Edreams Odigeo · BME:EDR

Edreams Odigeo — Q2 2025 Earnings Presentation

27 slides from Edreams Odigeo's earnings presentation, Nov 19, 2024

  1. Slide 1: Results Presentation 1H FY25

    RESULTS PRESENTATION 1H FY25 19th November 2024

  2. Slide 2: Disclaimer

    Disclaimer This presentation is to be read as an introduction to the unaudited condensed consolidated interim 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 extract

  3. Slide 3: Results Highlights

    1H 1.FY25 Results Highlights 2. Prime model continues to drive very strong growth 3. Appendix a) eDO investment highlights b) Breakdown by segment and disaggregated Revenue 19th November 2024 Margin

  4. Slide 4: eDO continues to show strong growth

    1. eDO continues to show strong growth - Prime Cash Marginal Profit Margin(*) LTM up 9pp to 44% In 1H FY25 the strength of the Prime model drove significant growth and, as guided, improvements in profitability ● Prime members(*) grew 28% (in line with guidance) year-on-year reaching 6.5 million, with n

  5. Slide 5: Prime model continues to drive very strong growth

    1H 2.FY25 Prime model continues 3. Appendix a) eDO investment highlights to drive very strong b) Breakdown by segment and disaggregated Revenue growth Margin 19th November 2024

  6. Slide 6: Prime delivers significant uplift in profit margins as the Prime base matures

    Prime delivers significant uplift in profit margins as the Prime members(*) 2. base matures PRIME CASH MARGINAL PROFIT MARGIN(*) CONTINUES TO CASH EBITDA MARGIN(*) IMPROVED AS A RESULT OF IMPROVE AS MATURITY OF PRIME MEMBERS(*) INCREASES THIS MATURITY > Cash Marginal Profit Margin(*) (LTM) for Prime >

  7. Slide 7: eDO is a subscription business focused on travel

    2. 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) > Cash Marginal Profit(*) (LTM) (€M) (€M) +4% +20% 659 683 239 448 199 356 199 66% 128 83% 54% 64% 303 235 71 40 2Q

  8. Slide 8: Strong growth in Cash EBITDA and substantial improvement in margins

    Strong growth in Cash EBITDA(*) and substantial improvement in margins 2. as the maturity of Prime members(*) increases > P&L with increase in Prime deferred revenue Highlights 1H FY25 Var. Var. 2Q 2Q 1H 1H 1. Cash Revenue Margin(*) is 2% above 1H FY24. Cash Marginal (In euro million) FY25 vs. FY25

  9. Slide 9: Income Statement

    2. Income Statement Highlights 1H FY25 Var. Var. 2Q 2Q 1H 1H (In euro million) FY25 vs. FY25 vs. 1. Revenue Margin(*) excluding adjusted revenue items(**) reached €327.9 FY25 FY24 FY25 FY24 FY24 FY24 million in line with last year. The strong growth of Prime Revenue Margin(*), which grew by 17% due

  10. Slide 10: Cash Flow Statements

    2. Cash Flow Statements 2Q 2Q 1H 1H (In euro million) FY25 FY24 FY25 FY24 Highlights 1H FY25 Adjusted EBITDA(*) 25.2 16.1 47.8 36.1 1. Net cash from operating activities decreased by €47.0 million, mainly reflecting: Adjusted items(*) (5.2) (4.2) (9.0) 0.8 ○ Working capital outflow of €19.4 million co

  11. Slide 11: On track to meet FY25 targets

    2. On track to meet FY25 targets We expect to see better year-on-year comparatives in the second half of the fiscal year as we increase our member base and the maturity of our Prime members increases Prime Members(*) eDO FY25 >7.25M TARGETS Cash EBITDA(*) >180M 11 (*) Definitions of Non-GAAP measures

  12. Slide 12: Appendix 1. Results highlights

    1H 3.FY25 Appendix 1. Results highlights 2. Prime model continues to drive very strong growth 3. Appendix 19th November 2024

  13. Slide 13: Appendix: eDO investment highlights

    a. Appendix: eDO 3. Appendix a) eDO investment highlights investment highlights b) Breakdown by segment and disaggregated Revenue Margin

  14. Slide 14: One of the fastest paid-members growth among subscription companies

    2. eDO has one of the fastest paid-members growth among subscription companies across all industries CAGR (1-7 years) FY18-FY25: 7.25M 147% 5.8M 4.3M 2.7M Prime Members(*) 0.6M 0.9M (millions) 0.2M FY19 FY20 FY21 FY22 FY23 FY24 FY25E > CAGR of paid members in the first 7 years of operation 10% CAGR (

  15. Slide 15: eDO has demonstrated its ability to capture new customers

    a. eDO has demonstrated its ability to capture new customers More than 3 million new members over the last 2 year > Growth in Prime Members(*) Share of new Ukraine and Middle East wars 6.5 Customers(*) Delta Omicron 6.2 + high inflation within Prime 5.8 members (**) 5.4 5.1 71% 4.7 4.3 3.9 Prime 3.5

  16. Slide 16: Within travel, eDO is the global flight leader, ex China

    a. Within travel, eDO is the global flight leader, ex China #2 PLAYER IN FLIGHT GLOBALLY > Global flight revenue CY2023 (€M) 2,403 #1 555 #2 379 #3 Source: Company data, Cash Revenue Margin for eDO. Financial Releases published by Trip.com and Expedia 16

  17. Slide 17: In pole position in the fast-growing leisure market

    a. In pole position in the fast-growing leisure market > Sizeable market and one of the largest ATTRACTIVE GROWTH PROSPECTS eDO IS POSITIONED IN THE RIGHT SEGMENTS e-commerce verticals AFTER THE PANDEMIC (ONLINE AND LEISURE) > European Leisure Travel Market Size (€Bn) > European Leisure Travel Marke

  18. Slide 18: eDO is unique in terms of profitability and growth

    a. eDO is unique in terms of profitability and growth > Rule of 40 - Ranking leading subscription and OTA companies Satisfy Rule of 40 eDO 46% ✓ Booking Holding 45% ✓ Netflix 42% ✓ Amazon 34% X Tripadvisor 33% X Expedia 31% X Spotify 24% X Hello Fresh 11% X Avg. OTAs(1) 38% X Avg. B2C Subscription(2)

  19. Slide 19: A recognised leader in AI in Europe

    a. eDreams ahead ODIGEO, a recognised leader in AI in Europe: Always being a step Adopting an AI first strategy, setting At-scale deployment of a proprietary Deployed Natural Language Developing in-house AI Agents and We have a proven up our own in-house research and development team to build out our

  20. Slide 20: On track to meet FY25 targets

    2. On track to meet FY25 targets eDO has a large potential: superior returns for shareholders and customers while transforming and revolutionising the industry. Prime Members(*) eDO FY25 >7.25M TARGETS Cash EBITDA(*) >180M 20 (*) Definitions of Non-GAAP measures on page 25-27

  21. Slide 21: Strong fundamental growth potential from FY25 onwards

    a. eDO has from FY25 onwards strong fundamental growth potential Increase household penetration on those countries in which we are present Our growth focus areas Add new countries Customer segments STRONG FUTURE GROWTH 21

  22. Slide 22: Appendix: Breakdown by segment and disaggregated Revenue Margin

    b. Appendix: Breakdown 3. Appendix a) eDO investment highlights by segment and b) Breakdown by segment and disaggregated Revenue disaggregated Margin Revenue Margin

  23. Slide 23: Prime strong growth more than offsets Non-Prime declines

    b. Prime strong growth more than offsets the anticipated declines in the Non-Prime side of the business > Prime (€M) (*) (**) > Revenue Margin (excl. Adjusted Revenue Items) 17% 212.6 Var. FY25 vs. 181.5 1H FY25 1H FY24 (In euro million) FY24 Prime 212.6 17% 181.5 Non- Prime 115.3 (21%) 145.6 Total

  24. Slide 24: Gradual Revenue, driven by Prime, main driver for growth

    b. Prime strong Gradual Revenue, driven by Prime, main driver for growth > Revenue Margin(*) (excl. Adjusted Revenue Items)(**) > Gradual (€M) 29% Var. FY25 vs. 1H FY25 1H FY24 203.9 (In euro million) FY24 157.8 Gradual 203.9 29% 157.8 Transaction date 109.3 (30%) 156.7 Other 14.7 17% 12.5 Total 327

  25. Slide 25: 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

  26. Slide 26: 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

  27. Slide 27: 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

eDreams ODIGEO — Q2 2025 Earnings Presentation on 6ix