Edreams Odigeo · BME:EDR
Edreams Odigeo — Q1 2026 Earnings Presentation
25 slides from Edreams Odigeo's earnings presentation, Sep 2, 2025
Slide 1: Results Presentation 1Q FY2026
RESULTS PRESENTATION 1Q FY2026 2nd September 2025
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
Slide 3: Results highlights
1 Results highlights 2. Prime model continues to drive very strong growth 3. eDO investment highlights 4. Appendix
Slide 4: Building on the strategy from our January 2025 Capital Markets Day, we continue to show strong performance
Building on the strategy from our January 2025 Capital Markets Day, we continue to 1 show strong performance in 1Q FY26 The Prime subscription model is the engine of our growth. In 1Q FY26: ● Prime members(1) grew 20% reaching 7.5 million, with 1.2 million net adds(2) over the last 12 months (includ
Slide 5: Prime model continues to drive very strong growth
1 2 Prime model continues to drive very strong growth 3. eDO investment highlights 4. Appendix
Slide 6: Our Prime business is financially strong, and our overall profitability continues to improve
2 Our Prime business is financially strong, and our overall profitability continues to improve, and delivers outstanding margins Cash Marginal Profit Margin(*) for Prime continues to Cash EBITDA Margin(*) improved as a result of this improve as maturity of Prime members(*) increases maturity Cash Margi
Slide 7: eDO is a subscription business focused on travel; Prime growth offsets Non-Prime declines
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) (€M) Cash Marginal Profit(*) (LTM) (€M) +4% +27% 683 707 287 251 196 37 225 72% 249 87% 63% 43 510 432 182 81% 1Q FY25
Slide 8: The Prime subscription model is the engine of our growth; Cash EBITDA grew 8%
2 The Prime subscription model is the engine of our growth. In 1Q FY26 Cash EBITDA(*) grew 8% year-on-year P&L with increase in Prime deferred revenue Highlights 1Q FY26 Var. In 1Q FY26 we saw significant improvements in profitability, driven primarily by the 1Q FY26 1Q increasing maturity of our Prim
Slide 9: Income Statement
2 Income Statement Highlights 1Q FY26 Var. 1. Revenue Margin(*) increased by 8% vs. 1Q FY25 to €172.6 million. This 1Q FY26 1Q improvement was driven by a substantial 23% increase in Revenue Margin(*) (In euro million) FY26 vs FY25 FY25 for Prime, resulting from expansion of our Prime member(*) base
Slide 10: Cash Flow Statement
2 Cash Flow Statement Highlights 1Q FY26 1Q 1Q (In euro million) FY26 FY25 1. Net cash from operating activities in 1Q FY26 decreased by €5.1 million, mainly reflecting: Adjusted EBITDA(*) 49.3 22.6 ○ Working capital outflow of €15.3 million compared to an inflow of €6.8 million in 1Q FY25 mostly drive
Slide 11: eDO investment highlights
31 eDO investment highlights 4. Appendix
Slide 12: Prime has high customer advocacy
3 Prime has high customer advocacy eDreams ODIGEO vs. highest eDreams ODIGEO vs. highest rated and average OTA rated and average airline (July 2025) (July 2025) 4.5 3.1 4.5 3.3 +50 2.1 1.6 eDreams Highest Avg. OTAs eDreams Highest Avg. ODIGEO rated OTA ODIGEO rated airlines airline Source: Trustpilo
Slide 13: eDO delivered excellent financial results in FY25
3 eDO delivered excellent financial results in FY25 2x-3x €180.4M €100.0M LTV(1) to CAC Cash EBITDA(2) (Free) Cash Flow(2)(3) (1) LTV 24 months. (2) Definitions of Non-GAAP measures on page 23-25. (3) (Free) Cash Flow ex Non- Prime Working Capital. 13
Slide 14: A large and untapped potential and growth ambition for the future
3 A large and untapped potential and growth ambition for the future Potential Prime members(*) with 10% household penetration Global travel market €1.5Tn €1.5Tn Global Travel Market 41M Online travel market €0.9Tn Prime Members(*) eDO Current Prime members Upside potential Source: Phocuswright. Phoc
Slide 15: eDO has a team that delivers
3 eDO has a team that delivers Prime members(*) Cash EBITDA(*) 2.0M 7.3M €2.9M €180.4M Nov. 2021 FY25 2Q FY22 LTM FY25 “Omicron: what we “Ukraine war has “Double digit “Consumer know about Covid nearly doubled inflation and confidence still strain prompting household energy bleak outlook for below p
Slide 16: eDO has a great valuation appreciation opportunity
3 eDO has a great valuation appreciation opportunity FCF Yield eDreams ODIGEO 10% Airlines 9% Global B2C Subscription 7% Global OTAs 7% Hotels 6% Source: Company data FY26 and Bloomberg (29th August 2025). Airlines: Bloomberg median data. Companies included: AirFrance-KLM, IAG, Lufthansa, Easyjet, R
Slide 17: eDO's strong cash flow generation can fund future growth and returns to shareholders
3 eDO's strong cash flow generation can fund future growth and returns to shareholders (Free) Cash Flow ex Non-Prime Working Capital(*) (in € million) 100.0 90.0 44.9 20.1 (2.6) FY22 FY23 FY24 FY25 Actuals Target Keep on growing existing markets Expand into new markets Return money to shareholders (*
Slide 18: eDO's significant improvements on liquidity create a compelling opportunity for investors
3 eDO's significant improvements on liquidity, create a compelling opportunity for both new and existing investors to invest in the company Liquidity evolution in EUR since January 2024 - 10 Days Rolling average Main drivers of the increase in liquidity (in €) Share repurchase programmes 1st share re
Slide 19: Appendix
1 4 Appendix
Slide 20: Prime strong growth more than offsets the anticipated declines in the Non-Prime side
4 Prime strong growth more than offsets the anticipated declines in the Non-Prime side of the business Revenue Margin(*) Prime (€M) Var. FY26 +23% (In euro million) 1QFY26 vs. FY25 1Q FY25 127.0 Prime 127.0 23% 103.1 103.1 Non-Prime 45.7 (20%) 56.9 Total 172.6 8% 160.0 1Q FY25 1Q FY26 Non-Prime (€M)
Slide 21: Top markets continue leading the growth
4 Top 6 markets continue leading the growth Revenue Margin(*) Top 6 (€M) +12% Var. FY26 (In euro million) 1Q FY26 vs. FY25 1Q FY25 130.8 Top 6 markets 130.8 12% 117.2 117.2 Rest of the world 41.8 (2%) 42.8 Total 172.6 8% 160.0 1Q FY25 1Q FY26 Rest of the world (€M) 24% (2%) 27% 42.8 41.8 1Q FY25 73%
Slide 22: Proforma (Free) Cash Flow ex Non-Prime Working Capital
4 Proforma (Free) Cash Flow ex Non-Prime Working Capital(*) (Free) Cash Flow ex Non-Prime Working Capital(*) proforma excluding one-offs costs in 1Q FY26 1Q FY26 Early Interest accrued proforma (incl. (In euro million) 1Q 1Q redemption of on the 2027 Refinancing FY25 FY26 2027 Notes 2030 Notes fees S
Slide 23: 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 24: 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 25: 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