Slide 1: H1 2024 Results
H1 2024 RESULTS
Slide 2: H1 2024 Results
H1 2024 RESULTS Luca Concone Diego Fiorentini Chief Executive Officer Chief Financial Officer lastminute.com H1 24 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 Highlights 01 Luca Concone H1 2024 results 02 Diego Fiorentini Guidance FY 2024 and key takeaways 03 Luca Concone 04 Q&A
Slide 5: Market Update: Flights in June 2024 still at -5% vs 2019 levels
Market Update: Flights in June 2024 still at -5% vs 2019 levels 2019 ● Market growth in 2024 slower than anticipated, with lower profits in Q2 compared to previous years reported by several airlines ● Metasearch players are increasingly competitive, resulting in strong channel pressure ● The Group ha
Slide 6: Operational & strategic highlights H1 2024
Operational & strategic highlights H1 2024 Ryanair Agreement Volumes impacted by Ryanair restrictions Secured a 3-year agreement to distribute Ryanair flights to package holidays and flight customers lastminute.com H1 24 Results | 6
Slide 7: Operational & strategic highlights H1 2024
Operational & strategic highlights H1 2024 Ryanair Growth of the Agreement Dynamic Package Business Volumes impacted +16% increase in by Ryanair revenues and +25% restrictions of gross profit vs. H1 2023 Secured a 3-year agreement to distribute Ryanair flights to package holidays and flight customers l
Slide 8: Operational & strategic highlights H1 2024
Operational & strategic highlights H1 2024 Ryanair Growth of the New Markets Agreement Dynamic Package H1 2024 Business Volumes impacted +16% increase in Continued by Ryanair revenues and +25% geographical restrictions of gross profit vs. expansion of H1 2023 Dynamic Packages, Secured a 3-year reachi
Slide 9: Operational & strategic highlights H1 2024
Operational & strategic highlights H1 2024 Ryanair Growth of the New Markets Ancillaries Agreement Dynamic Package H1 2024 Enhancement Business Volumes impacted +16% increase in Continued Improved offerings by Ryanair revenues and +25% geographical to support and restrictions of gross profit vs. expan
Slide 10: Operational & strategic highlights H1 2024
Operational & strategic highlights H1 2024 Ryanair Growth of the New Markets Ancillaries Marketing Agreement Dynamic Package H1 2024 Enhancement Strategy Business Volumes impacted +16% increase in Continued Improved offerings Lower traffic on our by Ryanair revenues and +25% geographical to support and
Slide 11: H1 2024 | Overview
H1 2024 | Overview Growth in profitability despite decreasing Revenues GROSS PROFIT ADJ. EBITDA GTV (1) REVENUES (2) NET RESULT margin -22% vs. H1 2023 -9% vs. H1 2023 +2% vs. H1 2023 In line vs. H1 2023 +35% vs. H1 2023 DP GTV +3% Overall Revenue Increased profitability Stable EBITDA Net Result doubl
Slide 12: H1 2024 | Overview
H1 2024 | Overview Growth in profitability despite decreasing Revenues GROSS PROFIT ADJ. EBITDA GTV REVENUES NET RESULT margin -22% vs. H1 2023 -9% vs. H1 2023 +2% vs. H1 2023 In line vs. H1 2023 +35% vs. H1 2023 DP GTV +3% Overall Revenue Increased profitability Stable EBITDA Net Result double slight
Slide 13: 2024 actions to enhance our DP proposition
2024 actions to enhance our DP proposition Context Strategy Actions - H1 2024 Dynamic Holiday Reinforce Telesales channel and Continue expanding our DP launch of the post-booking Packages now business into new markets, also service accounting for 64% of leveraging partnerships our profitability Partn
Slide 14: “It’s never too late to book” - our summer brand campaign
“It’s never too late to book” - our summer brand campaign A multi media campaign across our core markets Leveraging the opportunity to own & dominate the ‘last- minute’ space Driving traffic through more than 1250 assets into our revamped ‘’The home of last minute holiday deals’’ >30% direct and socia
Slide 15: Agenda
Agenda Highlights 01 Luca Concone H1 2024 results 02 Diego Fiorentini Guidance FY 2024 and key takeaways 03 Luca Concone 04 Q&A
Slide 16: Gross Profit +2% driven by 25% growth yoy in DP despite decreasing Revenues
Gross Profit +2% driven by 25% growth yoy in DP despite decreasing Revenues (9%) +2% +13pp +12pp share share H1 2024 vs H1 2023 H1 2024 vs H1 2023 (31%) (24%) +16% +25% * * Dynamic Package Take Rate 10.5% 11.9% Dynamic Package Marginality 42.3% 45.4% % Rev on GTV % GP on Revenues REVENUES GROSS PROFI
Slide 17: B2B growth vs H1 2023 highlights our Tech excellence
B2B growth vs H1 2023 highlights our Tech excellence (9%) +2% H1 2024 vs H1 2023 H1 2024 vs H1 2023 +5% +10% (18%) (5%) * * Take Rate Mktg Spend €m 72.5 63.9 7.8% 9.4% % Rev on GTV % on Revenue 40% 39% REVENUES GROSS PROFIT €m €m lastminute.com H1 24 Results | 12
Slide 18: Fixed Costs increase due to strategic investments in Tech talent and infrastructure
Fixed Costs increase due to strategic investments in Tech talent and infrastructure +7% +13% H1 2024 vs H1 2023 H1 2024 vs H1 2023 +8% +2% +11% +11% +15% Headcount 1.076 1.085 Average Ytd % Net Cost on Rev 17% 19% % on Revenues 8% 9% HR COSTS RUNNING COSTS €m €m lastminute.com H1 24 Results | 13
Slide 19: H1 2024 | From GTV to Adjusted EBITDA
H1 2024 | From GTV to Adjusted EBITDA Stable EBITDA margin despite lower EBITDA (-8%) H1 2024 H1 2023* % 24 vs. 23 ● GTV decreasing due to Ryanair behaviour and META channel, only GTV (€m) 1,575 2,011 (22%) partially compensated by positive DP performance Revenues (€m) 164.6 180.0 (9%) ● Revenues re
Slide 20: H1 2024 | Net Result
H1 2024 | Net Result Net Result +35% compared to H1 2023 H1 H1 % €m 2024 2023* 24 vs. 23 In H1 2024 EBITDA includes positive effect Adjusted EBITDA 23.0 24.9 (8%) from incentive plans and doesn’t include significant non recurring items Incentive Plans 0.9 (3.6) n.a. Net Financial Result positively imp
Slide 21: 1H 2024 | Net Financial Position and Operating Cash Flow generation
1H 2024 | Net Financial Position* and Operating Cash Flow generation €m Operating cash flow 137.2 ● Change in Net Working Capital: the positive effect in H1 2024 is mainly connected with the increase of DP volumes. Last year change in net working capital contributed for €30.1 million in 2023 vs € 116.
Slide 22: Net Financial Position evolution
Net Financial Position evolution €42.6M gross debt reduction (-69.4%) lastminute.com H1 24 Results | 17
Slide 23: Agenda
Agenda Change image Highlights 01 Luca Concone H1 2024 results 02 Diego Fiorentini Guidance FY 2024 and key takeaways 03 Luca Concone 04 Q&A
Slide 24: Guidance FY 2024
Guidance FY 2024 We expect to invert the trend in 2024, with an improved performance in H2 2024 Revenues Adj. EBITDA Stable Single digit vs. 2023 lastminute.com H1 24 Results | 19
Slide 25: Key Takeaways
Key Takeaways A landmark Dynamic Holiday Continued focus Our first-class DP Geographic commercial Packages remain on ancillary technology sets expansion agreement with the primary services and us apart through B2B Ryanair growth driver Fintech solutions partnerships, and our abilities in the B2C mark
Slide 26: Agenda
Agenda Highlights 01 Luca Concone H1 2024 results 02 Diego Fiorentini Guidance FY 2024 and key takeaways 03 Luca Concone 04 Q&A
Slide 27: Financial Calendar 2024
Financial Calendar 2024 8 February 2024 Announcement of preliminary unaudited FY2023 results 4 April 2024 Publication of the Annual Report 2023 15 May 2024 Publication of Q1 Results 20 June 2024 Annual General Meeting 8 August 2024 Publication of H1 Report 13 November 2024 Publication of Q3 Results
Slide 28: Thank you
Thank you investor.relations@lastminute.com www.lastminute.com 28
Slide 29: Appendix
Appendix
Slide 30: H1 2024 | Cash Flow statement
H1 2024 | Cash Flow statement The cash generation during the period is higher mainly linked to a positive trend in the change of net working capital. H1 H1 Highlights H1 2024 €m 2024 2023 EBITDA 24.2 20.4 ● Change in Net Working Capital: The positive effect in H1 2024 is mainly due to increased trade