EDreams ODIGEO S A : 1Q FY 2027 Results Presentation

About this update from Edreams Odigeo

KESULĽS PKESENĽ6ĽION 1Q "V27 6קíil 1 st to June 30 tk , 2026 1 st Sv»tvm»vĩ 202G cDicams ODIGEO 1 Kvsults Highlights vDO Kvsults foí 1Q FV27 Closing Kvmaífis 6ppvndi… "i«»ígz z»»jgcЧ Чo ío»n»in«: z»mz maQ »ifigí zli«"ЧlQ »»g Чo ío»n»in« gfigcЧz. cDícams ODIGEO 3 1 1Q FV27 confiíms ouí stíatvgic íoadmap is on tíacfi, with continuvd Píimv momvntum and píofitakilitQ ahvad of svll-sidv consvnsus vstimatvs Kcsults conffiim oui stiatcgic ioadmap is on tiacfi, and akcad ot scll-sidc conscnsus cstimatcs Piimc Mcmkcis 1 : Ke»cked 8.1 million, »n 8% incíe»se ;e»í-on-;e»í »nd 173fi net »dds 2 in 1Q "V27 (Qu»íteí Ended June 30tk, 2026), demonstí»ting íokust sukscíikeí gíowtk. Piimc icmains oui piimaiQ cnginc ot giowtk , now geneí»ting 77% ot ouí C»sk Kevenue M»ígin 1 LHM (l»st twelve montks) »nd v0% ot ouí C»sk M»ígin»l Píofit 1 LHM. PioffitakilitQ: Deliveíed Cask EBILD6 1 ot ➟23.0 million »nd 6djustcd EBILD6 1 ot ➟28.9 million, successtull; »ligning witk ouí guided investment קk»se in new קíoducts »nd geogí»קkies, »nd outקeítoíming sell-side consensus estim»tes. Cask Ũow: Stíong c»sk קosition, witk » signific»ntl; íeduced cask nct ot kanfi ovcidiatts outĒow ;e»í-on-;e»í, »nd » closing witk » cask and cask cquivalcnts k»l»nce ot ➟73.0 million (vs. ➟51.3 million in 1Q "V26), mostl; díiven k; tke »ksence ot íefin»ncing costs incuííed in tke s»me קeíiod l»st ;e»í. Continucd stiong c…ccution ot oui long-tcim stiatcgic ioadmap Higk-Conviction Pivot: E…ecuted tíom » קosition ot stíengtk, ouí tí»nsition to »nnu»l sukscíiקtions witk montkl; inst»lments is unlocfiing kigkeí customeí Litetime V»lue (LHV) »nd en»kling incíe»sed gíowtk in new geogí»קkies »nd קíoducts. 6ccclciatcd Giowtk & Divcisiffication: We continue to stíengtken tke kusiness model k; e…ק»nding into new geogí»קkies »nd sc»ling into kigk gíowtk קíoducts. Between "V28 »nd "V30 we e…קect íecoíd levels ot Píime net »dds 2 ot 1.5-2M קeí ;e»í. 6 Lcam Lkat Dclivcis: We »íe e…ecuting tkis ío»dm»ק witk tke s»me disciקline tk»t »llowed us to meet tke okjectives ot ouí two קíevious long-teím קl»ns. Skaic kuQ-kacfi & skaickoldci icmunciation We íem»in fiíml; committed to íetuíning c»קit»l to sk»íekoldeís. Oveí tke ne…t 12 montks, sk»íekoldeís k»ve »utkoíised tke »moítis»tion ot uק to » tuítkeí v million skaics - 7.v% ot sk»íes outst»nding - »dding to tke 12.G% »líe»d; »moítised to d»te. Undeí ouí cuííent ku;-k»cfi קíogí»mme, ➟G2.0 million íem»ins committed toí íeקuíck»se k; Seקtemkeí 2027. 6g»inst ouí m»ífiet c»קit»lis»tion »s ot June 30 tk , tk»t קending »mount »lone t»ígets » tuítkeí 11% ot tke comק»n;. Hkis continues tke disciקlined, ongoing ק»ce ot sk»íekoldeí íetuíns we k»ve m»int»ined since "V25. Outloofi "V27 Laigcts: On tí»cfi to íe»ck 8.5 million Piimc mcmkcis 1 (600fi net »dds 2 ). We e…קect to deliveí ➟167.0 million in 6djustcd EBILD6 1 קíe-investments 3 »nd ➟115.0 million in Cask EBILD6 1 קost-investments. InŨcction Point: We »nticiק»te » íetuín to קositive ;e»í-on-;e»í gíowtk in Cask EBILD6 1 st»íting tíom 4Q "V27 (qu»íteí ended 31 st M»íck 2027). 4 "V30 Outloofi: Positioned to ncailQ douklc oui "V25 suksciikci kasc to 13 million Píime memkeís 1 »nd gcnciatc in c…ccss ot ➟270.0 million in Cask EBILD6 1 , íeĒecting » =33% C6GK tiom "V27 . DgfiniЧionz ofi Non-VAAP mgaz»ígz on »a«g 14-1S. NgЧ a»»z: Víozz a»»z - c"»ín. "Y27 A»j»zЧg» «BIHDA, gxcl»»in« invgzЧmgnЧz in Píimg «íowЧ" in Ч"g aígaz ofi inЧgínaЧional gx»anzion, íail »ío»»cЧ, ngw c"annglz ofi c»zЧomgí acq»iziЧion an» AI . Kesults Higkligkts 2 vDO Kvsults foí 1Q FV27 Closing Kvmaífis 6ppvndi… cDícams ODIGEO "i«»ígz z»»jgcЧ Чo ío»n»in«: z»mz maQ »ifigí zli«"ЧlQ »»g Чo ío»n»in« gfigcЧz. 5 Hhv Cash EBIHD6 vaíiation is díivvn kQ ouí plannvd invvstmvnt, at an attíactivv 2 24-month LHV/C6C of 2.0…-3.0… €3t.OM ➟(2.7M) ➟(13.3M) €23.OM Cask EBITDA 1 1Q FY2G Cash Kvvvnuv Maígin 1 Vaíiaklv costs 1 & Fi…vd costs 1 Cask EBITDA 1 1Q FY27 6 ➟13.3 million ot tkc ➟1G.0 million vaiiation is duv to attíactivv invvstmvnt wv chosv to mafiv in acquisition spvnd in nvw gvogíaphivs and píoducts. Lkis invcstmcnt kas an attiactivc ictuin with a 24 month LHV/C6C of 2-3…, with Vvaí 2= cohoíts íunning at 50% plus Cash Maíginal Píofit Maígin. Hhv spvnd of todaQ díivvs mvchanicallQ thv maígin in following 12-24 months. Cask Kcvcnuc Maigin 1 is down kQ ➟2.7 million, as a ívsult of ouí dvlikvíatv shift in mi… as ívcuííing Píimv ívvvnuv gíows, paítlQ offsvt kQ thv Non-Píimv kusinvss wv aív dvlikvíatvlQ dv-píioíitising and kQ intvímittvnt aií contvnt accvss Qvaí-on-Qvaí. Hhis is in linv with thv plan wv svt out in Novvmkví, and wv v…pvct thv inŨcction to positivc Cask EBILD6 1 giowtk tiom 4Q "V27. 1 DgfiniЧionz ofi Non-VAAP mgaz»ígz on »a«g 14-1S. eDO Kesults toí 1Q "V27 2 Píimv is thv kusinvss: 77% of Cash Kvvvnuv Maígin and 90% of Cash Maíginal Píofit in thv last 12 months P&L witk v»íi»tion ot Píime deteííed íevenue (In euío million) 1Q "V27 "V27 vs "V26 1Q "V26 Kcvcnuc Maigin 1 1G5.5 (4%) 172.G Vaíiation of Píimv Dvfvíívd Kvvvnuv 1 (5.8) (43%) (10.2) Cask Kcvcnuc Maigin 1 15v.7 (2%) 1G2.4 V»íi»kle Costs 1 (110.4) 13% (97.3) Cask Maiginal Pioffit 1 4v.3 (24%) G5.1 "i…ed Costs 1 (26.3) 1% (26.1) Cask EBILD6 1 23.0 (41%) 3v.0 Vaíiation of Píimv Dvfvíívd Kvvvnuv 1 5.8 (43%) 10.2 6djustcd EBILD6 1 28.v (41%) 4v.3 6djustvd Itvms 1 (4.5) (14%) (5.2) EBILD6 1 24.4 (45%) 44.1 V»í. 1 DgfiniЧionz ofi Non-VAAP mgaz»ígz on »a«g 14-1S. 2 NgЧ a»»z: Víozz a»»z - c"»ín . Higkligkts 1Q "V27 Piimc: 8.1 million Píimv mvmkvís 1 in 1Q FV27, an 8% incívasv Qvaí-on-Qvaí and 173fi nvt adds 2 in 1Q FV27. Píimv now gvnvíatvs 77% of ouí Cask Kcvcnuc Maigin 1 LLM and 90% of ouí total Cask Maiginal Pioffit 1 LLM . Piimc icvcnuc gicw: Kcvcnuc Maigin 1 toi Piimc gívw kQ 1%, dvlivvívd on thv kacfi of 5% gíowth in fiíadual Kvvvnuv Maígin 1 foí Píimv, paítlQ offsvt kQ invvstmvnts v…panding into nvw píoducts and gvogíaphivs. Valuc pioposition intact: mvmkví ívtvntion and acquisition offsvt aií contvnt accvss vffvcts. Ovvíall Cash Kvvvnuv Maígin 1 dvcívasvd kQ 2% in 1Q FV27 vs. 1Q FV2G, thv ívmaindví a timing vffvct on collvctions. PioffitakilitQ akcad ot conscnsus: Cash EBIHD6 1 ➟23.0 million and 6djustvd EBIHD6 1 ➟28.9 million, koth ahvad of svll-sidv consvnsus and within ouí guidvd invvstmvnt phasv. InĒvction to positivv VoV gíowth fíom Q4 FV27 (quaítví vndvd 31 st Maích 2027). Vaiiaklc Costs 1 incicascd 13% VoV: plannvd acquisition invvstmvnt kvhind nvw píoducts and gvogíaphivs, concvntíatvd in ouí pvafi svasonal koofiing window. "i…cd Costs 1 incicascd 1% VoV: cost kasv vssvntiallQ Ēat whilv stívngthvning ouí tvch woífifoícv. 7 Piimc Dctciicd Kcvcnuc 1 (➟5.8) million: against (➟10.2) million in 1Q FV2G. eDO Kesults toí 1Q "V27 2 Incomv Statvmvnt 1Q V»í. "V27 Higkligkts 1Q "V27 Kcvcnuc Maigin 1 was ➟1G5.5 million fíom ➟172.G million, 4% lowví (In euío million) "V27 vs "V26 "V26 Kcvcnuc Maigin 1 1G5.5 (4%) 172.G Vaíiaklv costs 1 (110.4) 13% (97.3) Fi…vd costs 1 (2G.3) 1% (2G.1) 6djustcd EBILD6 1 28.v (41%) 4v.3 6djustvd itvms 1 (4.5) (14%) (5.2) EBILD6 1 24.4 (45%) 44.1 D&6 incl. impaiímvnt (13.8) 1G% (11.9) EBIL 10.G (G7%) 32.2 Financial ívsult (5.8) (5G%) (13.1) Incomv ta… (4.5) (17%) (5.5) Nct incomc 0.2 N.6. 13.G 6djustcd nct incomc 1,2 4.7 (80%) 23.G 1Q Qvaí-on-Qvaí, mainlQ duv to dvlikvíatv shift: Kvvvnuv Maígin 1 foí Non-Píimv ívducvd 19% vs. 1Q FV2G, paítiallQ offsvt kQ thv 1% incívasv in Kvvvnuv Maígin 1 foí Píimv. Hhis gíowth is díivvn kQ a 5% gíowth in fiíadual Kvvvnuv Maígin 1 foí Píimv and is paítlQ offsvt kQ thv guidvd stíatvgic movv announcvd in FV2G to stívngthvn thv kusinvss modvl kQ v…panding ouí gvogíaphic footpíint and scaling into high-gíowth píoduct svgmvnts lifiv íail. Vaiiaklc costs 1 incívasvd kQ 13%, píimaíilQ ívĒvcting thv acquisition costs fíom nvw píoduct and gvogíaphic v…pansion. "i…cd costs 1 incívasvd kQ ➟0.2 million, píimaíilQ díivvn kQ highví pvísonnvl v…pvnsvs and paítiallQ offsvt kQ lowví v…tvínal fvvs. 6djustcd itcms 1 affvcting EBIHD6 1 dvcívasvd kQ ➟0.7 million ívĒvcting lowví Long-Hvím Incvntivv Plan v…pvnsvs in 1Q FV27 alongsidv dvcívasvd adjustvd opvíating v…pvnsvs, as shown in Haklv 1.5 of svction 5. 6ltvínativv Pvífoímancv Mvasuívs. D&6 and impaiimcnt incívasvd kQ ➟1.9 million mainlQ duv to thv amoítisation of thv nvwlQ capitalisvd itvms, paítiallQ offsvt kQ highví fullQ amoítisvd itvms. "inancial loss dvcívasvd kQ ➟7.3 million, píimaíilQ díivvn kQ ívfinancing costs incuíívd in 1Q FV2G foí vaílQ ívdvmption of thv 2027 Notvs (which includvd ➟5.2 million in vaílQ ívdvmption v…pvnsvs and ➟3.0 million in wíitv-offs of capitalisvd financing costs), comkinvd with impíovvd intvívst conditions on thv 2030 Notvs and paítiallQ offsvt kQ lowví foívign v…changv gains in 1Q FV27. Incomc ta… dvcívasvd kQ ➟1.0 million fíom an v…pvnsv of ➟5.5 million in 1Q FV2G to an v…pvnsv of ➟4.5 million in 1Q FV27 duv to (a) lowví Spanish ta…aklv píofits (➟3.2 million lowví v…pvnsvs), (k) highví US incomv ta… v…pvnsv duv to a shoítagv of cuíívnt Qvaí foívign ta… cívdits (➟2.9 million highví v…pvnsv) and (c) So»ícg: Una»»iЧg» Con»gnzg» Conzoli»aЧg» InЧgíim "inancial SЧaЧgmgnЧz д NoЧgz. DgfiniЧionz ofi Non-VAAP mgaz»ígz on »a«g 14-1S. Sgg ígconciliaЧion ofi A»j»zЧg» NgЧ Incomg in noЧg 1.S. ofi zgcЧion 5. AlЧgínaЧivg Pgífioímancg Mgaz»ígz. cDícams ODIGEO othví diffvívncvs (➟0.7 million lowví v…pvnsv). . 8 eDO Kesults toí 1Q "V27 Cash Flow Statvmvnt Higkligkts 1Q "V27 Nct cask tiom opciating activitics in 1Q "V27 incicascd kQ ➟1.1 million, mainlQ icŨccting: 6djustvd EBIHD6 1 dvcívasvd to ➟28.9 million fíom ➟49.3 million in 1Q FV2G, succvssfullQ aligning with ouí guidvd invvstmvnt phasv in nvw píoducts and gvogíaphivs. Woífiing capital inĒow of ➟2.5 million compaívd to an outĒow of ➟15.3 million in 1Q FV2G mostlQ díivvn kQ an incívasv in Hotvl koofiings and a VoV ívduction in Píimv dvfvíívd ívvvnuv cash outĒow. Incomv ta… paid dvcívasvd kQ ➟7.2 million fíom ➟11.G million incomv ta… paid in 1Q FV2G to ➟4.3 million incomv ta… paid in 1Q FV27 duv to (a) lowví pívpaQmvnts of Spanish incomv ta… (➟5.4 million lowví paQmvnt), (k) lowví advancv paQmvnt of Italian withholding ta… in connvction with a couít appval (➟2.0 million lowví paQmvnt) and (c) othví diffvívncvs (➟0.1 million highví paQmvnt). Non-cash itvms: itvms accíuvd kut not Qvt paid, dvcívasvd kQ ➟4.3 million mostlQ duv to thv vffvct of thv vvolution of opvíational píovisions and litigation píovisions (➟3.8 million) and lowví v…pvnsvs ívlatvd to shaív-kasvd paQmvnts (➟0.4 million). Wv havv usvd cask toi invcstmcnt of ➟18.0 million in 1Q FV27, an incívasv of ➟2.5 million, mainlQ duv to an incívasv in softwaív that was capitalisvd. 9 Cask uscd in ffinancing amountvd to ➟1G.1 million, compaívd to ➟33.0 million fíom financing activitivs in 1Q FV2G. Hhv vaíiation of ➟17.0 million in financing activitivs is mostlQ duv to thv ívfinancing impacts in 1Q FV2G: thv paQmvnts of costs associatvd with thv vaílQ ívdvmption of thv 2027 Notvs, with thv issuancv of thv 2030 notvs togvthví with thv SSKCF modification (➟11.G million) and a lowví tívasuíQ shaívs acquisition in 1Q FV27 (➟5.1 million). (In euío million) 1Q "V27 1Q "V26 6djustcd EBILD6 1 28.v 4v.3 6djustvd itvms 1 (4.5) (5.2) Non-cash itvms 2.4 G.7 Changv in woífiing capital 2.5 (15.3) Incomv ta… (paid)/ collvctvd (4.3) (11.G) Cask Ũow tiom opciating activitics 25.0 23.v Cask Ũow tiom invcsting activitics (18.0) (15.5) Cask Ũow kctoic ffinancing 7.0 8.4 6cquisition of tívasuíQ shaívs (5.3) (10.4) fiain/(loss) associatvd to tívasuíQ shaívs tíansaction - (0.5) Otkeí dekt issu»nce/(íeק»;ment) (0.7) (0.7) "in»nci»l e…קenses (net) (10.0) (21.4) Cask Ũow tiom ffinancing (1G.1) (33.0) Nct incicasc/(dccicasc) in cask kctoic kanfi ovcidiatts (v.1) (24.G) B»nfi oveídí»tt us»ge /(íeק»;ment) - - Nct incicasc/(dccicasc) in cask nct ot kanfi ovcidiatts (v.1) (24.G) So»ícg: Una»»iЧg» Con»gnzg» Conzoli»aЧg» InЧgíim "inancial SЧaЧgmgnЧz д NoЧgz.. 1 DgfiniЧionz ofi Non-VAAP mgaz»ígz on »a«g 14-1S. eDO Kesults toí 1Q "V27 3 Closing Kvmaífis 4. 6ppvndi… cDícams ODIGEO 10 Continuv with shaív kuQ-kacfi and committvd ívmunvíation to ouí shaívholdvís €kaíc BuQ-kacfi commitmcnt €kaíc ot cDO maífict canitalisation ncnding ícnuíckasc, as ot Junc 3O tk, 2O2G ➟38M Kvpuíchasvd sincv Octokví 2025 ➟100M (fíom Octokví 2025 thíough Svptvmkví 2027) 11% kvfoív vnd of Svptvmkví 2027 ➟G2M Pvnding to invvst until Svptvmkví 2027 ➟543M (vDO Maífivt Cap. as of Junv 30 th , 202G) cDícams ODIGEO Closing Kem»ífis 11 3 HIGHEK GKOWHH HIGHEK CUSHOMEK LHV SHKONGEK CUSHOMEK LOV6LHV MOKE DIVEKSI"IED SH6KEHOLDEK KEMUNEK6HION 15-20% >13% >10% GG% ➟100M Píimc Mcmkcís 1 C6GK "V27-"V30 Higkeí Litetime V»lue toí Píime »nnu»l witk montkl; inst»lments vs »nnu»l sukscíiקtion tee Higkeí NPS Píime »nnu»l witk montkl; inst»lments vs »nnu»l sukscíiקtion tee. ot eDO volume will ke díiven k; non-Ēigkt קíoducts & Ēigkt outside ot Euíoקe»n Hoק 5 2 m»ífiets in "V30 (tíom 43% in 1H"V26). Committed sk»íe ku;-k»cfi until Seקtemkeí 2027. Dvlivvíing a kvttví kusinvss: Highví gíowth, highví valuv pví mvmkví, lowví íisfi, and ívtuíns thíoughout… LONG-HEKM OUHLOOK FV28-FV30 FV30 Kccoid Piimc Nct 6dds 3 1.5-2M קeí ;e»í 13M >➟270M Piimc Mcmkcis 1 Cask EBILD6 1 6lmost doukle "V25 +33% C6GK ("V27-"V30) DgfiniЧionz ofi Non-VAAP mgaz»ígz on »a«g 14-1S. «»ío»gan Ho» 5 maí½gЧz: maí½gЧz incl»»g» in Ч"g Ho» S w"ic" aíg "izЧoíical Píimg maí½gЧz an» Ч"iz incl»»gz "íancg, VgímanQ, S»ain, IЧalQ an» Ч"g U . NgЧ a»»z: Víozz a»»z - c"»ín. cDícams ODIGEO Closing Kem»ífis 12 4 6ppvndi… cDícams ODIGEO 13 4 filossaíQ of Dvfinitions Non-ívconcilaklv to fi66P mvasuívs fiíoss Boofiings ívfvís to thv total amount paid kQ customvís foí tíavvl píoducts and svívicvs koofivd thíough oí with thv fiíoup (including thv paít that is passvd on to, oí tíansactvd kQ, thv tíavvl suppliví), including ta…vs, svívicv fvvs and othví chaígvs and v…cluding V6H. fiíoss Boofiings includv thv gíoss valuv of tíansactions. It also includvs tíansactions madv undví whitv lakvl aííangvmvnts and tíansactions whvív thv fiíoup acts as a ''puív'' intvímvdiaíQ, whvívkQ thv fiíoup svívvs as a clicfi-thíough and passvs thv ívsvívations madv kQ thv customví to thv ívlvvant tíavvl suppliví. fiíoss Boofiings píovidv to thv ívadví a vivw akout thv vconomic valuv of thv svívicvs that thv fiíoup mvdiatvs. Kvconcilaklv to fi66P mvasuív: 6djustvd EBIHD6 mvans opvíating píofit / loss kvfoív dvpívciation and amoítisation, impaiímvnt and píofit / loss on disposals of non-cuíívnt assvts, as wvll as adjustvd itvms coíívsponding to cvítain shaív-kasvd compvnsation, ívstíuctuíing v…pvnsvs and othví incomv and v…pvnsv itvms which aív considvívd kQ Managvmvnt to not kv ívĒvctivv of thv fiíoup's ongoing opvíations. 6djustvd EBIHD6 píovidvs to thv ívadví a kvttví vivw akout thv ongoing EBIHD6 gvnvíatvd kQ thv fiíoup. 6djustvd EBIHD6 Maígin mvans 6djustvd EBIHD6 dividvd kQ Kvvvnuv Maígin. 6djustvd EBIHD6 pví Boofiing (Non-Píimv) mvans 6djustvd EBIHD6 of thv Non-Píimv svgmvnt dividvd kQ thv numkví of Non-Píimv Boofiings. Svv dvfinitions of "6djustvd EBIHD6" and "Non-Píimv Boofiings". 6djustvd Itvms ívfvís to shaív-kasvd compvnsation, ívstíuctuíing v…pvnsvs, othví incomv and v…pvnsv itvms as wvll as v…cvptional ívvvnuv itvms which aív considvívd kQ Managvmvnt to not kv ívĒvctivv of thv fiíoup's ongoing opvíations. It is thv sum of itvms adjustvd to calculatv 6djustvd EBIHD6 (including adjustvd pvísonnvl v…pvnsvs, adjustvd opvíating (v…pvnsvs) / incomv, and adjustvd ívvvnuv itvms) and fuíthví adjustvd itvms to dvtvíminv 6djustvd Nvt Incomv (such as adjustvd intvívst v…pvnsv on dvkt and adjustvd othví financial ívsult). 6djustvd pvísonnvl v…pvnsvs ívfvís to adjustvd itvms that aív includvd insidv pvísonnvl v…pvnsvs. k. 6djustvd opvíating (v…pvnsvs) / incomv ívfvís to adjustvd itvms that aív includvd insidv othví opvíating v…pvnsvs. 6djustvd Kvvvnuv itvms ívfvís to adjustvd itvms that aív includvd insidv ívvvnuv. 6djustvd intvívst v…pvnsv on dvkt ívfvís to onv-off costs fíom dvkt ívfinancing activitivs, such as thv wíitv-off of thv ívmaining capitalisvd financing costs. v. 6djustvd othví financial ívsult ívfvís to onv-off costs, such as vaílQ ívdvmption pívmiums, associatvd with thv ívfinancing of dvkt. G. 6djustvd Nvt Incomv mvans thv IFKS nvt incomv lvss cvítain shaív-kasvd compvnsation, ívstíuctuíing v…pvnsvs and othví incomv and v…pvnsv itvms which aív considvívd kQ Managvmvnt to not kv ívĒvctivv of thv fiíoup's ongoing opvíations. 6djustvd Nvt Incomv píovidvs to thv ívadví a kvttví vivw akout thv ongoing ívsults gvnvíatvd kQ thv fiíoup. Capital E…pvndituív ("C6PEX") ívpívsvnts thv cash outĒows incuíívd duíing thv pvíiod to acquiív non-cuíívnt assvts such as píopvítQ, plant and vquipmvnt, cvítain intangiklv assvts and capitalisation of cvítain dvvvlopmvnt IH costs, v…cluding thv impact of anQ kusinvss comkination. It píovidvs a mvasuív of thv cash impact of thv invvstmvnts in non-cuíívnt assvts linfivd to thv ongoing opvíations of thv fiíoup. Cash EBIHD6 mvans "6djustvd EBIHD6" plus thv vaíiation of thv Píimv dvfvíívd ívvvnuv coíívsponding to thv Píimv fvvs that havv kvvn collvctvd and that aív pvnding to kv accíuvd. Hhv Píimv fvvs pvnding to kv accíuvd aív non-ívfundaklv and will kv koofivd as ívvvnuv kasvd on a gíadual mvthod. Cash EBIHD6 píovidvs to thv ívadví a vivw of thv sum of thv ongoing EBIHD6 and thv full Píimv fvvs gvnvíatvd in thv pvíiod. Hhv fiíoup's main souícvs of financing (thv 2030 Notvs and thv SSKCF) considví Cash EBIHD6 as thv main mvasuív of ívsults and thv souícv to mvvt thv fiíoup's financial okligations. 6dditionallQ, undví thv SSKCF, thv fiíoup is sukjvct to thv 6djustvd fiíoss Lvvvíagv Financial Covvnant, that is a Financial Covvnant kasvd on fiíoss Financial Dvkt dividvd kQ Cash EBIHD6, fuíthví adjustvd kQ cvítain coíívctions. Cash EBIHD6 foí Píimv ívfvís to thv Cash EBIHD6 of thv Píimv svgmvnt. Cash EBIHD6 Maígin mvans Cash EBIHD6 dividvd kQ Cash Kvvvnuv Maígin. Cash EBIHD6 Maígin is shown koth foí Píimv / Non-Píimv svgmvnts. Cash Maíginal Píofit mvans "Maíginal Píofit" plus thv vaíiation of thv Píimv dvfvíívd ívvvnuv coíívsponding to thv Píimv fvvs that havv kvvn collvctvd and that aív pvnding to kv accíuvd. Hhv Píimv fvvs pvnding to kv accíuvd aív non-ívfundaklv and will kv koofivd as ívvvnuv kasvd on a gíadual mvthod. Cash Maíginal Píofit píovidvs a mvasuív of thv sum of thv Maíginal Píofit and thv full Píimv fvvs gvnvíatvd in thv pvíiod. Cash Maíginal Píofit foí Píimv ívfvís to thv Cash Maíginal Píofit of thv Píimv svgmvnt. 6קקendi… 14 4 filossaíQ of Dvfinitions Cash Maíginal Píofit Maígin mvans Cash Maíginal Píofit dividvd kQ Cash Kvvvnuv Maígin. Svv dvfinitions of "Cash Maíginal Píofit" and "Cash Kvvvnuv Maígin". Cash Maíginal Píofit Maígin is shown koth foí Píimv / Non-Píimv svgmvnts. Cash Kvvvnuv Maígin mvans "Kvvvnuv Maígin" plus thv vaíiation of thv Píimv dvfvíívd ívvvnuv coíívsponding to thv Píimv fvvs that havv kvvn collvctvd and that aív pvnding to kv accíuvd. Hhv Píimv fvvs pvnding to kv accíuvd aív non-ívfundaklv and will kv koofivd as ívvvnuv kasvd on a gíadual mvthod. Cash Kvvvnuv Maígin píovidvs a mvasuív of thv sum of thv Kvvvnuv Maígin and thv full Píimv fvvs gvnvíatvd in thv pvíiod. Cash Kvvvnuv Maígin foí Píimv ívfvís to thv Cash Kvvvnuv Maígin of thv Píimv svgmvnt. EBIH mvans opvíating píofit / loss. Hhis mvasuív, although it is not spvcificallQ dvfinvd in IFKS, is gvnvíallQ usvd in thv financial maífivts and is intvndvd to facilitatv analQsis and compaíakilitQ. EBIHD6 mvans opvíating píofit / loss kvfoív dvpívciation and amoítisation, impaiímvnt and píofit / loss on disposals of non-cuíívnt assvts. Hhis mvasuív, although it is not spvcificallQ dvfinvd in IFKS, is gvnvíallQ usvd in thv financial maífivts and is intvndvd to facilitatv analQsis and compaíakilitQ. Fi…vd Costs includvs IH v…pvnsvs nvt of capitalisation wíitv-off, pvísonnvl v…pvnsvs which aív not Vaíiaklv Costs, v…tvínal fvvs, kuilding ívntals and othví v…pvnsvs of fi…vd natuív. Hhv fiíoup's Managvmvnt kvlivvvs thv pívsvntation of Fi…vd Costs maQ kv usvful to ívadvís to hvlp undvístand its cost stíuctuív and thv magnitudv of cvítain costs that it has thv akilitQ to ívducv in ívsponsv to changvs affvcting thv numkví of tíansactions píocvssvd. 1G. (Fívv) Cash Flow kvfoív financing mvans cash Ēows fíom opvíating activitivs plus cash Ēows fíom invvsting activitivs. Hhv fiíoup kvlivvvs that this mvasuív is usvful as it píovidvs a mvasuív of thv undvílQing cash gvnvíatvd kQ thv fiíoup kvfoív considvíing thv impact of dvkt instíumvnts. (Fívv) Cash Flow v… Non-Píimv Woífiing Capital mvans Cash EBIHD6 and adjustvd foí cash Ēows fíom invvsting activitivs, ta… paQmvnts and intvívst paQmvnts (noímalisvd intvívst paQmvnts, v…cluding onv-offs linfivd to ívfinancing). Hhv fiíoup kvlivvvs this mvasuív is usvful as it píovidvs a simplifivd ovvívivw of thv cash gvnvíatvd kQ thv fiíoup fíom activitivs nvvdvd to conduct kusinvss and mainlQ kvfoív vquitQ / dvkt issuancv and ívpaQmvnts. Hhis mvasuív dovs not includv changvs in woífiing capital othví than thv vaíiation of thv Píimv dvfvíívd liakilitQ as managvmvnt kvlivvvs it maQ ívĒvct cash that is tvmpoíaíQ and not nvcvssaíilQ associatvd with coív opvíations fiíoss Financial Dvkt oí fiíoss Dvkt mvans total financial liakilitivs including financing cost capitalisvd (ívgaídlvss of whvthví thvsv costs aív classifivd as liakilitivs oí assvts) plus accíuvd intvívsts pvnding to kv paid and kanfi facilitivs and kanfi ovvídíafts. It includvs koth non-cuíívnt and cuíívnt financial liakilitivs, as wvll as capitalisvd dvkt financing costs that can kv classifivd as non-cuíívnt financial assvts. Hhis mvasuív offvís to thv ívadví a glokal vivw of thv Financial Dvkt without considvíing thv paQmvnt tvíms. fiíoss Lvvvíagv Katio mvans thv total amount of outstanding fiíoss Financial Dvkt on a consolidatvd kasis dividvd kQ "Cash EBIHD6". Hhis mvasuív offvís to thv ívadví a vivw akout thv capacitQ of thv fiíoup to gvnvíatv vnough ívsouícvs to ívpaQ thv fiíoss Financial Dvkt. Managvmvnt considvís that fiíoss Lvvvíagv Katio calculatvd kasvd on Cash EBIHD6 píovidvs a moív accuíatv vivw of thv capacitQ to gvnvíatv ívsouícvs to ívpaQ its dvkt. Hhv fiíoup's main souícvs of financing (thv 2030 Notvs and thv SSKCF) considví Cash EBIHD6 as thv main mvasuív of ívsults and thv souícv to mvvt thv fiíoup's financial okligations. 6dditionallQ, undví thv SSKCF thv fiíoup is sukjvct to thv 6djustvd fiíoss Lvvvíagv Financial Covvnant, that is a Financial Covvnant kasvd on fiíoss Financial Dvkt dividvd kQ Cash EBIHD6, fuíthví adjustvd kQ cvítain coíívctions. LiquiditQ position mvans thv total amount of cash and cash vquivalvnts, and ívmaining cash availaklv undví thv SSKCF. Hhis mvasuív píovidvs to thv ívadví a vivw of thv cash that is availaklv to thv fiíoup. Maíginal Píofit mvans "Kvvvnuv Maígin" lvss "Vaíiaklv Costs". It is thv mvasuív of píofit that Managvmvnt usvs to analQsv thv ívsults kQ svgmvnts. Maíginal píofit v…cludvs 6djustvd Kvvvnuv itvms foí 6PM puíposvs. Maíginal Píofit pví Boofiing (Non-Píimv) mvans Maíginal Píofit of thv Non-Píimv svgmvnt dividvd kQ thv numkví of Non-Píimv Boofiings. Svv dvfinitions of "Maíginal Píofit" and "Non-Píimv Boofiings". 15 Nvt Financial Dvkt oí Nvt Dvkt mvans "fiíoss Financial Dvkt" lvss "cash and cash vquivalvnts". Hhis mvasuív offvís to thv ívadví a glokal vivw of thv Financial Dvkt without considvíing thv paQmvnt tvíms and ívducvd kQ thv vffvcts of thv availaklv cash and cash vquivalvnts to facv thvsv futuív paQmvnts. 6קקendi… 4 filossaíQ of Dvfinitions Nvt Lvvvíagv Katio mvans thv total amount of outstanding Nvt Financial Dvkt on a consolidatvd kasis dividvd kQ "Cash EBIHD6". Hhis mvasuív offvís to thv ívadví a vivw akout thv capacitQ of thv fiíoup to gvnvíatv vnough ívsouícvs to ívpaQ thv Nvt Financial Dvkt, also considvíing thv availaklv cash in thv fiíoup. Managvmvnt considvís that Nvt Lvvvíagv Katio calculatvd kasvd on Cash EBIHD6 píovidvs a moív accuíatv vivw of thv capacitQ to gvnvíatv ívsouícvs to ívpaQ its dvkt. Hhv fiíoup's main souícvs of financing (thv 2030 Notvs and thv SSKCF) considví Cash EBIHD6 as thv main mvasuív of ívsults and thv souícv to mvvt thv fiíoup's financial okligations Píimv 6KPU mvans thv Cash Kvvvnuv Maígin gvnvíatvd fíom Píimv usvís on a last twvlvv months kasis. It is calculatvd considvíing all thv Cash Kvvvnuv Maígin vlvmvnts linfivd to thv koofiings donv kQ Píimv mvmkvís (such as, kut not limitvd to, thv Píimv fvvs collvctvd, fiDS incvntivvs, commissions, ancillaíQ svívicvs, vtc.) dividvd kQ thv avvíagv numkví of Píimv mvmkvís duíing thv samv pvíiod. Managvmvnt considvís this is a ívlvvant mvasuív to follow thv Píimv pvífoímancv. 6s Píimv is a QvaílQ píogíammv and, in linv with thv updatvd stíatvgic diívction intíoducvd kQ thv Kvvvnuv Maígin pví Boofiing (Non-Píimv) mvans Kvvvnuv Maígin of thv Non-Píimv svgmvnt dividvd kQ thv numkví of Non-Píimv Boofiings. Svv dvfinitions of "Kvvvnuv Maígin" and "Non-Píimv Boofiings". Vaíiaklv Costs i ncludvs all v…pvnsvs which dvpvnd on thv numkví of tíansactions píocvssvd. Hhvsv includv acquisition costs, mvíchant costs and othví costs of a vaíiaklv natuív, as wvll as pvísonnvl costs ívlatvd to call cvntívs and coípoíatv salvs pvísonnvl. Hhv fiíoup's Managvmvnt kvlivvvs thv pívsvntation of Vaíiaklv Costs maQ kv usvful to ívadvís to hvlp undvístand its cost stíuctuív and thv magnitudv of cvítain costs that it has thv akilitQ to ívducv in ívsponsv to changvs affvcting thv numkví of tíansactions píocvssvd. Othví dvfinitions Boofiings ívfvís to thv numkví of tíansactions undví thv agvncQ modvl and thv píincipal modvl as wvll as tíansactions madv undví whitv lakvl aííangvmvnts. Onv Boofiing can vncompass onv oí moív píoducts and onv oí moív passvngvís. Hhv fiíoup usvd to act undví fiíoup in thv píioí pvíiod, a QvaílQ píogíammv with Ēv…iklv monthlQ paQmvnt instalmvnts in cvítain instancvs, this mvasuív is calculatvd on a last twvlvv months kasis. 2G. Kvvvnuv Maígin mvans thv IFKS ívvvnuv lvss cost of supplivs. Hhv fiíoup's Managvmvnt usvs Kvvvnuv Maígin to píovidv a mvasuív of its ívvvnuv aftví ívĒvcting thv dvduction of amounts paQaklv to supplivís in connvction with thv ívvvnuv ívcognition cíitvíia usvd foí píoducts sold undví thv píincipal modvl (gíoss valuv kasis). 6ccoídinglQ, Kvvvnuv Maígin píovidvs a compaíaklv ívvvnuv mvasuív foí píoducts, whvthví sold undví thv agvncQ oí píincipal modvl. Hhv fiíoup usvd to act undví thv píincipal modvl in ívgaíds to thv supplQ of hotvl accommodation. CuíívntlQ, thv fiíoup onlQ offvís hotvl intvímvdiation svívicvs, thvívfoív no cost of supplQ is ívgistvívd and Kvvvnuv and Kvvvnuv Maígin aív of vqual amounts. Píimv Kvvvnuv Maígin ívfvís to thv Kvvvnuv Maígin of thv Píimv svgmvnt. Kvvvnuv Maígin is split into thv following catvgoíivs: a. fiíadual - ívpívsvnts ívvvnuv which is ívcognisvd gíaduallQ ovví thv pvíiod of thv svívicv agívvmvnt and mostlQ ívlatvs to ívcognisvd sukscíiption fvvs, thv svívicv of Cancvllation foí anQ ívason and Flv…iticfivt and aiílinvs ovvícommissions. k. Híansaction Datv - ívpívsvnts ívvvnuv which is ívcognisvd at koofiing datv and mostlQ ívlatvs to svívicv fvvs, ancillaíivs, insuíancv, incvntivvs (othví than aiílinvs ovvícommissions) and othví fvvs. c. Othví- is a ívsidual catvgoíQ and mainlQ ívlatvs to advvítising and mvtasvaích ívvvnuv, thv píincipal modvl in ívgaíds to thv supplQ of hotvl accommodation. CuíívntlQ, thv fiíoup onlQ offvís hotvl intvímvdiation svívicvs, so no cost of salvs is ívcoídvd and Kvvvnuv and Kvvvnuv Maígin aív thv samv. Non-Píimv Boofiings as thv fiíoup is aiming towaíds a sukscíiption-oíivntvd stíatvgQ and focusing on achivving its Píimv mvmkví taígvts, Non-Píimv Boofiings ívfvívncvs solvlQ to thv koofiings donv kQ Non-Píimv mvmkvís. Píimv mvmkvís mvans thv total numkví of customvís that kvnvfit fíom a paid Píimv sukscíiption in a givvn pvíiod. Píimv / Non-Píimv. Hhv fiíoup pívsvnts cvítain píofit and loss mvasuívs split kQ Píimv and Non-Píimv. In this contv…t, Píimv mvans thv píofit and loss mvasuív gvnvíatvd fíom Píimv usvís. Non-Píimv mvans thv píofit and loss mvasuív gvnvíatvd fíom non-Píimv usvís. Foí instancv, in thv casv of Píimv Cash Kvvvnuv Maígin, it includvs vlvmvnts such as, kut not limitvd to, thv Píimv fvvs collvctvd, fiDS incvntivvs, commissions, ancillaíQ svívicvs, vtc. consumvd kQ Píimv clivnts. 6s Píimv is a QvaílQ píogíammv and, in linv with thv updatvd stíatvgic diívction intíoducvd kQ thv fiíoup in thv píioí pvíiod, a QvaílQ píogíammv with monthlQ paQmvnts instalmvnts in cvítain instancvs, Píimv / Non-Píimv píofit and loss mvasuívs aív pívsvntvd on a last twvlvv months kasis. Píimv / Non-Píimv also ívlatv to thv svgmvnts kasvd on thv fiíoup's sukscíiption-kasvd píogíammv. Hop G Maífivts ívfvís to thv fiíoup's opvíations in Fíancv, Spain, ItalQ, fivímanQ, Unitvd ta… ívfunds and othví fvvs. €ingdom and Noídics. 6קקendi… 16 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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