Slide 1: lastminute.com H1 2023 Results
lastminute.com H1 2023 Results
Slide 2: The Speakers
The Speakers Luca Concone Sergio Signoretti Chief Executive Officer Chief Financial Officer lastminute.com H1 23 Results | 2
Slide 3: Safe Harbour Statement
Safe Harbour Statement The material in this presentation has been prepared by lastminute.com N.V. and reports general background information about lastminute.com activities as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information
Slide 4: Agenda
Agenda Highlights 01 L. Concone H1 2023 results 02 S. Signoretti Key takeways and guidance FY 2023 03 L. Concone 04 Q&A
Slide 5: Agenda
Agenda Highlights 01 L. Concone H1 2023 results 02 S. Signoretti Key takeways and guidance FY 2023 03 L. Concone 04 Q&A
Slide 6: Operational & strategic highlights H1 2023
Operational & strategic highlights H1 2023 Initiatives to drive profitable growth with good progress so far Growth of the Improvement of Two new holiday Further broadening +249 new hires Holiday Package frictionless payment products powered of B2B partnerships during H1 2023 Business experience to by
Slide 7: Corporate improvements and reorganisation in H1 2023
Corporate improvements and reorganisation in H1 2023 Initiatives to enhance governance CHF15 million of Covid loan repayment AGM approves +CHF25 million Landmark court case win all agenda items including of new Credit lines vs. Ryanair strengthening of the Board Jan Feb Mar Apr May Jun Reorganizatio
Slide 8: H1 2023 | Overview
H1 2023 | Overview Holiday Packages drive Revenues to new heights in the first half of 2023 HOLIDAY NET FINANCIAL PACKAGES ADJ. EBITDA* BOOKINGS GTV REVENUES* Contribution margin share** POSITION* -2% vs. 2022 +21% vs. 2022 +15% vs. 2022 68% in H1 2023 +22% vs. 2022 +146% vs. Dec 22 Stable vs. the ve
Slide 9: Agenda
Agenda Highlights 01 L. Concone H1 2023 results 02 S. Signoretti Key takeways and guidance FY 2023 03 L. Concone 04 Q&A
Slide 10: H1 2023 shows a significant growth vs. 2022
H1 2023 shows a significant growth vs. 2022 GTV and Revenues growth entirely driven by Holiday Packages (+51% in GTV and +40% in Revenues vs. 2022) Profitable Adj. growth EBITDAwith Adj. EBITDA to grow approximately +22% vs. H1 2022 +22% vs. H1 2022 +21% +15% +22% GTV Revenues Adj. EBITDA H1 2023 vs.
Slide 11: Bookings stable vs. H1 2022 with record GTV
Bookings stable vs. H1 2022 with record GTV Both KPI’s reflect mix shift towards Holiday Packages sales BOOKINGS GROSS TRAVEL VALUE (GTV) k €m lastminute.com H1 23 Results | 11
Slide 12: Above market growth compared with H1 2019
Above market growth compared with H1 2019 Increasing weight of Holiday Packages drives topline to new heights beyond 2019 levels 59% Holiday Packages 39% 50% Flights +20pp 29% +9% H1 2023 €184.0M -21pp H1 2019 €168.4M H1 H1 H1 H1 2019 2023 2019 2023 GROUP REVENUES* OTA REVENUE** CONTRIBUTION (*) Man
Slide 13: Gross Profit growth higher than Revenues growth
Gross Profit growth higher than Revenues growth Record H1 Revenues and Gross Profit due to above-market growth and increased efficiencies in performance marketing spend 2023 vs 2022 2023 vs 2022 -17% -51% +18% +28% Of which Media Revenues Mktg Non-Performance €m 5.6 6.0 6.1 7.6 3% 3% €m % on Group Reven
Slide 14: HR Fixed Costs reflect tech talent investments
HR Fixed Costs reflect tech talent investments Running Costs increase vs LY but still -6% vs. H1 2019 HR FIXED COSTS* RUNNING COSTS €m €m * Gross of Working Hour Reduction (WHR) mechanism and gross of Capex lastminute.com H1 23 Results | 14
Slide 15: June 2023 YTD | KPI Overview
June 2023 YTD | KPI Overview Healthy increase in revenues and profitability H1 H1 % 2023 2022 23 vs. 22 Bookings stable due to mix shift to Holiday Packages. GTV with an Bookings (k) 2,245 2,296 -2% all-time high for a first semester GTV (€m) 2,011 1,663 +21% Strong Revenue growth with the lion’s shar
Slide 16: Adjusted EBITDA +22% vs. LY
Adjusted EBITDA +22% vs. LY Considering cancellations and vouchers misredemption EBITDA is in line vs. 2022 Total net CX effect of -4.8 Mln € Cancellations are a structural component of the travel business Average cancellation rate is at 5%, lower vs. previous year but more than double vs 2019; highe
Slide 17: IFRS EBITDA impacted by Incentive Plans cost linked to share price increase
IFRS EBITDA impacted by Incentive Plans cost linked to share price increase €m H1 22R* 24.7 2.1 0.9 27.7 % +1% n.a. <-100% -26% * H1 2022 Restated lastminute.com H1 23 Results | 17
Slide 18: June 2023 YTD | Net Results
June 2023 YTD | Net Results Net Results decreased due to the decreased positive effect from voucher misredemption and the revaluation of the incentive scheme liabilities H1 H1 % €m 2023 2022 23 vs. 22 Adjusted EBITDA net of cancellation effects stable due to lower positive effect from voucher Adjusted
Slide 19: Cash Curve reflects a solid position despite SECO repayment
Cash Curve reflects a solid position at gross and net level despite SECO repayment in May 2023 €M SECO liabilities fully repaid *February 23: repayment of Swiss COVID loan (€-15.3M) *May 23: repayment of SECO subsidies (-€29M, o/w €7M were locked in a deposit) 19
Slide 20: Agenda
Agenda Highlights 01 L. Concone H1 2023 results 02 S. Signoretti Key takeways and guidance FY 2023 03 L. Concone 04 Q&A
Slide 21: Guidance FY 2023
Guidance FY 2023 Profitable growth expected for the full year Revenues for FY 2023 expected to grow 10-15% vs. 2022 driven by Holiday Packages growth Adj. EBITDA expected to grow 15-20% vs. 2022 while Adj. EBITDA net of cancellation effects and voucher misredemption will grow like revenues 10-15% +10-
Slide 22: Key Takeaways
Key Takeaways Summary of the results and current situation Strategic and operational initiatives are well on track; further progress in H2 expected Board strengthened in AGM and operational reorganisation to foster efficiency Company topline well above 2019 levels showing recovery ahead of the market
Slide 23: Agenda
Agenda Highlights 01 L. Concone H1 2023 results 02 S. Signoretti Key takeways and guidance FY 2023 03 L. Concone 04 Q&A
Slide 24: Financial Calendar 2023
Financial Calendar 2023 7 February 2023 Announcement of preliminary unaudited FY 22 results 13 April 2023 Publication of the Annual Report 2022 17 May 2023 Q1 Trading Update 30 June 2023 Annual General Meeting 3 August 2023 Publication of the half-yearly report 2023 9 November 2023 Q3 Trading Update
Slide 25: lastminute.com
lastminute.com investor.relations@lastminute.com
Slide 26: Annex
Annex
Slide 27: Q2 23 | KPI Overview
Q2 23 | KPI Overview Topline in line with exceptionally strong Q2 2022 and remarkable profitability increases in Q2 2023 Q2 Q2 % Volumes impacted by the success of our 2023 2022 23 vs. 22 Holiday Packages and the resulting mix shift; GTV only slightly below exceptionally Bookings (k) 1,010 1,267 -20%
Slide 28: Market Update
Market Update Recovery curve continues to be flat with a slight uptick in Q2, albeit still below 2019 levels Commercial Flight Activity*, indexed to 2019 levels 2019 Flattening curve from -10% June 2022 onwards -17% Capacity disruptions, rising fuel prices and deteriorating economic outlook continue
Slide 29: Gross and net cash positions solid at June 2023
Gross and net cash positions solid at 30 June 2023 Net cash position increased despite repayment of SECO liability and reimbursement of Covid loan Mainly variation of Reimbursement of incentive scheme Covid loan in CH Business liabilities (€3.3M) (€15.3M) and new cash flow €M credit lines (€10M) Taxe