Slide 1: Results Presentation 3Q FY26
RESULTS PRESENTATION 3Q FY26 26th February 2026
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: Results highlights
1 Results highlights 2. Prime model continues to drive very strong growth 3. Closing remarks 4. Appendix
Slide 4: 9M FY26 results on track to deliver on our new guidance and Adjusted EBITDA
9M FY26 results on track to deliver on our new guidance and Adjusted EBITDA 1 increased 74% year-on-year The update on our Prime subscription model in 9M FY26 delivers the expected results: ● Prime members(*) grew 13% reaching 7.7 million, 468k net adds(**) in the first nine months of FY26, on track
Slide 5: Prime model continues to drive very strong growth
1 2 Prime model continues to drive very strong growth 3. Closing Remarks 4. Appendix
Slide 6: eDO is a subscription business focused on travel
2.1 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) 703 675 288 232 260 32 169 43 256 75% 89% 67% 217 506 471 83% +7% +18% 3Q FY2
Slide 7: The Prime subscription model is the engine of our growth
The Prime subscription model is the engine of our growth. In 9M FY26 Cash EBITDA(*) 2.2 grew 2% and Adjusted EBITDA 74% year-on-year. Highlights 9M FY26 P&L with increase in Prime deferred revenue In 9M FY26 we saw improvements in profitability, driven primarily by the increasing maturity of our Prim
Slide 8: Income Statement Highlights 9M FY26
2.3 Income Statement Highlights 9M FY26 Var. Var. 1. Revenue Margin(*) increased by 3% vs. 9M FY25 to €502.8 million. This 3Q FY26 3Q 9M FY26 9M improvement was driven by a substantial 16% increase in Revenue Margin(*) for (In euro million) FY26 vs FY25 FY25 FY26 vs FY25 FY25 Prime, resulting from e
Slide 9: Cash Flow Statement Highlights 9M FY26
2.4 Cash Flow Statement Highlights 9M FY26 3Q 3Q 9M 9M (In euro million) FY26 FY25 FY26 FY25 1. Net cash from operating activities in 9M FY26 increased by €31.1 million, mainly reflecting: ○ Adjusted EBITDA(*) increased to €138.4 million from €79.7 million in 9M Adjusted EBITDA(*) 40.3 32.0 138.4 79.
Slide 10: Closing Remarks
31 Closing Remarks 4. Appendix
Slide 11: Strategic Review: We have done this from a position of strength
1 Strategic Review: We have done this from a position of strength and is a high conviction 3.1 move based on solid data from extensive tests and not a defensive move Accelerated De-Risked A “Team That Growth Business Model Delivers” The company is set to stronger growth by entering By lowering expec
Slide 12: Accelerated Growth with a team that delivers - Our Target: Reaching 13M+ Prime members
3.2 Accelerated Growth with a team that delivers - Our Target: Reaching 13M+ Prime members(*) and €270M+ in Cash EBITDA(*). Guidance is now "de-risked" regarding Ryanair access Prime Members(*) Cash EBITDA(*)and Adjusted EBITDA(*) pre-investments (in millions) (in million euros) 15.0 300.0 30 >13M 0
Slide 13: We have done this before: eDO has a team that delivers
3.3 We have done this before: eDO has a team that delivers, is not the first time we have announced a long-term plan, and each time we have met our 3 year guidance 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
Slide 14: Share price target sensitivities - Strong upside
3.4 If we look at share price target sensitivities - Strong upside even using FY27e for accelerated growth thereafter eDO Share Price sensitivity range Cash EBITDA(1)/Adjusted EBITDA(1) pre-investment Post Strategic Update EV/EBITDA Multiple 8.3x 11.0x FY26 FY27 Share Price as of Feb. 24th (in EUR)
Slide 15: Other successful subscription companies like Netflix re-rated as company executed
We are not alone, other successful subscription companies like Netflix had a business 3.5 model broadening that caused a share price decline, and re-rated as company executed on their plan 2022 Profit Warning: 2.2m subscribers 2026 2021 2025 FY25 Strategic Review: Greater TAM through the launch FY30 +
Slide 16: We will deliver a much better business, and we are significantly undervalued
3.6 All in all, we will deliver a much better business, and we are significantly undervalued Higher Higher Stronger More Continue share Growth Customer LTV Customer Loyalty Diversified buy-back 15-20% >13% >10% 66% €100M Prime members(*) Higher Lifetime of eDO volume will be committed for CAGR FY27-FY
Slide 17: Continue with share buyback and committed remuneration to our shareholders
3.7 Continue with share buyback and committed remuneration to our shareholders Share Buy-back commitment At today’s prices share of eDO Market Capitalisation pending to be repurchased €23M 24% To be repurchased Repurchase before end of in 3Q FY26 September 2027 €100M €324M (from 3Q FY26 (eDO Market
Slide 18: Appendix
Appendix eDreams ODIGEO
Slide 19: 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 20: 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 21: 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