Slide 1: 2024 full year results
2024 full year results 1 3 th M A R C H 2 0 2 5
Slide 2: ASMALLWORLD is the trusted community for the modern luxury traveller
ASMALLWORLD is the trusted community for the modern luxury traveller Our mission is to encourage our members to find travel inspiration, book unique journeys, and connect with like-minded members 2
Slide 3: ASMALLWORLD’s travel & lifestyle ecosystem
ASMALLWORLD’s travel & lifestyle ecosystem Centred around the ASMALLWORLD social network, ASMALLWORLD offers a wealth of travel & lifestyle services COLLECTION BESPOKE TRAVEL Online hotel booking engine Full-service travel agency focused on luxury hotels for curated travel arrangements Partner for i
Slide 4: Agenda
Agenda OVERVIEW OF 2024 PERFORMANCE KEY INITIATIVES SEGMENT REPORTING CONSOLIDATED FINANCIALS OUTLOOK 2025
Slide 5: Overview of 2024 performance
Overview of 2024 performance
Slide 6: Highlights 2024
Highlights 2024 We completed a multi-year business transformation with the introduction of a new membership model and a refined brand • Introduced new membership model for ASMALLWORLD • Introduced new visual design for ASMALLWORLD • Completed multi-year business model transformation • Grew member ba
Slide 7: KPI Overview 2024
KPI Overview 2024 This investment year resulted in a lower EBITDA but still above our projected guidance of CHF 1-1.2M Net Sales Members EBIDTA -1.8% +26% 21.2M 20.9M 88.2K 2.5M 2.4M -34% 18.5M 70.2K 2.1M 66.0K 15.6M 62.0K 63.3k 1.5M 1.4M Guidance: 12.0M CHF 1-1.2M 2020 2021 2022 2023 2024 2020 2021
Slide 8: Key initiatives
Key initiatives ASMALLWORLD
Slide 9: Five key initiatives in 2024
Five key initiatives in 2024 We were focused on implementing a select few initiatives that will set ASMALLWORLD up for success 1 2 3 4 5 New membership Refine Build scale Expand product Reduce model ASW ASW brand in travel range debt Drive sustainable Position ASW as Grow online and offline Add more
Slide 10: Business model transformation completed
1 New membership Business model transformation completed model ASW A new membership model was the last puzzle piece in our multi-year business model transformation Starting point Target state BUSINESS CORES Single-core: ASW community Multi-core: Group of businesses Single Source: Multiple Sources RE
Slide 11: We made ASMALLWORLD free
1 We made ASMALLWORLD free A free ASW membership will attract more customers to our community, driving demand for our services • We introduced a new, free ASW membership on November 26 • Membership has 90% of the functionality of the former paid membership • The primary goal is to drive member growt
Slide 12: Introduced a new “Premium” membership
1 Introduced a new “Premium” membership Alongside the free membership, we also introduced a new paid membership (and kept Prestige and Signature) • “Premium” is for members who want an enhanced ASMALLWORLD experience • Priced like the “old” ASW membership • Additional benefits: Access to travel priv
Slide 13: New model offers new monetisation opportunities
1 New model offers new monetisation opportunities We offer customers to join our ASW community for free; then upsell them to paid memberships and additional services Joining Process ASW Community Selling Mechanisms Products / Services Bold = new products/services UPSELL TO PAID • Premium MEMBERSHIPS
Slide 14: Initial growth from our own mailing lists
1 Initial growth from our own mailing lists We managed to see an immediate uplift in members from marketing to our mailing lists of former and prospective customers Customer Population Conversion Group Description Size Potential Members FORMER Members who stopped Medium CUSTOMERS used ASW +26% 88.2K
Slide 15: Delayed introduction impacted sales and EBITDA
1 Delayed introduction impacted sales and EBITDA The introduction of the new membership model was slightly delayed and had an impact on sales and cost • While the introduction of the new membership model was a success, multiple factors delayed the launch from an intended early Q3 launch to the end o
Slide 16: ASW positioned as luxury travel brand
2 Refine ASW positioned as luxury travel brand ASW brand We have refined our brand to reflect our luxury travel positioning; introduced with the new membership model • We introduced a refined brand with the launch of the new membership model • This allows us to position ASW more clearly as a luxury
Slide 17: Our new logo reflects our refined identity
2 Our new logo reflects our refined identity A modern, custom-made logo with a traditional, luxurious feel A community for luxury travellers ASMALLWORLD is the trusted community for modern luxury travellers. Find inspiration, book unique journeys, and connect with like-minded members. 17
Slide 18: New positioning line summarises our offering
2 New positioning line summarises our offering “Travel, Discover, Belong” summarises what our service offering is; very visible on the new landing page Travel Discover Belong EXCLUSIVE VIP BENEFITS NEW INSPIRATION A COMMUNITY WITH WITH ASMALLWORLD FOR YOUR NEXT JOURNEY A SHARED PASSION Indulge in lu
Slide 19: Apps and website have been fully updated
2 Apps and website have been fully updated Before Christmas we had updated the web version of our logged-in area with the new design; apps to followed in February 19
Slide 20: Online hotel booking volume increasing
3 Build scale Online hotel booking volume increasing in travel The ASMALLWORLD Collection is continuing to grow in terms of value, inventory and functionality Stays by Year Value of stays per year • Value of stays up by 34% vs. last year (indexed) (commissionable stays in year) +34% • Value of booki
Slide 21: ”ASW Private” became “Bespoke Travel”
3 ”ASW Private” became “Bespoke Travel” We are increasing our efforts in the traditional offline travel agency business, already reflecting new branding • We have made a strategic decision to invest in the traditional (offline) travel agency business • The name was changed from “Private” to “ASMALLW
Slide 22: New Prestige and Signature options
4 Expand product New Prestige and Signature options range We keep exploring other miles/point options for our Prestige and Signature memberships • We want to extend our prestige and signature memberships beyond the three existing miles options (Miles & More, Emirates, Etihad) • In April we tested th
Slide 23: Debt reduction continued in 2024
5 Reduce Debt reduction continued in 2024 debt We significantly reduced our debt in 2023 and continued to do so during 2024 • In 2023 we reduced our debt by 54%: CHF 4.9M of debt was repaid, which brought the outstanding debt from CHF 9.1M to 4.2M by end of 2023 • In 2024, we reduced our debt by an
Slide 24: Segment reporting
Segment reporting ASMALLWORLD
Slide 25: Subscriptions business
Subscriptions business Sales on same level as last year but profitability impacted by membership model investments and product mix shift • Subscriptions business revenues stable YoY In CHF 2024 2023 Change • Stronger ASMALLWORLD Prestige and Signature sales but Miles & More product with slightly low
Slide 26: Services business
Services business Overall slight decrease in sales with some business services pausing growth while others are growing nicely • Slightly lower sales due to fewer opportunities to sell flight In CHF 2024 2023 Change upgrade services of First Class & More Revenue 6.2m 6.5m -6% • At the same time, trav
Slide 27: Consolidated financials
Consolidated financials ASMALLWORLD
Slide 28: Income statement
Income statement ASMALLWORLD with slower growth due to delayed membership model • Net sales decreased due to lower demand for flight upgrade In CHF ‘000 2024 2023 options at FCAM and lower FCAM and ASW basic membership sales, partly offset by growth in Travel and Events Net sales 20,870 21,242 Other
Slide 29: Balance sheet - Assets
Balance sheet - Assets Stable balance sheet; increase in current assets offset by decrease in non-current assets In CHF ‘000 2024 2023 Cash 1,999 3,029 • Cash position decreased due to repayments of financial Securities 1,974 0 liabilities Receivables from services 721 207 Other short-term receivabl
Slide 30: Balance sheet - Liabilities
Balance sheet - Liabilities Debt reduced by 65% during the last 24 months In CHF ‘000 2024 2023 Short-term financial liabilities 400 543 Payables for goods and services 1,527 1,189 Other short-term liabilities 163 194 • Short/Long-term Financial liabilities: Reduced debt by CHF Short-term provisions
Slide 31: Cash flow statement – part 1
Cash flow statement – part 1 Operating cash flow before change in operating working capital demonstrates ASW’s ability to generate cash from its businesses • Operating Cash flow before change in operating working In CHF ‘000 2024 2023 capital decreased due to a lower net result. Net result 512 1,533
Slide 32: Cash flow statement – part 2
Cash flow statement – part 2 Positive cash flow from investing activities In CHF ‘000 2024 2023 Outflows from acquisition of subsidiaries -21 -4.7 Outflows for investment (purchase) of intangible • The cash inflow from the divestment of financial investment -795 -633 (luxury hotels fund) assets Outf
Slide 33: Cash flow statement – part 3
Cash flow statement – part 3 Financing cash flow driven by reduction of debt; overall effect of cash flow: cash balance reduced by CHF 1.0M In CHF ‘000 2024 2023 Inflows /outflows from capital increase 0 265 Repayment of financial liabilities -543 -1,158.2 • Cash outflow from financing activities re
Slide 34: Outlook 2025
Outlook 2025 ASMALLWORLD
Slide 35: New CEO: Zain Richardson
New CEO: Zain Richardson Zain Richardson will start in March, taking over from Jan Luescher • Zain Richardson will succeed Jan Luescher as CEO • Zain studied at Oxford University (BA and MA in English and French) and completed an MBA at The Kellogg School of Management • He began his career as a man
Slide 36: Outlook for 2025
Outlook for 2025 With the business model transformation now complete, ASW can start in scaling the business • With the introduction of the new membership model completed, ASW will now be able to invest in growing the ASW member base • A larger audience will create more demand for our products and se
Slide 37: Guidance for 2025
Guidance for 2025 We will see the first impact of the new membership resulting in an accelerating member base, slowly translating into sales growth Net Sales Members EBIDTA +5-10% 22-23M +35-40% 21.2M 20.9M 120-125K 2.5M 2.4M 18.5M +2-10% 2.1M 88.2K 15.6M 70.2K 1.4-1.5M 66.0K 1.4M 63.3k 2021 2022 20
Slide 38: Q&A
Q&A
Slide 39: Seidengasse 20, 8001 Zurich, Switzerland
Seidengasse 20, 8001 Zurich, Switzerland www.asmallworld.com