Lastminute.com N.v. · SIX:LMN
Lastminute.com — Q4 2025 Earnings Presentation
24 slides from Lastminute.com's earnings presentation, Feb 12, 2026
Slide 1: Q4 & FY 2025 preliminary unaudited results
Q4 & FY 2025 preliminary unaudited results Q4 2025
Slide 2: Presenters
Presenters Alessandro Petazzi Diego Fiorentini Chief Executive Officer Chief Financial Officer
Slide 3: Safe Harbour Statement
Safe Harbour Statement The material in this presentation contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements involve certain risks and uncertainties that could cause actual results, performance, or events to differ materially from those a
Slide 4: Agenda
Agenda Q4 & FY 2025 preliminary unaudited results 01 Alessandro Petazzi & Diego Fiorentini Strategic direction 02 Alessandro Petazzi Outlook 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 5: Q4 2025 and preliminary unaudited FY 2025 performance
Q4 2025 and preliminary unaudited FY 2025 performance GTV REVENUES* GROSS PROFIT Q4 Adj. EBITDA Q4 Adj. EBITDA - +43% vs. Q4 2024 +23% vs. Q4 2024 +17% vs. Q4 2024 €8.8m CAPEX €1.7m Packages +12% Packages +16% Packages +14% +62% vs. Q4 2024 vs. (€0.8m) Q4 2024 Flights +99% Flights +48% Flights +31%
Slide 6: Double digit growth both for the quarter and full year
Double digit growth both for the quarter and full year Q4 Revenues FY €m +23% +15% 2025 vs 2025 vs 2024 2024 (27%) (17%) +22% +21% +48% +31% +16% +11% 6
Slide 7: Q4 acceleration boosted FY gross profit growth to double digits
Q4 acceleration boosted FY gross profit growth to double digits Q4 Gross Profit FY €m +17% +10% 2025 vs 2025 vs 2024 2024 +15% (14%) 0% +15% +31% +24% +14% +8% Gross 41.8% 39.8% 41.7% 40.1% Margin 7
Slide 8: Cost Structure - Strategic Investment for Growth
Cost Structure - Strategic Investment for Growth Scaling growth supported by Marketing investments while maintaining Fixed-Cost discipline €m % on Revenues Q4 25 Q4 24 Delta % FY 25 FY 24 Delta % Q4 25 Q4 24 Delta pp FY 25 FY 24 Delta pp Total Costs (68.2) (57.1) 19% (306.1) (272.5) 12% 89% 91% (2)p
Slide 9: Profit and Loss
Profit and Loss Q4 Q4 Delta FY FY Delta Revenues accelerated to €77.0m in Q4 (+23% vs 2024), with FY25 €m revenues reaching €361.1m (+15% vs. 2024), driven by strong 2025 2024 % 2025 2024 % marketing execution and sustained travel demand. GTV 767 538 43% 3,463 2,903 19% Adjusted EBITDA increased to €
Slide 10: Net Financial Position (NFP) Bridge 12 months rolling
Net Financial Position (NFP) Bridge 12 months rolling Strong Free Cash Flow before Net Working Capital reached €12.1m, while Free Cash Flow increased from a negative to €27.0m, corresponding to a 58% EBITDA conversion rate. Free Cash Flow: +€27.0m Change in Net Working Capital significantly improved
Slide 11: Key Takeaways
Key Takeaways We surpassed Strong Q4 We ended the year with a our targets performance significantly stronger We delivered on our commitments, reflects the balance sheet, supported positive trend built by EBITDA growth and a outperformed our raised guidance. throughout 2025 disciplined approach to acro
Slide 12: Agenda
Agenda Q4 & FY 2025 preliminary unaudited results 01 Alessandro Petazzi & Diego Fiorentini Strategic direction 02 Alessandro Petazzi Outlook 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 13: Strategic direction
Strategic direction Strengthening Dynamic Packages Market Presence Evolution 2 enablers Embracing AI Scalability + 4 core drivers Brand Portfolio Focus Travel Companion 13
Slide 14: Travel Companion
Drive repeat Target: Value Seekers Launched bookings and converting price-led Q4 2025 (UK) long-term value travelers into loyal customers Travel Companion Launch of our free, multi-tier loyalty program 14
Slide 15: Customer Loyalty & App Ecosystem
Customer Loyalty & App Ecosystem APP 1.63m Growth: +12% YoY APP Downloads +27% 640k YoY +31% YoY 21% +3pp YoY Bookings APP Monthly from Repeat Active Users APP Booking Customers Share Engagement & Retention App Adoption 15 Note: Metrics related to 'the App' refer to the lastminute.com branded App on
Slide 16: AI is revolutionising the way we search & get inspired online
AI is revolutionising the way we search & get inspired online 🔍 Flights to NY Will AI make OTAs irrelevant? « If users are moving User from Google searches to LLM chatbots* Find me the best flight and hotel package for a weekend in New York next month, AI Agent under €1500. …how can customers land…
Slide 17: Fact-checking: how the search & discovery scenario is actually evolving
Fact-checking: how the search & discovery scenario is actually evolving TRADITIONAL MODEL EVOLVING SCENARIO Still the main search platform (Gemini + AI Overview) Traffic to website discovered mostly via free GOOGLE and paid traffic from Business model set to remain ad-based GOOGLE + Julie Ferago (VP Eng
Slide 18: Why lastminute.com is positioned to thrive
Why lastminute.com is positioned to thrive Technical Product AI Agent-ready Differentiated infrastructure Proprietary Packages Strengthening our presence Leveraging exclusive on AI platforms partner contracts Execution Regulatory Fulfillment Partner Regulatory responsibility AI platforms focus on the
Slide 19: 3 ways AI impacts our business
3 ways AI impacts our business PRESENCE ON 2 3 CUSTOMER 1 INTERNAL LEADING AI PRODUCTIVITY EXPERIENCE PLATFORMS Embedding AI Leveraging AI to enhance Being present where company-wide to boost the travel experience conversations happen efficiency Developing internal User-level personalisation Enable se
Slide 20: Agenda
Agenda Q4 & FY 2025 preliminary unaudited results 01 Alessandro Petazzi & Diego Fiorentini Strategic direction 02 Alessandro Petazzi Outlook 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 21: FY26 outlook
FY26 outlook FY26 outlook REVENUES ~10% growth Adj. EBITDA 21
Slide 22: Agenda
Agenda Q4 & FY 2025 preliminary unaudited results 01 Alessandro Petazzi & Diego Fiorentini Strategic direction 02 Alessandro Petazzi Outlook 03 Alessandro Petazzi Financial Calendar 2026 04 Julia Weinhart
Slide 23: Financial Calendar 2026
Financial Calendar 2026 Our coverage: 15 January 2026 Baader Swiss Equities Conference - Bad Ragaz Volker Bosse - Baader Bank Baptiste de Leudeville - Kepler Cheuvreux Daniel Buerki- ZKB 12 February 2026 Announcement of preliminary unaudited FY 2025 results 2 April 2026 Publication of the Annual Rep
Slide 24: Thank you
Q4 & FY 2025 preliminary unaudited results Thank you investor.relations@lastminute.com www.lastminute.com