Slide 1: Results Presentation FY25
RESULTS PRESENTATION FY25 29th May 2025
Slide 2: Disclaimer
Disclaimer This presentation is to be read as an introduction to the audited consolidated financial statements of the Group and contains key information presented in a concise manner on the Group and its financial condition. The information contained in this presentation is extracted from the audited
Slide 3: Results highlights
1 Results highlights 2. eDO results and key achievements 3. Prime model continues to drive very strong growth 4. eDO's strong foundation for future success 5. eDO investment highlights 6. Appendix
Slide 4: eDO meets its self-imposed targets of Prime Members and Cash EBITDA
eDO meets its 3.5 years ago self imposed targets of Prime Members(1) and Cash EBITDA(1), 1 and exceeds by 11% its (Free) Cash Flow(1)(2) target for FY25 of €90 million eDO key achievements in FY25 ● eDO meets its €180 million Cash EBITDA(1) target (€180.4 million reported); Prime members(1) – 7.25 m
Slide 5: eDO Results and Key Achievements
1 2 eDO Results and Key Achievements 3. Prime model continues to drive very strong growth 4. eDO's strong foundation for future success 5. eDO investment highlights 6. Appendix
Slide 6: Despite unexpected events, eDO achieved its ambitious objectives
2 Despite unexpected events, eDO achieved its ambitious objectives Prime Members(1) (2) Prime Members(1) 2.0M 7.25M Last Capital Markets Day eDO FY25 (Nov. 2021) Targets Cash EBITDA(1) (3) Cash EBITDA(1) €2.9M €180M (1) Definitions of Non-GAAP measures on page 35-37. (2) As of November 2021. (3) 2Q F
Slide 7: Unexpected events impacted the industry since November 2021
2 Since November 2021, when eDO set its targets, a number of unexpected events impacted the industry Global travel market size evolution (Gross Bookings) Ukraine war Israel conflict Global COVID outbreak Omicron Double-digit inflation €1.5Tn €1.0Tn €0.5Tn 2018 2019 2020 2021 2022 2023 2024 Source: Pho
Slide 8: eDO improved performance more than the sector of reference
2 In fact eDO has improved its performance over the past 3 years more than the sector of reference... CAGR - Cash EBITDA(*) (2022-2024) 47% 43% 27% 28% 25% Hotels(1) Global OTAs(2) Subscription(3) Airlines(4) eDO (*) Definitions of Non-GAAP measures on page 35-37. (1) Hotels: Bloomberg median data. C
Slide 9: eDO maintained targets while other travel companies revised guidance
2 …and eDO maintained targets while other travel companies revised their guidance several times and issued profit warnings Share of companies which lowered their yearly guidance during 2024 80% 83% 43% Global OTAs Top European airlines Top B2C Subscription companies eDreams is a clear exception maint
Slide 10: Prime model continues to drive very strong growth
31 Prime model continues to drive very strong growth 4. eDO's strong foundation for future success 5. eDO investment highlights 6. Appendix
Slide 11: Prime delivers significant uplift in profit margins as members mature
3 Prime delivers significant uplift in profit margins as the Prime member(*) base matures 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 Marginal Profit Margin(*) (LTM) for Prime Cas
Slide 12: Prime growth more than offsets Non-Prime declines
3 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) +6% +30% 676 718 282 510 411 244 217 71% 87% 61% 164 76% 265 208 53 38 FY24 FY2
Slide 13: Strong growth in Cash EBITDA and improvement in margins
3 Strong growth in Cash EBITDA(*) and substantial improvement in margins as the maturity of Prime members(*) increases P&L with increase in Prime deferred revenue Highlights FY25 Var. Var. 4Q FY25 4Q FY25 1. Cash Revenue Margin(*) is 6% above FY24. Cash Marginal (In euro million) FY25 vs FY24 FY24 F
Slide 14: Income Statement
3 Income Statement Highlights FY25 Var. Var. 4Q FY25 4Q FY25 1. Revenue Margin(*) excluding adjusted revenue items(**) increased by 4% vs. (In euro million) FY25 vs FY24 FY24 FY25 vs FY24 FY24 FY24 to €671.2 million. This improvement was driven by a substantial 23% Revenue Margin (*) increase in Rev
Slide 15: Cash Flow Statement
3 Cash Flow Statement 4Q 4Q (In euro million) FY25 FY24 FY25 FY24 Highlights FY25 Adjusted EBITDA(*) 53.9 32.3 133.7 87.8 1. Net cash from operating activities in FY25 increased by €7.5 million, mainly reflecting: Adjusted items(*) (7.6) (5.5) (21.1) (8.9) ○ Working capital inflow of €15.4 million com
Slide 16: eDO's strong foundation for future success
4 1 eDO's strong foundation for future success 5. eDO investment highlights 6. Appendix
Slide 17: eDO has transformed into a subscription-led company
4 eDO has successfully achieved the transformation of its business model: today eDO is a subscription-led company % Prime vs. Non-Prime % Prime vs. Non-Prime Cash Revenue Margin(*) Cash Marginal Profit(*) 13% 29% 50% 60% 40% 71% 50% 87% FY22 FY25 FY22 FY25 Prime Non-Prime (*) Definitions of Non-GAAP m
Slide 18: Stable LTV to CAC while increasing Prime penetration
4 eDO has increased penetration while maintaining a stable LTV to CAC Prime members(*) (in million) 7.3 6.2 6.5 6.8 Prime 24-month LTV 5.4 5.8 to CAC range over 5.1 4.7 the last 3 years 4.3 3.9 3.6 3.2 2.7 2x-3x 4Q FY22 1Q FY23 2Q FY23 3Q FY23 4Q FY23 1Q FY24 2Q FY24 3Q FY24 4Q FY24 1Q FY25 2Q FY25
Slide 19: Growing Cash EBITDA drives stronger Free Cash Flow
4 Growing Cash EBITDA(*) drives even stronger (Free) Cash Flow ex Non-Prime Working Capital(*) Growth Cash EBITDA(*) and (Free) Cash Flow ex Non-Prime (In euro million) FY22 FY23 FY24 FY25 Working Capital(*) evolution (in € million) Cash EBITDA(*) 44.2 84.4 121.4 180.4 180.4 Capex (26.9) (38.1) (48.
Slide 20: eDO plans to keep LTV-to-CAC while expanding Prime members in FY26
4 eDO plans to keep its current LTV-to-CAC ratio while expanding its base of Prime members(*) in FY26 Prime members(*) (in million) >10% >10% +1.0 7.3 2x-3x FY25 FY26e FY27e FY28e (*) Definitions of Non-GAAP measures on page 35-37. 20
Slide 21: Capital investment to grow beyond FY25
4 Capital Investment: We will continue investing to further grow beyond FY25 To maximise emerging opportunities, eDO will eDO aims to add 1M members and reach €215-220 million invest in expanding its development capabilities Cash EBITDA in FY26, sustaining growth and profitability Fixed costs(*) CAPE
Slide 22: High Free Cash Flow growth and uses of cash
4 … translating into high (Free) Cash Flow ex Non-Prime Working Capital(*) growth (Free) Cash Flow ex Non-Prime Working Capital(*)) (in € million) February 2024: >120 Yield FY25 Yield FY26 1st buy-back Share buy-backs programme 11% 13% May 2024: 100 Tender offer 90 November 2024: 2nd buy-back Possib
Slide 23: Strong cash-flow generation enables continuous deleveraging
4 Strong cash-flow generation enables continuous deleveraging Leverage profile (Net debt(*)/Cash EBITDA(*) The optimal window Bond for refinancing is 8.6x refinancing window between summer 2025 and summer 2026. As our net leverage decreases, we expect a 4.2x decrease in our 2.4x interest rate spread 2.3
Slide 24: eDO is undervalued with FCF yields of 11-13% versus peers
4 Despite strong Free Cash generation, eDO is heavily undervalued with FCF yields of 11-13% while peers are 4-8% eDO (Free) Cash Flow ex Non-Prime Working Capital(*) >€120M FY26e 63% CAGR FY24-FY26 Source: FactSheet and Bloomberg (2022-2025e) as of 31st March 2025 Global OTAs: Bloomberg median data.
Slide 25: eDO investment highlights
51 eDO investment highlights 6. Appendix
Slide 26: Prime has high customer advocacy
5 Prime has high customer advocacy eDreams ODIGEO vs. highest eDreams ODIGEO vs. highest rated and average OTA rated and average airline (March 2025) (March 2025) 4.5 3.1 4.5 3.0 +50 2.1 1.6 eDreams Highest Avg. OTAs eDreams Highest Avg. ODIGEO rated OTA ODIGEO rated airlines airline Source: Trustpi
Slide 27: eDO delivered excellent financial results in FY25
5 eDO delivered excellent financial results in FY25 2x-3x €180.4M €100.0M LTV(1) to CAC Cash EBITDA(2) (Free) Cash Flow(2)(3) (1) LTV 24 months. (2) Definitions of Non-GAAP measures on page 35-37. (3) (Free) Cash Flow ex Non- Prime Working Capital. 27
Slide 28: A large and untapped potential and growth ambition
5 A large and untapped potential and growth ambition for the future Potential Prime members(*) with 10% household penetration Global travel market €1.5Tn €1.5Tn Global Travel Market 41M Online travel market €0.9Tn Prime Members(*) eDO Current Prime members Upside potential Source: Phocuswright. Phoc
Slide 29: eDO has a team that delivers
5 eDO has a team that delivers Prime members(*) Cash EBITDA(*) 2.0M 7.3M €2.9M €180.4M Nov. 2021 FY25 2Q FY22 LTM FY25 “Omicron: what we “Ukraine war has “Double digit “Consumer know about Covid nearly doubled inflation and confidence still strain prompting household energy bleak outlook for below p
Slide 30: eDO has a great valuation appreciation opportunity
5 eDO has a great valuation appreciation opportunity FCF Yield eDreams ODIGEO 11-13% Airlines 8.3% Global B2C Subscription 5.8% Global OTAs 4.6% Hotels 4.1% Source: Company data and Bloomberg (March 31st, 2025). Airlines: Bloomberg median data. Companies included: AirFrance-KLM, IAG, Lufthansa, Easy
Slide 31: Cash flow can fund future growth and returns to shareholders
5 eDO's strong cash flow generation can fund future growth and returns to shareholders (Free) Cash Flow ex Non-Prime Working Capital(*) (in € million) 100.0 90.0 44.9 20.1 (2.6) FY22 FY23 FY24 FY25 Actuals Target Keep on growing existing markets Expand into new markets Return money to shareholders (*
Slide 32: Appendix
1 6 Appendix
Slide 33: Prime growth more than offsets Non-Prime declines
6 Prime strong growth more than offsets the anticipated declines in the Non-Prime side of the business Revenue Margin(*) (excl. Adjusted Revenue Items)(**) Prime (€M) Var. FY25 +23% (In euro million) FY25 vs. FY24 FY24 463.4 Prime 463.4 23% 377.4 377.4 Non-Prime 207.8 (22%) 265.2 Total 671.2 4% 642.
Slide 34: Top 6 markets continue leading the growth
6 Top 6 markets continue leading the growth Revenue Margin(*) (excl. Adjusted Revenue Items)(**) Top 6 (€M) +6% Var. FY25 (In euro million) FY25 vs. FY24 FY24 496.6 466.3 France 180.1 11% 162.3 Southern Europe 145.3 12% 129.4 Northern Europe 171.2 (2%) 174.6 Top 6 markets 496.6 6% 466.3 Rest of the
Slide 35: Glossary of definitions
Glossary of definitions Non-reconcilable to GAAP measures 1. Gross Bookings refers to the total amount paid by customers for travel products and 6. Adjusted Net Income means the IFRS net income less certain share-based compensation, services booked through or with the Group (including the part that i
Slide 36: Glossary of definitions
Glossary of definitions 12. Cash Revenue Margin means "Revenue Margin" plus the variation of the Prime deferred revenue 18. Gross Financial Debt or Gross Debt means total financial liabilities including financing cost corresponding to the Prime fees that have been collected and that are pending to be a
Slide 37: 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