net Result Net Results of the Q3 2023 is positive compared to Q3 2022, impacted by the provision for the investigation in CH Highlights 3Q FY23 Q3 Q3 % €m 2023 2022 23 vs. 22 ● IFRS EBITDA includes effects from the incentive Adjusted EBITDA 12.5 7.7 +63% plans evaluation as well as consulta
Slide 15: Agenda
Agenda Intro and Highlights 01 L. Concone Q3 2023 results 02 S. Signoretti September YTD results 03 S. Signoretti Guidance FY 2023 and beyond 04 L. Concone 05 Q&A
Slide 16: YTD 2023 | Focus on Profitability growth driven by DP
YTD 2023 | Focus on Profitability growth driven by DP DYNAMIC NET FINANCIAL ADJ. EBITDA PACKAGES GTV REVENUES* Gross profit share** POSITION +13% vs. 2022 +9% vs. 2022 +16% vs. 2022 ~50% share +77% vs. Dec’22 Record Gross Travel Revenues grow due Adjusted EBITDA Gross Profit Strong Net Financial Value
Slide 17: Growth in profitability higher than revenues driven by DP
Growth in profitability higher than revenues driven by DP DP grow +40% on both Revenues and Gross Profit +9% +17% +9pp +12pp share share 2023 vs 2022 2023 vs 2022 (11%) In Line +46% +41% Dynamic Package Take Rate 11% 11% Dynamic Package Marginality 15% 19% % Rev * on GTV % on Revenues REVENUES GROSS P
Slide 18: Gross Profit grows more than Revenues mainly in B2C driven by more efficient marketing spend
Gross Profit grows more than Revenues mainly in B2C driven by more efficient marketing spend +9% +17% 2023 vs 2022 2023 vs 2022 +18% +12% +2% +19% Take Rate Mktg Spend €m 104 104 8% 8% % Rev * on GTV % on Revenue 43% 40% REVENUES GROSS PROFIT €m €m lastminute.com Q3 23 Results | 18 (*) Value Streams fu
Slide 19: HR Fixed Costs reflect Tech talent investments; Running Costs driven by IT
HR Fixed Costs reflect Tech talent investments Running Costs driven by IT operating expenses +20% +16% Headcount 974 1.070 Average Ytd % Net Cost on Rev 18% 20% % on Revenues 7% 8% HR FIXED COSTS RUNNING COSTS €m €m lastminute.com Q3 23 Results | 19
Slide 20: September 2023 YTD | Ebitda Adjusted +16% vs 2022
September 2023 YTD | Ebitda Adjusted + 16% vs 2022 YTD 2023 YTD 2022 % 23 vs. 22 Highlights YtD Sept 2023 GTV (€m) 2,841 2,506 +13% ● Strong Revenue growth driven by DP higher volumes Revenues (€m) 261.5 239.7 +9% ● Gross Profit benefited from the increased Thereof: B2B 106.2 86.8 +18% efficiency in per
Slide 21: September 2023 YTD | Net Results
September 2023 YTD | Net Results Highlights YtD Sept 2023 YTD YTD % €m 2023 2022 23 vs. 22 ● IFRS EBITDA includes negative effect from the Adjusted EBITDA 37.4 32.4 +16% incentive plans valuation as well as consultancy and restructuring costs. Q3 2022 included the Incentive Plans (2.7) 7.6 n.a. effect
Slide 22: Cash Curve reflects a solid position at gross and net level
Cash Curve reflects a solid position at gross and net level Gross Cash at 118.4m€ and Net Financial 74m€ €M SECO liabilities fully repaid * * *February 23: repayment of Swiss COVID loan (€-15.3M) *May 23: repayment of SECO subsidies (-€29M, o/w €7 were freezed in a deposit) lastminute.com Q3 23 Resul
Slide 23: September 2023 YTD | Cash Flow
September 2023 YTD | Cash Flow The cash generation during the period is lower mainly due to €29.5M of reimbursement of Swiss subsidies and repayment of a Covid-19 loan for €15.3M. YTD YTD Highlights YtD Sept 2023 €m 2023 2022 ● Business Working Capital: The lower positive effect in IFRS EBITDA 31.0 8
Slide 24: Agenda
Agenda Intro and Highlights 01 L. Concone Q3 2023 results 02 S. Signoretti September YTD results 03 S. Signoretti Guidance FY 2023 and beyond 04 L. Concone 05 Q&A
Slide 25: Guidance FY 2023
Guidance FY 2023 Profitable growth expected for the full year Revenues for FY 2023 expected to grow approx. 10% vs. 2022 driven by Holiday Packages growth Adj. EBITDA expected to grow approx. 25% vs. 2022 +~10% +~25% (before (before 10-15%) 10-15%) Revenues Adj. EBITDA FY 2023 expectation lastminute.
Slide 26: Dynamic Packages – clear success story
Dynamic Packages – clear success story Dynamic Packages are highly beneficial for our customers Evolution of market presence over time Geographical coverage: unique licence portfolio to sell Dynamic Packages across all Europe (>30 markets end of ‘23) Soon Deferred payments solutions: 51% of our Dynam
Slide 27: Uniquely positioned in Dynamic Packaging
Uniquely positioned in Dynamic Packaging The most exciting, fastest growing portion of Europe’s travel landscape We are uniquely position as the only Dynamic Packaging growing at ~20%, pan-European dynamic packaging specialist of scale faster than the rest of the European market OTA CAGR 2022-26E ~€
Slide 28: Comprehensive growth plan supported by clearly defined pillars
Comprehensive growth plan supported by clearly defined pillars B2C DYNAMIC PACKAGING Optimize Invest in Invest on our App Performance marketing Brand marketing Leverage Flight B2B Expand DP B2B Affiliation development Leverage Hotel partnerships OTHER PRODUCTS / ACTIONS Standalone services Other action
Slide 29: Key pillars to drive mid-term strategy
Key pillars to drive mid-term strategy Focus on profitable growth Successful shift towards Dynamic Packages Comprehensive package of measures lastminute.com Q3 23 Results | 29
Slide 30: Profitable Growth mid-term outlook
Profitable Growth mid-term outlook EBITDA Adjusted back to PreCovid Level in 2024 Mid term target revenues above 600m€ Mid term EBITDA Adjusted to triple vs. 2023 lastminute.com Q3 23 Results | 30
Slide 31: Agenda
Agenda Intro and Highlights 01 L. Concone Q3 2023 results 02 S. Signoretti September YTD results 03 S. Signoretti Guidance FY 2023 and beyond 04 L. Concone 05 Q&A
Slide 32: Financial Calendar 2023
Financial Calendar 2023 7 February 2023 Announcement of preliminary unaudited FY 22 results 13 April 2023 Publication of the Annual Report 2022 17 May 2023 Q1 Trading Update 30 June 2023 Annual General Meeting 3 August 2023 Publication of the half-yearly report 2023 9 November 2023 Q3 Trading Update
Slide 33: lastminute.com
lastminute.com investor.relations@lastminute.com