Slide 1: Q3 & 9M 2025 financial results
Q3 & 9M 2025 financial results Q3 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 Q3 & 9M 2025 Results 01 Alessandro Petazzi & Diego Fiorentini 3-Year Outlook 02 Alessandro Petazzi Financial Calendar 2025/2026 03 Julia Weinhart
Slide 5: Q3 & 9M 2025 performance
Q3 & 9M 2025 performance GTV REVENUES* GROSS PROFIT Q3 Adj. EBITDA Q3 Adj. EBITDA - +28% vs. Q3 2024 +17% vs. Q3 2024 +9% vs. Q3 2024 €17.2m CAPEX €12.1m Packages +6% Packages +11% Packages +10% +35% vs. Q3 2024 Flights +79% Flights +39% Flights +14% +68% vs. Q3 2024 +14% vs. 9M 2024 +13% vs. 9M 202
Slide 6: Q3 Revenues momentum acceleration, driving nine-month growth to 13%
Q3 Revenues momentum acceleration, driving nine-month growth to 13% Q3 Revenues 9M €m +17% +13% 2025 vs 2025 vs 2024 2024 (20%) (13%) +24% +20% +39% +26% +11% +10% 6
Slide 7: All main categories achieved double-digit growth in Q3
All main categories achieved double-digit growth in Q3 Q3 Gross Profit 9M €m +9% +9% 2025 vs 2025 vs 2024 2024 (29%) (15%) +10% +16% +14% +21% +10% +7% Gross 39.9% 37.3% 41.7% 40.1% Margin 7
Slide 8: Cost Structure
Cost Structure Strong operating leverage, with fixed costs incidence over total costs decreasing from 29% to 24% in Q3. €m % on Revenues Q3 25 Q3 24 Delta % 9M 25 9M 24 Delta % Q3 25 Q3 24 Delta pp 9M 25 9M 24 Delta pp Total Costs (84.1) (73.9) 14% (238.0) (215.6) 10% 83% 85% (2)pp 84% 86% (2)pp Vari
Slide 9: Profit and Loss
Profit and Loss Q3 Q3 Delta 9M 9M Delta Revenues grew for the third quarter in the high teens YoY, led by €m Packages, with Flights and Hotels maintaining strong double-digit 2025 2024 % 2025 2024 % growth. 9M growth of 13%. GTV 1,013 790 28% 2,696 2,366 14% Adjusted EBITDA for 9M reached €46.1m vs €
Slide 10: Net Result adjusted for one-off items from Cruise business discontinuation
Net Result adjusted for one-off items arising from the discontinuation of the Cruise business in Q3 Without considering one-offs impact, Net Result would have been +42% YoY (vs €5.7m in Q3 24). In the nine months, Net Result adjusted would be €19.4m vs €15.7m of 2024. One-offs impact: €6.8m +42% 9M 46.
Slide 11: NFP Bridge 12 months rolling - September 2024 to September 2025
NFP Bridge 12 months rolling - September 2024 to September 2025 Free cash flow increased to €16.4m over the last twelve months (from €0.4m in the prior period), with improving EBITDA-to-cash conversion. Excluding lease renewals, NFP would be €77.7m, an improvement of €10.6m. Free Cash Flow: +€16.4m C
Slide 12: Key Takeaways
Key Takeaways Solid nine-month Growth across all core Delivering on performance with strong categories, with commitments: strategic Q1, timing-impacted Q2, improving unit economics focus (exiting cruises), and robust Q3 and continued fixed-cost Revenues growth, momentum. discipline driving discipline
Slide 13: Agenda
Agenda Q3 & 9M 2025 Results 01 Alessandro Petazzi & Diego Fiorentini 3-Year Outlook 02 Alessandro Petazzi Financial Calendar 2025/2026 03 Julia Weinhart
Slide 14: 3-Year Outlook
lastminute.com 3-Year Outlook
Slide 15: Strategic foundation to deliver our FY28 outlook
Strategic foundation to deliver our FY28 outlook Strengthening Dynamic Packages market presence Evolution 2 enablers Embracing AI Scalability + 4 core drivers Brand portfolio focus Travel companion 15
Slide 16: Dynamic Packages Evolution
↑ CVR - ↑ Attach Rate - ↑ ABV Dynamic Packages Evolution Tailored experiences & signature Curated selection collections & targeted inspiration ● Offering audience-driven bespoke ● Expertly crafted packages, featuring the offers powered by our expertise and most relevant and high-quality inventory inte
Slide 17: Travel Companion
↑ Repeat Rate - ↑ App Adoption Travel Companion ↑ NPS - ↓ Cost-To-Serve Being with customers every step of From one-off bookings the way to long-term relationships ● Empowering customer service teams with AI support to devote the ● Launching a new multi-tier loyalty human-touch where it’s most effecti
Slide 18: Brand Portfolio Focus
↑ Brand Association Recall Brand Portfolio Focus Building memorable trusted brands Clearly defined brand architecture ● Efficiently scale brand building investment to increase top-of-mind ● Define distinct brand strategies & target brand recall. audiences to ensure optimal market-product fit and reduce o
Slide 19: Strengthening market presence
↑ Business Resilience Strengthening market presence Attract more customers through more ways Deepen our presence and expand our reach ● Evolving from performance marketing to brand-led growth ● Launch & grow a new B2B hotel driving stronger unit economics across distribution channel. new and existin
Slide 20: FY28 outlook
FY28 outlook FY28 outlook REVENUES ~ €450m Adj. EBITDA > €70m 20
Slide 21: Agenda
Agenda Q3 & 9M 2025 Results 01 Alessandro Petazzi & Diego Fiorentini 3-Year Outlook 02 Alessandro Petazzi Financial Calendar 2025/2026 03 Julia Weinhart
Slide 22: Financial Calendar 2025 / 2026
Financial Calendar 2025 / 2026 Our coverage: Volker Bosse - Baader Bank Baptiste de Leudeville - Kepler Cheuvreux 25 November 2025 Deutsches Eigenkapitalforum - Frankfurt Daniel Buerki- ZKB 15 January 2026 Baader Swiss Equities Conference - Bad Ragaz 12 February 2026 Announcement of preliminary unau
Slide 23: Thank you
Q3 2025 financial results Thank you investor.relations@lastminute.com www.lastminute.com