Edreams Odigeo · BME:EDR
Edreams Odigeo — Investor Presentation (May 2026)
57 slides from Edreams Odigeo's investor presentation, May 2026
Slide 1: eDreams ODIGEO: Winning in an AI-driven travel ecosystem
THE AI ADVANTAGE eDreams ODIGEO: Winning in an AI-driven travel ecosystem Investor Presentation May 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. Statements in this presentation reflect the knowledge and
Slide 3: eDreams ODIGEO: Winning in an AI-driven travel ecosystem
THE AI ADVANTAGE eDreams ODIGEO: Winning in an AI-driven travel ecosystem 1 2 3 4 5 eDO: An AI Where we Looking Embracing Closing first company are today ahead new AI remarks since more opportunities than a decade 3
Slide 4: eDO: An AI first company since more than a decade
THE AI ADVANTAGE eDreams ODIGEO: Winning in an AI-driven travel ecosystem 1 eDO: An AI first company since more than a decade eDO: An AI first company since more than a decade | 4
Slide 5: We have been leaders in AI for more than a decade, and the pace is accelerating
1 We have been leaders in AI for more than a decade, and the pace is accelerating Adopting an AI first At-scale deployment of a Deployed Natural Language strategy, setting up our proprietary reinforcement capabilities in Customer own in-house research learning algorithm in Service to drive the best
Slide 6: We have been leaders in AI for more than a decade, and the pace is accelerating
1 We have been leaders in AI for more than a decade, and the pace is accelerating Developing in-house AI Model routing platform evaluation of proprietary solution leveraging Agents and Copilot tools open source projects to maximise performance whilst controlling costs. powered by Agentic AI. Agentic
Slide 7: Customer satisfaction evolution
1 Prime through AI drives customer satisfaction improvements in areas beyond customer service • We have been growing and learning Customer eDO in AI for over a decade, rather than just satisfaction 4.4 starting recently eDO +33% • AI has been used specifically to improve evolution 3.3 customer satis
Slide 8: Where we are today
THE AI ADVANTAGE eDreams ODIGEO: Winning in an AI-driven travel ecosystem 2 Where we are today Where we are today | 8
Slide 9: AI is a unique opportunity for eDO
2 AI is a unique opportunity for eDO PERCEPTION REALITY TODAY FUTURE Agentic AI will Customers are using AI to Co-existence of AI disintermediate seek inspiration and platforms and leading intermediaries everywhere - information before making a intermediaries with new not only but also OTAs purchase
Slide 10: In travel, discovery and fulfilment optimise for fundamentally different economic objectives
2 In travel, discovery and fulfilment optimise for fundamentally different economic objectives A eDO B AI platforms + eDO’s unique proposition AI platforms are structurally cannot be commoditised disincentivised to disintermediate Where we are today | 10
Slide 11: In travel, discovery and fulfilment optimise for fundamentally different economic objectives
2 In travel, discovery and fulfilment optimise for fundamentally different economic objectives A eDO B AI Platforms eDO Product eDO Prime Structural Barriers Strategic Focus eDO proprietary Is a strong incentive • AI platforms will not • AI platforms will product offering for customers to come to us
Slide 12: In travel, discovery and fulfilment optimise for fundamentally different economic objectives
2 In travel, discovery and fulfilment optimise for fundamentally different economic objectives A eDO eDO Product eDO Prime eDO proprietary Is a strong incentive • • product offering for customers to come to us directly + • • • • • • • • Where we are today | 12
Slide 13: eDO has pursued differentiated products that are difficult to commoditise
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise Prime provides our Unique Innovators and "AI-first" Global content A subscription model with an exclusive, + proprietary proposition and + comp
Slide 14: Unique itineraries not available with any single provider
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Unique itineraries not available with any single provider We are able to create unique itineraries t
Slide 15: Unique itineraries not available with any single provider
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Unique itineraries not available with any single provider We are able to create unique itineraries t
Slide 16: Unique itineraries not available with any single provider
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Unique itineraries not available with any single provider We are able to create unique itineraries t
Slide 17: Unique itineraries not available with any single provider
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Unique itineraries not available with any single provider We are able to create unique itineraries t
Slide 18: Unique itineraries not available with any single provider
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Unique itineraries not available with any single provider We are able to create unique itineraries t
Slide 19: Proprietary unique ancillaries
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Proprietary unique ancillaries With Price Freeze Our flexibility products customers can are unmatche
Slide 20: Proprietary unique ancillaries
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Proprietary unique ancillaries With Price Freeze Our flexibility products customers can are unmatche
Slide 21: Proprietary unique ancillaries
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Proprietary unique ancillaries With Price Freeze Our flexibility products customers can are unmatche
Slide 22: Proprietary unique ancillaries
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Proprietary unique ancillaries With Price Freeze Our flexibility products customers can are unmatche
Slide 23: Proprietary unique ancillaries
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Proprietary unique ancillaries With Price Freeze Our flexibility products customers can are unmatche
Slide 24: Flight+hotel with package protection
eDO eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Flight+hotel with package protection By booking a flight and a hotel together, customers: Have a
Slide 25: Flight+hotel with package protection
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Flight+hotel with package protection By booking a flight and a hotel together, customers: Have acces
Slide 26: Flight+hotel with package protection
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Flight+hotel with package protection By booking a flight and a hotel together, customers: Have acces
Slide 27: Search volume management and caching
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities Search volume management and caching Through our unique in- Our in-house flight/ hotel/ cars/ rails
Slide 28: The Prime Moat
eDO has evolved far beyond being an intermediary of plain OTA "vanilla" content; 2 eDO has pursued differentiated products that are difficult to commoditise A Proprietary proposition and capabilities The Prime Moat eDO Prime: Best price 24/7 guaranteed flights, hotels, car rentals, Advanced refunds
Slide 29: eDO unique proprietary proposition
eDO unique proprietary proposition 2 Subscription programme offers leading service features and other functionalities UNIQUE not found elsewhere, many more TO products, and cross-sell options in accommodation / rail / car rental Return Flight with 2 different airlines and advanced ancillaries (Price
Slide 30: AI Platforms: structural barriers and strategic focus
2 In travel, discovery and fulfilment optimise for fundamentally different economic objectives B AI Platforms Structural Barriers Strategic Focus • AI platforms will not • AI platforms will + own booking • Merchant of record liability monetise advertising • AI platforms need • Chargebacks, refunds,
Slide 31: Discovery vs fulfilment: Where AI platforms draw the line
2 Discovery vs fulfilment: Where AI platforms draw the line B AI platforms “We're evolving how we "Retailers remain the "We believe ChatGPT's pivot away approach commerce in ChatGPT seller of record, with the from on-platform shopping to better meet merchants and ability to customize the checkout...
Slide 32: Learnings from vertical travel solutions integration and its operational complexity
2 Learnings from vertical travel solutions integration and its operational complexity Google sunset announcement: “Over time, we’ve seen that users prefer to book directly on partner websites... We’ve decided to sunset Book on Google to focus on the areas where we can provide the most value.” – Feb
Slide 33: Travel fulfilment at scale requires deep, hard-to-replicate expertise
Travel fulfilment at scale requires deep, hard-to-replicate expertise 2 B AI platforms Financial & Regulatory Merchant & Payment ● Procure IATA Licencing ● Manage merchant flows ● Negotiate financial guarantees ● Refund management Customer Service Tech Performance ● Post booking servicing ● Low late
Slide 34: AI platforms will monetise investment, allowing eDO performance marketing to take share
The MOAT - AI platforms will monetise investment, allowing eDOs 2 performance marketing excellence to take market share Yearly AI model training costs (bn USD) Profits (bn USD) 100 100 100 100 75 75 50 50 50 50 0 0 25 25 -50 -50 2024 2025 2026 2027 2028 2029 2030 2024 2025 2026 2027 2028 2029 2030 2
Slide 35: Key takeaways section
2 Key takeaways section 2 1 2 3 AI ≠ AI = New traffic Our moat = Fulfilment Disintermediation channel + Prime + Scale Where we are today | 35
Slide 36: Looking ahead
THE AI ADVANTAGE eDreams ODIGEO: Winning in an AI-driven travel ecosystem 3 Looking ahead Looking ahead | 36
Slide 37: Leisure travel is going to change in the context of AI
3 Leisure travel is going to change in the context of AI Global Travel Market Looking ahead | 37
Slide 38: Global Travel Market channels today
3 Leisure travel is going to change in the context of AI 36% 25% OFFLINE OTA Customers Indirect: Offline travel Agencies: Older customer Global Customers that book their travel through OTAs Travel profile that prefers human interaction Channels today Market 39% Direct Traditional search SUPPLIER DIR
Slide 39: Leisure travel is going to change in the context of AI
3 Leisure travel is going to change in the context of AI New click-out Agentic booking In an advertising-based ad formats experience Agentic-AI travel Additional complementary future channels environment, the user journey of some customer segments may change - OTAs Customers likely transitioning int
Slide 40: A likely future evolution of travel in this context
3 A likely future evolution of travel in this context New click-out Agentic booking ad formats experience Different customer User Journey User Journey segments will be Ads will be added within native-AI AI platforms may leverage agentic AI to complete embracing new interfaces (ChatGPT, Google Gemini
Slide 41: We are set up to win in each of these user journeys
3 A likely future evolution of travel in this context Building on our existing strength and competitive advantages, we are set up to win in each of these user journeys Looking ahead | 41
Slide 42: We are set up to win in advertising-based AI traffic acquisition
3 We are set up to win in advertising-based AI traffic acquisition Prime LTV Proprietary Proposition High Performing Platform Higher Prime LTV is a Our proprietary proposition will • AI platforms will likely competitive advantage allowing remain in the future as relevant as deprioritise providers th
Slide 43: We have been leaders in performance marketing in hypercompetitive environments
3 We are set up to win in advertising based AI traffic acquisition We have been leaders in performance marketing in hypercompetitive environments for two decades Looking ahead | 43
Slide 44: Embracing new AI opportunities
THE AI ADVANTAGE eDreams ODIGEO: Winning in an AI-driven travel ecosystem 4 Embracing new AI opportunities Embracing new AI opportunities | 44
Slide 45: AI is a unique opportunity for eDO
4 AI is a unique opportunity for eDO eDO is uniquely positioned to seize the emerging opportunities that Agentic AI is introducing in the travel ecosystem A B C New Capabilities Results opportunities eDO has the capabilities in place to Our delivery first mindset is AI powered distribution will seiz
Slide 46: eDO's technical platform is a scalable, extensible base for rapid innovation
4 eDO’s technical platform is a scalable, extensible base for rapid innovation A Technical Platform Cloud Native Standards Based AI & Data First 100% Cloud platform running on Built upon cutting-edge industry- Industry recognised Data Mesh Google Cloud leading standards designed for architecture wit
Slide 47: Video available in webcast replay
Video available in webcast replay
Slide 48: Our innovation capacity is skyrocketing through engineering becoming more productive via AI
Our innovation capacity is skyrocketing through engineering becoming more 4 productive via AI B Internal Operational Leverage Engineering Velocity >47% Productivity In our most advanced teams all of our code is AI-generated (and human verified) increase 5x year-on-year More business features deliver
Slide 49: Massive tangible impact delivered across eDO: customer service
4 … and this is already leading to a massive tangible impact delivered across eDO CUSTOMER AI LEADERSHIP IMPACT B SERVICE • AI powered voice assistant resolving customer queries 1 In FY26 - 13% reduction in total cost Source: internal data. March 26 vs March 25 without human interaction in five lang
Slide 50: Video available in webcast replay
Video available in webcast replay
Slide 51: Massive tangible impact delivered across eDO: pricing
4 … and this is already leading to a massive tangible impact delivered across eDO AI LEADERSHIP IMPACT B PRICING • Advanced in-house AI-driven • Increased the value Revenue Management creation from advanced ecosystem, with the pricing AI based pricing by 24% engine executing 4 billion between FY25 a
Slide 52: Massive tangible impact delivered across eDO: marketing
4 … and this is already leading to a massive tangible impact delivered across eDO AI LEADERSHIP IMPACT B MARKETING • Set up AI centred workflows for in-house creative agency 1 3x increase in static creative production; 30x increase in video creative • Implementing Modular Design production Systems t
Slide 53: eDO is perfectly positioned to rapidly experiment, launch and seize emerging opportunities in travel
AI powered distribution will open up new opportunities for eDO, and eDO is uniquely 4 positioned to rapidly seize these C Challenging Market Expose differentiated value- Participants by surfacing our Strong co-innovation added products outside of unique Prime offering which partnerships to jointly s
Slide 54: Closing remarks
THE AI ADVANTAGE eDreams ODIGEO: Winning in an AI-driven travel ecosystem 5 Closing remarks Closing remarks | 54
Slide 55: AI is a unique opportunity for eDO
5 AI is a unique opportunity for eDO Strong + unique eDO Product eDO Prime AI Platform AI Platform moat eDO proprietary Is a strong incentive will not own end-to-end will monetise product offering for customers to come fulfilment for technical through to us directly and regulatory reasons advertisin
Slide 56: All in all, by embracing AI we are delivering a much better business
5 All in all, by embracing AI we are delivering a much better business EMBRACING AI >47% 5x In our most advanced teams all of our code is AI-generated productivity (and human verified) more business features delivered increase YoY through agentic development HIGHER HIGHER STRONGER MORE GROWTH CUSTOM
Slide 57: Investor Presentation May 2026
Investor Presentation May 2026