EDreams ODIGEO S A : FY 2026 Integrated Annual Report

About this update from Edreams Odigeo

Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts Integí»ted 6nnu»l Keקoít "Y2O2G "ícc tí»nsl»tion tíom tkc oíigin»l documcnt in €n»nisk. In tkc cvcnt ot »nQ discícn»ncQ, tkc €n»nisk-l»ngu»gc vcísion nícv»ils. cDicams ODIGEO Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌Letteí tíom tke CEO In Novvmkví 2025, wv »nnouncvd » »ig»-conviction pivot, tí»nsitioning fíom » position of stívngt» »nd consistvnt dvlivvíQ to » nvw multi-Qv»í ío»dm»p dvsignvd to »ccvlví»tv gíowt», kuild »n vvvn moív succvssful kusinvss »nd m»…imisv v»luv foí ouí st»fiv»oldvís. T»is st»íting pvíiod of tí»nsfoím»tion »»s píovvn to kv onv of signific»nt »c»ivvvmvnts, »s wv succvssfullQ k»l»ncvd stí»tvgic invvstmvnt foí futuív gíowt» wit» continuvd opví»tion»l v…cvllvncv. A Qgaí ofi gxcg»Чional »glivgíQ Wv »»vv continuvd to dvlivví kot» fin»nci»llQ »nd opví»tion»llQ, v…cvvding ouí »nnu»l Píimv mvmkví 1 gíowt» t»ígvt kQ 9% to ív»c» 7.9 million sukscíikvís, fíom 7.3 million in t»v píioí Qv»í. T»v continuous gíowt» »nd incív»sing m»tuíitQ of ouí mvmkvís»ip k»sv is tvst»mvnt to consumví s»tisf»ction »nd kolstvís ouí confidvncv »s wv puísuv »mkitious nvw t»ígvts »nd v…p»nd into unt»ppvd m»ífivts. Kvflvcting ouí pl»nnvd invvstmvnts »nd t»v tí»nsition to »n »nnu»l sukscíiption wit» mont»lQ »nd qu»ítvílQ p»Qmvnts-í»t»ví t»»n » singlv upfíont fvv-wv ív»c»vd » C»s» EBITD6 1 of C157.0 million, suíp»ssing ouí t»ígvt of C155 million. T»v nvw p»Qmvnt modvl »»s píovvn to vn»»ncv lifvtimv v»luv »nd »cts »s » fivQ vn»klví foí »ig»ví gíowt» í»tvs »s wv sc»lv Píimv mvmkvís into nvw gvogí»p»ivs »nd píoduct »ív»s. W»ilv t»v timing of ouí c»s» inflows »»s n»tuí»llQ s»iftvd undví t»is modvl, vDO ívm»ins gu»í»ntvvd to ívcvivv t»vsv funds ovví t»v couísv of t»v »nnu»l sukscíiption, just in inst»lmvnts í»t»ví t»»n »s » singlv »nnu»l p»Qmvnt. ConsvquvntlQ, in t»v tí»nsition»íQ Fisc»l Yv»í 202G ouí undvílQing opví»tion»l momvntum is kvst dvmonstí»tvd kQ 6djustvd EBITD6 1 , w»ic» isol»tvs pvífoím»ncv fíom t»vsv c»s» timing vffvcts. T»is mvtíic gívw signific»ntlQ to C172.3 million, ívpívsvnting » ívm»ífi»klv 29% incív»sv Qv»í on Qv»í. Ouí kottom linv pvífoím»ncv fuít»ví dvmonstí»tvs t»v succvss of ouí v…vcution, wit» 6djustvd Nvt Incomv 1 ív»c»ing C72.9 million. T»is ívpívsvnts » signific»nt 42% incív»sv comp»ívd to t»v C51.2 million »c»ivvvd in t»v pívvious Qv»í »nd »ll-timv »ig» in vDO's »istoíQ. Ouí k»l»ncv s»vvt »nd c»s» gvnví»tion ívm»in vvíQ stíong, vn»kling us to invvst in t»v kusinvss to »ccvlví»tv futuív gíowt» w»ilv simult»nvouslQ ívtuíning v»luv to ouí s»»ív»oldvís. Wv »»vv »lív»dQ v…vcutvd sukst»nti»l s»»ív kuQ-k»cfis, ívm»ining fullQ committvd to ouí C100 million ívpuíc»»sv t»ígvt kvfoív Svptvmkví 2027, w»ic» ívpívsvnts » Qivld to s»»ív»oldvís of »ppío…im»tvlQ 30%. AccglgíaЧg» «íowЧ" zЧíaЧg«Q vDO's nvw »mkitious stí»tvgQ w»s foímul»tvd fíom » position of stívngt», wit» ouí fund»mvnt»l kusinvss díivvís cuíívntlQ »t t»vií most íokust. T»is ío»dm»p is dvsignvd to sukst»nti»llQ incív»sv sukscíikví gíowt» to kvtwvvn 1.5 million »nd 2 million nvt »dds 2 pví Qv»í kvtwvvn FY28 »nd FY30, moving us tow»íd » go»l of moív t»»n 13 million mvmkvís kQ 2030. W»ilv wv »nticip»tv »n 6djustvd EBITD6 1 pív-invvstmvnts of C1G7 million foí FY27 duíing t»is invvstmvnt p»»sv, t»v outloofi ívm»ins v…cvption»l: following t»is tí»nsition»íQ pvíiod, píofit»kilitQ is píojvctvd to gíow kQ moív t»»n 33% pví »nnum fíom 2027 onw»íds. Wv opví»tv in »n vnoímous glok»l sukscíiption m»ífivt, w»ic» is v…pvctvd to v…p»nd »t » í»tv of 11% pví Qv»í t»íoug» 2030. Ouí tí»nsition to » sukscíikví modvl pl»Qs pvífvctlQ into t»v pívfvívncvs of t»v Qoungví dvmogí»p»ic, w»o 2 »»vv intvgí»tvd sukscíiption svívicvs into vvvíQ »spvct of t»vií livvs. T»is s»ift not onlQ cív»tvs » moív ívli»klv »nd pívdict»klv kusinvss wit» ívcuííing ívvvnuvs kut »lso vnsuívs wv »ív f»í moív ívsilivnt in t»v f»cv of m»ífivt vol»tilitQ. 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 2 Nvt 6dds: fiíoss 6dds-C»uín. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO Lga»gíz"i» in Ч"g a«g ofi AI W»ilv wv »ív in » nvw glok»l »gv of 6I, t»is is f»mili»í tvííitoíQ foí vDO. H»ving »doptvd »n 6I-Fiíst »ppío»c» in 2015, t»v tvc»nologQ is now vmkvddvd in vvvíQt»ing wv do, »llowing us to pvíson»lisv customví jouínvQs »t sc»lv, lvvví»gv »dv»ncvd pívdictivv »n»lQtics, optimisv m»ífivting, »nd »c»ivvv ívm»ífi»klv vfficivncivs »cíoss t»v ko»íd. Ouí lv»dvís»ip in 6I dvlivvís »ig»ví gíowt», »ig»ví customví LTV, stíongví customví loQ»ltQ »nd » moív divvísifivd »nd »gilv kusinvss. Moívovví wv svv signific»nt gíowt» oppoítunitivs vn»klvd wit» 6I foí vDO. In »ddition, » svmin»l momvnt foí t»v industíQ occuíívd in v»ílQ M»íc» 202G, w»vn m»joí »oíizont»l 6I pl»tfoíms dismissvd potvnti»l »mkitions to intíoducv diívct s»opping. It is clv»í t»»t fin»nci»l, ívgul»toíQ »nd opví»tion»l complv…itivs in»vívnt to t»v tí»vvl sp»cv mv»n t»»t »oíizont»l pl»tfoíms »ív puísuing »dvvítising ívvvnuvs í»t»ví t»»n ívt»il ívvvnuv, »s »»s kvvn t»v c»sv foí t»v p»st 20 plus Qv»ís. T»is l»ndsc»pv pl»Qs vvíQ wvll to tíustvd, spvci»lisvd vvític»l pl»tfoíms lifiv vDO, »llowing us to continuv píoviding t»v ívt»il píoposition »nd owning t»v customví ívl»tions»ip. fiivvn ouí uniquv Píimv píoposition »nd supvíioí LTV-to-C6C (customví »cquisition costs) í»tio, vDO is t»v n»tuí»l winnví in t»is vvolving vnviíonmvnt »s wv loofi to gíow into nvw píoduct c»tvgoíivs »nd c»»nnvls. 6I is »lso signific»ntlQ vn»»ncing ouí opví»tions, vvidvncvd kQ » 5… incív»sv in vnginvvíing vvlocitQ »nd sukst»nti»l s»vings in customví svívicv, w»ilv impíoving customví s»tisf»ction í»tvs. In s»oít, »s »n 6I-Fiíst comp»nQ, wv »ív v…citvd »kout t»v diívction of t»v m»ífivt »nd ouí optim»l position to c»ptuív t»v oppoítunitivs »»v»d. B»il»in« Ч"g »lЧimaЧg «lo»al all-Чíavgl z»»zcíi»Чion T»v ví» of vDO kving » flig»t-cvntíic kusinvss is fiímlQ kv»ind us. Ouí nvw stí»tvgic p»t» is ívsolutv: tí»nsfoíming vDO into » tíulQ glok»l, divvísifivd tí»vvl sukscíiption pl»tfoím t»»t c»tvís to vvvíQ tí»vvl nvvd. To »c»ivvv t»is vision, wv »ív in » dvlikví»tv pvíiod of invvstmvnt »nd tí»nsfoím»tion, v…vcuting » pl»n to dvlivví signific»nt long-tvím v»luv foí ouí s»»ív»oldvís t»íoug» fouí coív pill»ís: Enk»nccd n»Qmcnt modcls: Wv »»vv movvd kvQond t»v singlv upfíont fvv to offví flv…iklv mont»lQ »nd qu»ítvílQ inst»lmvnts. B»svd on two Qv»ís of v…tvnsivv opví»ting »nd vv»lu»tion, wv finow t»is is » fivQ díivví foí gív»tví futuív gíowt». T»is s»ift »»s píovvn to dvlivví »n up to 13% uplift in customví lifvtimv v»luv »nd » 10% incív»sv in Nvt Píomotví Scoív (NPS). Píoduct c…n»nsion: Wv »ív v…tvnding ouí m»ífivt lv»dvís»ip in flig»ts to includv í»il »nd » muc» l»ígví »nd »ttí»ctivv »otvl nvtwoífi. Bot» »ív l»ígv, »ttí»ctivv m»ífivts t»»t »llow ouí mvmkvís to vnjoQ » tíuv onv stop s»op v…pvíivncv w»ilv píoviding vDO wit» signific»ntlQ »ig»ví m»ígins. Gcogí»nkic c…n»nsion: Wv »ív sc»ling ouí modvl kvQond ouí coív Euíopv»n m»ífivts to »ig»-potvnti»l ívgions including Mv…ico, 6ígvntin», t»v U6E, Pol»nd, »nd Sout» 6fíic», w»vív ouí v»ílQ opví»tions »ív »lív»dQ dvmonstí»ting supvíioí pvnvtí»tion í»tvs comp»ívd to ouí vst»klis»vd m»ífivts. 6gcntic 6I lc»dcískin: Wv »ív dvvpvning ouí invvstmvnt in »gvntic 6I to ívvolutionisv t»v customví v…pvíivncv »nd intvín»l píoductivitQ. BQ dvploQing »utonomous »gvnts t»»t c»n ívsolvv complv… t»sfis, wv »ív ívsolving customví nvvds f»ství »nd »t » lowví cost. T»is vvolution powvís ouí píovvn d»t» mvs» to »utom»tv complv… kusinvss píocvssvs »nd vnsuív t»v »ig»vst qu»litQ of 6I gvnví»tvd contvnt »t m»ssivv sc»lv. E…cvllvnt píogívss »»s »lív»dQ kvvn m»dv. Ouí stí»tvgic díivvís »ív cuíívntlQ pvífoíming »s v…pvctvd »t t»is st»gv of t»v fouí Qv»í pl»n. Fuít»vímoív, ouí commitmvnt to v…cvllvncv is ívflvctvd in ouí customví s»tisf»ction, wit» NPS »»ving »lív»dQ íisvn kQ 7%. 3 Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO T"g ЧalgnЧ comman»in« o»í Чgc"nolo«Q Nonv of ouí succvss would kv possiklv wit»out t»v kíilli»ncv »nd dvdic»tion of t»v vDO tv»m. Ouí vDOvís »ív guidvd kQ » stíong svt of v»luvs t»»t foství innov»tion »nd v…cvllvncv. Wv ívm»in committvd to kving » top vmploQví w»vív t»lvnt t»íivvs, »nd I »m immvnsvlQ píoud t»»t ouí cultuív continuvs to ívcvivv glok»l »ccl»im. In 202G, wv wvív oncv »g»in ívcognisvd »s LinfivdIn Top Comp»nQ to Woífi Foí in Sp»in »nd fv»tuívd foí t»v fift» consvcutivv Qv»í on t»v Foíkvs 'Bvst Comp»nivs to Woífi Foí' list. Fuít»vímoív, ouí commitmvnt to »n inclusivv woífipl»cv w»s v»lid»tvd kQ t»v Fí»nfifuítví 6llgvmvinv Zvitung, w»ic» »ig»lig»tvd vDO »s » 'Kolv Modvl in DivvísitQ & Inclusion 2025'. T»vsv »ccol»dvs ívflvct ouí tiívlvss vffoít to kuild » woíld cl»ss vnviíonmvnt foí ouí pvoplv. Tvst»mvnt to t»v positivv imp»ct of ouí cultuív is t»v 4.8% incív»sv wv »»vv svvn t»is Qv»í in t»v »vví»gv tvnuív of vDOvís, fuít»ví confiíming vDO »s » gív»t pl»cv to woífi. Post t»v Qv»í vnd, in M»Q, C»íistop» Divtvílv, cuíívntlQ C»ivf Kvt»il »nd Píoduct Officví w»s píomotvd to CFO. Hv joinvd vDO in 2017 following t»v »cquisition of kudgvtpl»cvs.com w»vív »v »»d svívvd »s CFO »nd t»vn CEO. Píioí to t»»t, »v »vld svnioí fin»ncv m»n»gvmvnt íolvs »t E…pvdi». Hv »»s vvíQ muc» kvvn p»ít of t»v vDO tí»nsfoím»tion »nd kíings gív»t v…pvítisv to t»v íolv. C»íistop» could not kv » kvttví succvssoí to D»vid Eliz»g», ouí long svíving CFO, w»o »»s dvcidvd to stvp down. Howvvví, vDO will ívt»in »is v…pvítisv »s D»vid will continuv to svívv on t»v Bo»íd of Diívctoís. On kv»»lf of t»v Bo»íd »nd pvíson»llQ, I would lifiv to wvlcomv »nd congí»tul»tv C»íistop» on »is nvw position, » sv»mlvss tí»nsition »nd t»»nfi D»vid foí »is vnoímous contíikution to t»v kusinvss ovví t»v Qv»ís »s CFO, wis»ing »im vvvíQ succvss in »is futuív vndv»vouís. Govgínancg an» ESG vDO opví»tvs wit» t»v »ig»vst lvvvl of govvín»ncv. Millvnni»ls »nd fivn Z, ouí l»ígvst customví gíoups, dvm»nd ívsponsiklv kusinvss pí»cticvs, »nd wv continuv to mvvt t»is v…pvct»tion. Wv »»vv m»int»invd c»íkon nvutí»litQ foí » si…t» consvcutivv Qv»í »nd vst»klis»vd »mkitious nvw sust»in»kilitQ t»ígvts »lignvd wit» ouí 6I Fiíst stí»tvgQ. BQ intvgí»ting top tiví ESfi pvífoím»ncv wit» tvc»nologic»l innov»tion, wv continuv to outpvífoím ouí pvvís »nd c»»mpion » moív ívsponsiklv futuív foí glok»l tí»vvl. O»Чloo½ vDO is in »n v…citing p»»sv, is invvsting foí t»v futuív »nd »»s »n »mkitious stí»tvgQ to »g»in ívinvvnt t»v tí»vvl v…pvíivncv foí ouí sukscíikvís wit» » customví-cvntíic, »ll-tí»vvl sukscíiption pl»tfoím. Wv »»vv » tv»m t»»t dvlivvís; t»is is not t»v fiíst timv wv »»vv svt »mkitious long-tvím gíowt» t»ígvts, »nd wv »»vv consistvntlQ dvlivvívd on vvvíQ pívvious t»ívv-Qv»í ío»dm»p. Wv »ív pívp»ívd to do so »g»in. Ouí c»p»kilitQ to dvlivví is »lív»dQ vvidvnt in t»v fiíst si… mont»s of t»is nvw pl»n, w»vív ouí initi»l ívsults »ív »lív»dQ mvvting ouí stí»tvgic okjvctivvs. Ouí »mkitious pl»n will fuít»ví dv-íisfi »nd divvísifQ t»v kusinvss, w»ilst »t t»v s»mv timv m»fiv it vvvn moív píofit»klv »nd lovvd kQ sukscíikvís. Wv »ív »lív»dQ svving t»ngiklv ívsults »nd »ív v…citvd foí w»»t is to comv. T»is is w»»t wv commit to dvlivví: FY28-30 Kvcoíd Píimv Nvt 6dds 2 1.5-2 million pví Qv»í. FY30: 13 million Píimv Mvmkvís 1 , »lmost doukling FY25 mvmkvís»ip k»sv. >C270M C»s» EBITD6 1 =33% C6fiK (FY27-FY30). Wv »»vv t»v foívsig»t, t»v tvc»nologQ, t»v tv»m »nd t»v modvl to succvvd. vDO is going f»ství »nd »ig»ví, »nd wv »ív dvtvíminvd to cív»tv signific»nt, l»sting v»luv foí »ll ouí st»fiv»oldvís w»o join us on t»is v…citing jouínvQ. D»n» Dunnc 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 2 Nvt 6dds: fiíoss 6dds-C»uín. 4 CEO of vDív»ms ODIfiEO Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Intcgí»tcd 6nnu»l Kcnoít "Y2O2G ‌ 6 M»n»gcmcnt Kcnoít Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts B C Consolid»tcd cDicams ODIGEO Indc… Ouí KPIs in kíiet Ouí Business Model, Peítoím»nce & Stí»teg; Non-"in»nci»l Intoím»tion Intíoduction Coíקoí»te (oveín»nce Kisfi M»n»gement Sust»in»kilit; »nd Doukle M»teíi»lit; (oveín»nce M»teíi»l 6íe»s B.G. Soci»l M»teíi»l 6íe»s Enviíonment EU T»…onom; B.t. Contents Inde… ot tke l»w 11/2O18 & (KI Indic»toís B.1O. 6uditoí Veíitic»tion Keקoít B.11. Cont»ct & Puklic Keקoíts "in»nci»l €t»tcmcnts & Notcs 6udit Keקoít Consolid»ted "in»nci»l St»tements Notes to tke Consolid»ted "in»nci»l St»tements 5 6lteín»tive Peítoím»nce Me»suíes Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌ 6 M»n»gement Keקoít Ouí €PIs in kíict Ouí Busincss Modcl, Pcítoím»ncc & €tí»tcgQ G Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO 6 M»n»gement Keקoít Ouí €PIs in kíict 7 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌6.1. Ouí €PIs in kíict ľí»vcl €ukscíintion (LOB6L LE6DEK Píimc Mcmkcís 1 7.9M +9% YoY (tíom 7.3M) 6iílincs Hotcls +GOO 2.1M C»sk Kcvcnuc M»ígin 1 CG53.2M ("íom C717.9M) Píimc €k»íc C»sk Kcvcnuc M»ígin 1 75% ("íom 71%) C»sk M»ígin»l Píotit 1 C2G4.8M (tíom C281.GM) Píimc €k»íc C»sk M»ígin»l Píotit 1 9O% ("íom 87%) Píimc 6KPU 1 CG3.9 (tíom C75.9) M»íficts 44 D»ilQ Uscí €c»íckcs +1OOM D»ilQ onlinc 6I 2 nícdictions >GBn C»sk EBIľD6 1 C157.OM (tíom C18O.4M) 6djustcd EBIľD6 1 C172.3M ("íom C133.7M) 6djustcd Nct Incomc 1 C72.9M ("íom C51.2M) Nct Incomc C52.2M 8 ("íom C45.1M) Infoím»tion pívsvntvd k»svd on FY2G vs. FY25 Qv»í-on-Qv»í v»íi»tions. 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 2 6ítifici»l Intvlligvncv. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO 6 M»n»gement Keקoít Ouí Busincss Modcl, Pcítoím»ncc & €tí»tcgQ Ouí Vision Mission, Cultuív »nd V»luvs IndustíQ Ovvívivw fivogí»p»ivs »nd Bí»nds Fin»nci»l Pvífoím»ncv 6.2.G. Stí»tvgQ Ovvívivw 9 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌6.2.1. Ouí Vision To lc»d tí»vcl sukscíintion wit» ouí níoníict»íQ 6I, cív»ting clv»í v»luc foí customvís, stíong íctuíns foí s»»ív»oldvís »nd 'Píoud to kc Píimc' svntimvnt foí vDOvís. 1O Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌6.2.2. Ouí Mission, Cultuíc & V»lucs Mission ľo ícinvcnt tkc tí»vcl c…ncíicncc Wc kcln nconlc discovcí moíc ot tkc woíld tkíougk tí»vcl. Wc k»íncss ouí cutting-cdgc tccknologQ to dclivcí moíc ontions, gíc»tcí v»luc »nd kcttcí scívicc to millions ot tí»vcllcís woíldwidc, »ll in » onc-ston skon tk»t covcís »ll consumcí tí»vcl nccds. Wc »íc níoud to kc » lc»ding tí»nstoím»tivc toícc witkin tkc tí»vcl tcck industíQ »nd »íc ícvolutionising tkc tí»vcl koofiing c…ncíicncc witk Píimc, tkc woíld's tiíst tí»vcl sukscíintion níogí»mmc. Cultuíc & V»lucs Wc »íc n»ssion»tc »kout tí»vcl Wc »íc »mong tkc kiggcst onlinc tí»vcl comn»nics, scíving customcís tkíougkout tkc woíld. Ouí clc»í coínoí»tc v»lucs kcln us to unitc ouí st»tt »íound onc common go»l. ľkc nosition tk»t wc k»vc íc»ckcd tod»Q »s onc ot tkc woíld's l»ígcst onlinc tí»vcl comn»nics »nd onc ot tkc l»ígcst Euíonc»n c-commcícc kusincsscs, witk commcíci»l »ctivitics in 44 m»íficts, is tkc ícsult ot tkc cttoíts »nd dcdic»tion ot ouí cDOcís. Ouí cultuíc is díivcn kQ ouí touí coínoí»tc v»lucs: wc tlQ kigk, wc sct tkc n»tk, wc jouíncQ togctkcí, 11 »nd wc c…nloíc, gíow »nd discovcí. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO Kcinvcnting ľí»vcl - Ouí V»lucs Wc tlQ kigk 6sקiíe to mafic cDO tkc most succcsstul online tí»vel one-stoק skoק Wc sct tkc n»tk ľafic initiativc, ke » selt-st»íteí, sקe»fi uק witk new ide»s Wc jouíncQ togctkcí Woifi witkout koun»aiics , we »ckieve moíe togetkeí Wc c…nloíc... gíow & discovcí! St»; kungí; toí le»íning »nd gíow otkeís - lcain an» giow Woifi witk »assion toí ouí eDO customeís »nd toí tí»vel T»fie tougk decisions, using tacts an» »ata »nd gct tkings »onc Contiikutc constiuctivclQ V»lue »nd deliveí íesults »nd iccognisc cack otkci's contiikution k»sed on meíit Innovatc witk oui customci in min» 12 Loofi out ot tkc win»ow »nd le»ín »nd im»iovc continuouslQ Iteí»te t»st, tiQ, tail, lcain Contiikutc to kc tun Cclckiatc an» cultivatc oui »ivcisitQ Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌6.2.3. IndustíQ Ovcívicw THE SUBSCKIPTION INDUSTKY LEISUKE TK6VEL M6KKET THE SUBSCKIPTION INDUSTKY Mo»uzЧ an» Víowin« Maí½cЧ It Is E…קected to Ke»ck C1.1Tn in "Y3O T»v glok»l vconomQ is witnvssing » dvfinitivv tí»nsition fíom tí»dition»l ownvís»ip to »ccvss-k»svd modvls. T»v sukscíiption vconomQ »»s m»tuívd kvQond » tí»nsition»l tívnd to kvcomv » fund»mvnt»l pill»í of modvín commvícv, c»»í»ctvíisvd kQ pívdict»klv ívvvnuv stív»ms »nd dvvp customví intvgí»tion. In f»ct, it is t»v »ig» gíowt» modvl foí m»nQ píoduct svgmvnts. 6s vvidvncvd kQ t»v d»t» kvlow, t»v tí»jvctoíQ of t»is m»ífivt suggvsts » pvíiod of sust»invd v…p»nsion t»»t is outp»cing lvg»cQ ívt»il svctoís. T»is s»ift undvíscoívs » kío»dví consumví movv tow»íds m»n»ging t»vií ívl»tions»ip vi» sukscíiption. Píojcctcd €ukscíintion M»ífict €izc (in vuío tíillion) Sc»ling Imק»ct 6cíoss Coíe Inteín»tion»l Teííitoíies Gíowtk is distíikutcd glok»llQ witk Noítk 6mcíic», Wcstcín Euíonc »nd "»í E»st »nd Ckin» »s lc»ding ícgions. W»ilv Noít» 6mvíic» ívm»ins t»v l»ígvst singlv m»ífivt foí sukscíiptions (»ppío…. 31%), t»v collvctivv wvig»t of t»v 6si»n m»ífivts (~35%) »nd Euíopv (~24%) dvmonstí»tvs » divvísifivd glok»l ívvvnuv k»sv. Kvgions lifiv L»tin 6mvíic» »nd t»v Indi»n Sukcontinvnt, cuíívntlQ »ccount foí » sm»llví s»»ív of t»v m»ífivt, kut »ív í»pidlQ gíowing »ív»s w»vív sm»ítp»onv »doption is convvíting millions of nvw usvís to ívcuííing killing modvls v»c» Qv»í. 1O.7% C6GK 1.1 O.G Noítk "»í E»st 31% 6meíic» 21% & Ckin» 2O% Westeín Euíoקe G% 5% Indi»n Sukcontinent Kest ot 6si» P»citic 8% 5% 4% 6tíic» & Middle E»st 2025 202G 2027 2028 2029 2030 Sukscíiption M»ífivt Sizv L»tin 6meíic» Centí»l & E»steín Euíoקe 13 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO MczilicnЧ In»uzЧíQ WiЧ" Hi«" Vizi»iliЧQ Sust»ining M»ífiet "Sticfiiness" 6mid M»cíoeconomic He»dwinds €ukscíintion is » kusincss tk»t skows uni«uc "sticfiincss" cvcn »s kousckold kudgcts tigktcn. Dcsnitc slowcí glok»l cconomic gíowtk »nd » cost-ot-living cíisis, cvcn » glok»l ícccssion is not c…ncctcd to ston tkc m»ífict's c…n»nsion. Evvn w»vn in t»v p»st, vconomic gíowt» »»s slowvd, cost-of-living cíisvs »»vv »ppv»ívd »nd wit» »ddition»l vconomic »v»dwinds f»cing consumvís, t»v sukscíiption vconomQ »»s gíown. BQ vvolving kvQond customví »cquisition tow»íds long-tvím v»luv optimis»tion, t»v modvl »»s svcuívd » lvvvl of 'sticfiinvss' t»»t pvísists t»íoug»out vconomic cQclvs. 77% Consumeís m»int»ining cuííent numkeí ot sukscíiקtions G7% M»int»in ketween 1 »nd 4 seívices 14 1 in 4 New sign-uקs - קíeviousl; c»ncelled customeís ľon t»ctoís tk»t motiv»tc loQ»ltQ ľí»nsn»ícnt killing witk no kiddcn tccs 44% E…clusivc contcnt & tc»tuícs 4O% E…ccllcnt customcí scívicc 4O% "lc…iklc commitmcnt 38% €tíong níiv»cQ & d»t» collcction nolicics 33% CommunitQ & mcmkcískin ncífis 25% Etkic»l & sust»in»kilitQ ní»cticcs 12% 0% 10% 20% 30% 40% 50% €ouícc: 202G-st»tv-of-sukscíiptions. KvcuílQ. Ensuíing Píedict»kle St»kilit; in Vol»tile M»ífiets ľkc tí»nsition tow»íds íccuííing tí»mcwoífis ottcís unn»í»llclcd visikilitQ into tutuíc c»sk tlows, níoviding » stí»tcgic »dv»nt»gc ovcí tí»dition»l tí»ns»ction»l modcls duíing ncíiods ot m»ífict vol»tilitQ. T»v sukscíiption vconomQ »»s tí»nsitionvd fíom » nic»v svgmvnt into » domin»nt glok»l ívvvnuv vnginv, m»ífivd kQ » stí»tvgic pivot fíom »ggívssivv customví »cquisition tow»íds » "ívtvntion-lvd" gíowt» modvl. BQ svcuíing ívcuííing p»Qmvnts, kusinvssvs vst»klis» » "st»kilising flooí" t»»t s»ivlds m»ígins duíing pvíiods of vconomic uncvít»intQ. T»is ívc»likí»tion tow»íd lifvcQclv v»luv »nd píofit»kilitQ vnsuívs t»»t gíowt» ívm»ins ívsilivnt consistvntlQ outp»cing t»v cQclic»l fluctu»tions in»vívnt in tí»dition»l onv-off tí»ns»ction»l modvls. C6fiK, S&P 500 comp»nivs G.4% vs. C6fiK, Sukscíiption Kvvvnuv 13.3% €ouícc: Kvvvnuv C6fiK (2012-2023) Zouí» Sukscíiption Economic Indv…. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO In »ddition, t»v píofit»kilitQ of » customví incív»svs ovví timv. 6s ívtvntion lvngt»vns, » customví tí»nsitions fíom »n "»cquisition cost" into » "píofit vnginv." 6 5% incív»sv in ívtvntion Qivlds moív t»»n » linv»í ívvvnuv g»in; it cív»tvs » "compounding" vffvct on t»v kottom linv. Sukscíiקtion Volumes »nd Sקend Continue to Kise Kcsults tíom tkc "ckíu»íQ 2O2G Dcutsckc B»nfi €uívcQ indic»tc tk»t ícsnondcnts sukscíikcd to »n »vcí»gc ot 8.t »nns ncí montk witk » montklQ sncnd ot ½t2, ícnícscnting Qc»í-on-Qc»í incíc»scs ot 7% »nd 1t% ícsncctivclQ. Building on t»v tívnds s»own in t»v Fvkíu»íQ 202G Dvutsc»v B»nfi Sukscíiption SuívvQ, t»v figuívs ívvv»l » signific»nt vsc»l»tion in consumví digit»l spvnding »nd »pp »doption »cíoss fivím»nQ, t»v U€, »nd t»v US. Dvspitv kío»dví vconomic ívc»likí»tions, t»v »vví»gv consumví sukscíiption w»llvt »»s píovvn ívm»ífi»klQ ívsilivnt »nd continuvs to v…p»nd. 92 »vg. mont»lQ Hi«" AЧЧíacЧivcnczz fioí cD0 Píimc Acíozz cQ Dcmo«ía»"icz ľkc m»ífict is incíc»singlQ díivcn kQ Qoungcí gcncí»tions wko k»vc intcgí»tcd sukscíintions into tkcií litcstQlc. Millvnni»ls »nd fivn Z v»luv convvnivncv, flv…ikilitQ, »nd cost vfficivncQ offvívd kQ sukscíiptions. W»vt»ví it's stív»ming svívicvs, fitnvss pl»tfoíms, oí mokilitQ-»s-»-svívicv (M»»S), usvís »ív dí»wn to flv…iklv killing modvls »nd pvíson»lisvd v…pvíivncvs ovví tí»dition»l onv-timv puíc»»svs. (EN Z DOMIN6NCE MILLENNI6LS KESE6KCH "KOM B6IN IDENTI"IES "OUK KEY DKIVEKS BEHIND THIS TKEND 6moitisc» 6cquisition Costs: Higk initi»l costs to "ku;" » customeí (m»ífieting, s»les) »íe sקíe»d oveí moíe ;e»ís. Incicasc» S»cn»ing: Long-teím customeís tend to ku; moíe »nd uקgí»de to קíemium tieís. EtticicncQ: It costs less to seíve »n e…isting customeí wko »líe»d; finows kow ;ouí קíoduct woífis. Kctciials: Lo;»l customeís »ct »s tíee m»ífieting, kíinging in new customeís »t zeío cost. USD vs. USD v…pvndituív 8.9 77 in t»v pívvious Qv»í »vví»gv »pps pví mont» ľkis gcncí»tion is tkc coíncístonc ot tkc sukscíintion cconomQ m»ífict Sukscíiption m»ífivt lv»dvís. Hig»vst sukscíiption spvnding. T»v most sukscíikvd gvnví»tion. Píioíitisv ívcuííing costs. ľkis gcncí»tion is »n c«u»llQ lucí»tivc m»ífict scgmcnt Hig» sukscíiption upt»fiv. Willingnvss to spvnd monvQ on sukscíiptions. Moív willing to spvnd on pívmium svívicvs. vs. 8.3 »pps pívvious Qv»í cDO Piimc »cmogia»kics (=G0% ot Piimc mcmkcis aic Millcnnials an» Gcn Z) Ouí s»»ív of fivn Z is gíowing signific»ntlQ ovví timv. vDO Píimv is stí»tvgic»llQ positionvd »mong t»v m»ífivt-lv»ding gvnví»tions to €ouícc: StudQ conductvd kQ Fívdvíicfi Kvic»»vld of B»in & Comp»nQ. 15 €ouícc: Dvutsc»v B»nfi Onlinv Sukscíiption SuívvQ 5. c»pit»lisv on t»v sust»invd gíowt» of t»v sukscíiption industíQ. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO LEISUKE TK6VEL M6KKET ""c Vlo»al "íavcl SccЧoí - a Su»zЧanЧial "íavcl ConЧinucz Чo Bc a PíioíiЧQ in Conzumcí DizcícЧionaíQ S»cn»in« Dvspitv vconomic pívssuívs, Euíopv»n »nd glok»l consumvís píioíitisv píotvcting tí»vvl vs. ot»ví discívtion»íQ v…pvndituívs. T»is »»s kvvn clv»í ovví t»v p»st svvví»l dvc»dvs w»vn infl»tion íosv »kovv 10% »nd »»s kvvn ívpv»tvdlQ svvn in t»v 1980s t»íoug» t»v 2010s wit» vconomic downtuíns, w»ís vtc. 6ccoíding to suívvQs conductvd kQ t»v Euíopv»n Tí»vvl Commission, w»ilv tí»vvllvís »ív incív»singlQ kudgvt-conscious »nd mindful of gvopolitic»l »nd clim»tv-ívl»tvd disíuptions, tí»vvl continuvs to »old » píim»íQ position in discívtion»íQ »ousv»old spvnding, oftvn píioíitisvd ovví ot»ví lvisuív »nd Imp»ct ot gcopolitic»l tcnsions on dcstin»tion ckoicc 12% Do not t»ctoí geo-contlicts into tkeií destin»tion selection קíocess 6void destin»tions wkeíe geo-contlicts an» Hi«"-VíowЧ" 0»»oíЧuniЧQ T»v glok»l tí»vvl »nd touíism industíQ ívm»ins onv of t»v woíld's most v…p»nsivv »nd ívsilivnt vconomic svctoís, dvfinvd kQ its immvnsv sc»lv »nd const»nt vvolution. T»is v»st l»ndsc»pv is incív»singlQ c»»í»ctvíisvd kQ its v…cvption»llQ »ig» digit»l pvnvtí»tion, »s onlinv »doption »»s kvcomv t»v k»svlinv foí modvín tí»vvllvís. Consumvís »»vv s»iftvd fíom tí»dition»l offlinv c»»nnvls tow»íds sv»mlvss digit»l vcosQstvms t»»t f»cilit»tv t»v vntiív wvllnvss »ctivitivs. Tí»vel Kem»ins » Ke; Píioíit; toí Euíoקe»ns Foí » v»st m»joíitQ of Euíopv»n »ousv»olds, tí»vvl »»s tí»nsitionvd into » non-nvgoti»klv v…pvnsv, oftvn píioíitisvd ovví ot»ví »ctivitivs vvvn »s kudgvts tig»tvn in ot»ví »ív»s. 40% 25% m»; קose diíect íisfis to קeíson»l s»tet; 6void destin»tions wkeíe geo-contlicts m»; disíuקt קeíson»l tí»velling e…קeíience customví jouínvQ - fíom inspií»tion to fin»l koofiing. T»is "digit»l-fiíst" ív»litQ, fuvllvd kQ mokilv ukiquitQ »nd t»v intvgí»tion of sop»istic»tvd tvc»nologQ, »»s vn»»ncvd m»ífivt »ccvssikilitQ »nd opví»tion»l vfficivncQ. Foí st»fiv»oldvís, t»is cív»tvs » signific»nt oppoítunitQ to t»p into » tvc»-s»vvQ glok»l »udivncv t»»t píioíitisvs tí»vvl »s » fund»mvnt»l lifvstQlv c»oicv. C1.5 Tn (lok»l tí»vel m»ífiet size G4% Online קenetí»tion 1G €ouícc: P»ocuswíig»t P»oc»l Point. ot Euíoקe»ns קl»n to m»int»in oí incíe»se tkeií tí»vel kudgets 82% €ouícc: "Monitoíing Svntimvnt foí Intí» Euíopv»n Tí»vvl. W»vv 23". Euíopv»n Tí»vvl Commission. Octokví 2025 - M»íc» 202G. Kising (lok»l Tensions Kesk»קe tke Tí»vel L»ndsc»קe Witkout D»mקening Dem»nd Gconolitic»l tcnsions incíc»singlQ intlucncc dcstin»tion ckoicc, níomnting tí»vcllcís to skitt tow»íds s»tcí loc»tions wkilc m»int»ining tkcií dcsiíc to tí»vcl. W»ilv t»vsv conflicts ívpívsvnt » signific»nt glok»l concvín, t»vQ »ct píim»íilQ »s » filtví foí dvstin»tion svlvction í»t»ví t»»n » dvtvíívnt to tí»vvl itsvlf. Tí»vvllvís »ív pío»ctivvlQ m»n»ging íisfis kQ píioíitising pvíson»l s»fvtQ, s»ifting t»vií intvívst tow»íd dvstin»tions pvícvivvd »s svcuív »uks, suc» »s t»osv in Sout»vín »nd Mvditvíí»nv»n Euíopv. €ouícc: "Monitoíing Svntimvnt foí Intí» Euíopv»n Tí»vvl. W»vv 23". Euíopv»n Tí»vvl Commission. Octokví 2025 - M»íc» 202G. Wkilc glok»l tcnsions m»Q skitt dcstin»tion ckoiccs tow»íd s»tcí ícgions, tí»vcl scntimcnt ícm»ins so ícsilicnt tk»t most tí»vcllcís nl»n to m»int»in oí incíc»sc tkcií sncnding. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO 45 Ye»ís ot Kesilience 6midst (lok»l Vol»tilit; (L»ígest Díoק 2.G% E…ceקt toí COVID) 6s pívviouslQ notvd, glok»l p»ssvngví tí»ffic »»s dvmonstí»tvd ívm»ífi»klQ consistvnt gíowt» ovví t»v p»st 45 Qv»ís, m»int»ining »n upw»íd tí»jvctoíQ dvspitv ívcuííing ívcvssions, vnvígQ cíisvs »nd »ig» infl»tion. Histoíic»l d»t» s»ows t»»t kvtwvvn 1980 »nd 2019, t»vív wvív onlQ t»ívv inst»ncvs of »nnu»l dvclinv. Píioí to t»v unpívcvdvntvd imp»ct of t»v COVID p»ndvmic, t»v most signific»nt contí»ction ívcoídvd w»s 2.G% in 1991. P»sscngcí tí»ttic gíowtk 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 P»ssvngví tí»ffic gíowt» (ívk»svd to 100) fiDP gíowt» (ívk»svd to 100) €ouícc: I6T6 Economic Pvífoím»ncv; Economist Intvlligvncv Unit (EIU); T»v Woíld B»nfi. 17 EUKOPE 6ustíi» (eím»n; Netkeíl»nds Sק»in Czeck Keק (íeece Noíw»; Sweden Denm»ífi Hung»í; Pol»nd Switzeíl»nd "inl»nd Icel»nd Poítug»l Tuífie; "í»nce It»l; Kom»ni» UK Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌SЧíon« »ígzgncg in 44 maí½gЧz, covgíin« 80% ofi Ч"g ЧoЧal Чíavgl maí½gЧ. 6.2.4. Gcogí»nkics »nd Bí»nds Wg aíg o»gíaЧin« fiivg lga»in« »ían»z 247 wcksitcs an» a»»s in 21 languagcs an» 37 »ittcicnt cuiicncics on onc ccntial 18 »lattoim. 6MEKIC6€ 6ígentin» C»n»d» Ckile Colomki» Me…ico Peíú US6 ME6 Moíocco Q»t»í S»udi 6í»ki» Soutk 6tíic» U6E 6P6C 6ustí»li» New Ze»l»nd Ckin» Pkiliקקines Hong Kong Sing»קoíe Indi» Soutk Koíe» Indonesi» T»iw»n J»ק»n Tk»il»nd Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌6.2.5. "in»nci»l Pcítoím»ncc PKIME KEVENUE BY KEVENUE BY "in»nci»l intoím»tion summ»íQ Kvvvnuv M»ígin 1 (in C Million) 1G5.7 (9%) 181.2 GG8.5 0% G71.2 6djustvd EBITD6 1 (in C Million) 33.9 (37%) 53.9 172.3 29% 133.7 Nvt Incomv (in C Million) 11.9 (71%) 41.0 52.2 1G% 45.1 6djustvd Nvt Incomv 1 (in C Million) 9.0 (75%) 3G.7 72.9 42% 51.2 C»s» EBITD6 1 (in C Million) 30.2 (47%) 5G.8 157.0 (13%) 180.4 C»s» Kvvvnuv M»ígin 1 (in C Million) 1G2.1 (12%) 184.1 G53.2 (9%) 717.9 Píimv mvmkvís 1 ('000) 7,90G 9% 7,2G3 7,90G 9% 7,2G3 4Q "Y2G V»í. "Y2G vs. "Y25 4Q "Y25 "Y2G V»í. "Y2G vs. "Y25 "Y25 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 19 PKIME/NON-PKIME (EO(K6PHY CG3.9 C5O8.1M C49G.7M Píimc 6KPU 1 Píimc Kcvcnuc M»ígin 1 ľon G 1 (Fíom C75.9) (Fíom C4G3.4M) (Fíom C49G.GM) CG53.2M C»sk Kcvcnuc M»ígin 1 (Fíom C717.9M) Píimv S»»ív 75% C1GO.4M Non-Píimc Kcvcnuc M»ígin 1 (Fíom C207.8M) C171.8M Kcst ot tkc woíld (Fíom C174.GM) NON-PKIME C2G4.8M C»sk M»ígin»l Píotit 1 (Fíom C281.GM) Píimv S»»ív 90% 4.4M Non-Píimc Boofiings 1 (Fíom 5.0M) Infoím»tion pívsvntvd k»svd on FY2G vs. FY25 Qv»í-on-Qv»í v»íi»tions. 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO Fisc»l Qv»í 202G »»s m»ífivd »n v…cvllvnt st»ít to ouí nvw long-tvím stí»tvgic ío»dm»p, w»ic» will tí»nsfoím vDív»ms ODIfiEO into » tíulQ multi-píoduct, glok»l »nd divvísifivd sukscíiption pl»tfoím. Wv »»vv l»id t»v íokust gíoundwoífi to »c»ivvv ouí »mkitious 2030 vision, »nd ouí píogívss is »lív»dQ tívnding »»v»d of pl»n. In Novvmkví 2025, wv »nnouncvd » »ig»-conviction pivot, tí»nsitioning fíom » position of stívngt» »nd consistvnt dvlivvíQ to » nvw multi-Qv»í ío»dm»p dvsignvd to »ccvlví»tv gíowt» »nd kuild »n vvvn moív succvssful kusinvss foí ouí st»fiv»oldvís. T»is st»íting pvíiod of tí»nsfoím»tion »»s píovvn to kv onv of signific»nt »c»ivvvmvnt, »s wv succvssfullQ k»l»ncvd stí»tvgic invvstmvnt foí futuív gíowt» wit» continuvd opví»tion»l v…cvllvncv. T»v upd»tv on ouí Píimv sukscíiption modvl in FY2G dvlivvívd t»v v…pvctvd ívsults. Píimv mvmkvís 1 gívw 9% Qv»í-on-Qv»í ív»c»ing 7.9 million, G43fi nvt »dds 2 in FY2G, slig»tlQ »kovv ouí FY2G t»ígvt. 6s » ívsult of t»v timing imp»ct fíom t»v movv fíom »nnu»l sukscíiption fvv to »nnu»l wit» mont»lQ inst»lmvnts, C»s» EBITD6 1 ív»c»vd C157.0 million, »lso »kovv ouí t»ígvt of C155.0 million. 2O Wit» 7.9 million Píimv mvmkvís 1 in FY2G (up 9% Qv»í-ovví-Qv»í), »nd t»v potvnti»l wv »ív now unlocfiing t»»nfis to t»v nvw stí»tvgQ, vDív»ms ODIfiEO is uniquvlQ positionvd to »ttí»ct nvw customvís »nd c»ptuív fuít»ví m»ífivt s»»ív. In FY2G, wv »»vv oksvívvd » fvw fivQ c»»ngvs in ouí Kvvvnuv M»ígins 1 . W»ilv ouí ovví»ll Kvvvnuv M»ígin 1 w»s in linv wit» t»v s»mv pvíiod l»st Qv»í, ouí C»s» Kvvvnuv M»ígin 1 s»w » 9% dvcív»sv. T»is s»ift is píim»íilQ duv to » 10% gíowt» in Píimv Kvvvnuv M»ígin 1 , díivvn kQ » 9% incív»sv in Píimv mvmkvís 1 . Howvvví, t»is gíowt» w»s l»ígvlQ offsvt kQ » 23% pl»nnvd ívduction in Non-Píimv Kvvvnuv M»ígin 1 . C»s» Kvvvnuv M»ígin 1 foí Píimv svgmvnt dvcív»svd 3% vs. FY25. W»ilv mvmkví gíowt» w»s » positivv f»ctoí, it w»s offsvt kQ t»v invvstmvnts wv »ív m»fiing in nvw kusinvssvs, t»v tvmpoí»íQ inst»kilitQ in ouí KQ»n»ií contvnt »nd t»v timing imp»ct fíom t»v movv fíom »nnu»l sukscíiption to »nnu»l wit» mont»lQ inst»lmvnts sukscíiption fvv. Ovví»ll, t»v coív of ouí Píimv kusinvss is gíowing. 6djustvd EBITD6 1 , w»ic» isol»tvs opví»tion»l pvífoím»ncv fíom c»s» timing vffvct of t»v movv fíom »nnu»l sukscíiption to »nnu»l wit» mont»lQ inst»lmvnts sukscíiption fvv, incív»svd 29% to » ívcoíd of C172.3 million. vDO »»s tí»nsfoímvd to woíld's lv»ding tí»vvl sukscíiption pl»tfoím. Píimv-ívl»tvd ívvvnuv in FY2G ívpívsvntvd 75% of C»s» Kvvvnuv M»ígin 1 »nd 90% of C»s» M»ígin»l Píofit 1 . In FY2G, M»ígin»l Píofit 1 , w»ic» isol»tvs opví»tion»l pvífoím»ncv fíom c»s» timing vffvcts of t»v movv fíom »nnu»l sukscíiption to »nnu»l wit» mont»lQ inst»lmvnts, incív»svd kQ 19% vs. FY25 ív»c»ing C280.1 million. Nvt Incomv w»s C52.2 million »nd 6djustvd Nvt Incomv 1 w»s C72.9 million in FY2G, » signific»nt incív»sv fíom t»v C45.1 million »nd C51.2 million in FY25, ívspvctivvlQ. Wv kvlivvv 6djustvd Nvt Incomv 1 moív »ccuí»tvlQ ívflvcts t»v kusinvss's tíuv opví»tion»l pvífoím»ncv. Nvt c»s» fíom opví»ting »ctivitivs »lso incív»svd kQ C28.7 million to C175.1 million in FY2G, píim»íilQ duv to » woífiing c»pit»l inflow of C24.2 million vs. »n inflow of C15.4 million in FY25. T»is inflow w»s mostlQ díivvn kQ t»v optimis»tion of suppliví fin»ncv »gívvmvnts »nd incív»svd Hotvl koofiings, p»íti»llQ offsvt kQ » lowví »vví»gv k»sfivt sizv »nd t»v dvcív»sv in Píimv dvfvíívd ívvvnuv duv to t»v s»ift to »nnu»l sukscíiption wit» mont»lQ inst»lmvnts. 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 2 Nvt 6dds: fiíoss 6dds-C»uín. Infoím»tion concvíning »vví»gv p»Qmvnt pvíiod of t»v Sp»nis» comp»nivs is píovidvd in Notv 27.1, "Infoím»tion on »vví»gv p»Qmvnt pvíiod to supplivís" of t»v Notvs to t»v Consolid»tvd Fin»nci»l St»tvmvnts foí t»v Qv»í vndvd 31 st M»íc» 202G. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO €k»íc ot C»sk Kcvcnuc M»ígin 1 €k»íc ot C»sk M»ígin»l Píotit 1 Píimc ""c Píimc Su»zcíi»Чion Mo»cl Iz Ч"c «n«inc "Y2G 25% 75% "Y2G 1O% 9O% P&L witk incíc»sc in Píimc Dctcíícd Kcvcnuc ofi 0uí VíowЧ". In FY2S, A»juzЧc» «BI"DA 1 Vícw 2ß% Ycaí-on-Ycaí In FY2G, dvspitv » c»»llvnging m»cío vnviíonmvnt, ouí Píimv sukscíiption modvl ívm»ins t»v píim»íQ vnginv of gíowt». W»ilv C»sk EBIľD6 1 s»w » dvclinv duv to t»v stí»tvgic movv fíom »nnu»l sukscíiption fvv to »nnu»l wit» mont»lQ inst»lmvnts, ouí 6djustcd EBIľD6 1 -w»ic» isol»tvs t»vsv timing vffvcts-gívw kQ 29% Qv»í-on-Qv»í to ívcoíd lvvvls of C172.3 million. T»is dvmonstí»tvs t»»t t»v coív kusinvss is sc»ling píofit»klQ vvvn »s wv tí»nsition ouí sukscíiption p»Qmvnt options. Píimc mcmkcís 1 ív»c»vd 7.9 million in FY2G, » 9% incív»sv vs FY25, G43fi nvt to FY25. T»is indic»tvs t»»t t»v v»luv píoposition foí Píimv ívm»ins stíong, wit» 6djustvd EBITD6 1 33.9 (37%) 53.9 172.3 29% 133.7 »dds 2 , w»ic» w»s »»v»d of v…pvct»tions. T»is incív»sv contíikutvd to 75% of ouí C»sk Kcvcnuc M»ígin 1 »nd 90% of ouí tot»l C»sk M»ígin»l Píotit 1 now gvnví»tvd kQ Píimc mcmkcís 1 . 6lt»oug» t»v C»sk Kcvcnuc M»ígin 1 dvcív»svd kQ G% duv to t»v movv fíom »nnu»l sukscíiption fvv to »nnu»l wit» mont»lQ inst»lmvnts, t»v undvílQing Kcvcnuc M»ígin toí Píimc 1 gívw kQ 10% comp»ívd mvmkví ívtvntion »nd »cquisition costs offsvtting tvmpoí»íQ »v»dwinds in »ií contvnt »nd timing of p»Qmvnt of t»v sukscíiption fvvs. Otkcí "Y2G Higkligkts V»íi»klc Costs 1 : SuccvssfullQ m»n»gvd down to C388.4 million (»n 11% impíovvmvnt Qv»í-on-Qv»í), »s t»v incív»sv in m»tuíitQ of Píimv mvmkvís 1 ívducvs »cquisition costs. Píimc Dctcíícd Kcvcnuc 1 Imn»ct : T»v s»ift to mont»lQ inst»lmvnts ívsultvd in » C15.3 million dvcív»sv in Píimv dvfvíívd ívvvnuv. C»s» Kvvvnuv M»ígin 1 1G2.1 (12%) 184.1 G53.2 (9%) 717.9 C»s» M»ígin»l Píofit 1 57.0 (29%) 80.2 2G4.8 (G%) 281.G Kvvvnuv M»ígin 1 Incív»svs Píimv Dvfvíívd Kvvvnuv 1 1G5.7 (9%) 181.2 GG8.5 0% G71.2 (3.7) N.6. 2.8 (15.3) N.6. 4G.8 V»íi»klv costs 1 (105.1) 1% (103.8) (388.4) (11%) (43G.3) Fi…vd costs 1 (2G.7) 14% (23.5) (107.8) 7% (101.2) Incív»svs Píimv Dvfvíívd Kvvvnuv 1 3.7 N.6. (2.8) 15.3 N.6. (4G.8) C»s» EBITD6 1 30.2 (47%) 5G.8 157.0 (13%) 180.4 (in C million) 4Q "Y2G V»í. "Y2G vs. "Y25 4Q "Y25 "Y2G V»í. "Y2G vs. "Y25 "Y25 Píimv Non-Píimv Evolution ot Píimc Mcmkcís 1 4Q FY25 1Q FY2G 2Q FY2G 6djustvd itvms 1 (5.G) (2G%) (7.G) (27.1) 28% (21.1) EBITD6 1 28.3 (39%) 4G.3 145.2 29% 112.5 4Q FY2G 3Q FY2G 7.3M 7.5M 7.7M 7.7M 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 2 Nvt 6dds: fiíoss 6dds-C»uín. 21 7.UM Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO 31% "Y25 G9% 24% "Y2G 7G% Kcvcnuc kQ scgmcnt (Píimc/Non-Píimc) Kcvcnuc M»ígin 1 (In C million) 4Q "Y2G V»í. "Y2G vs. "Y25 4Q "Y25 "Y2G V»í. "Y2G vs. "Y25 "Y25 Píimv 128.2 (5%) 134.8 508.1 10% 4G3.4 Non-Píimv 37.G (19%) 4G.4 1G0.4 (23%) 207.8 ľot»l 1G5.7 (t%) 181.2 GG8.5 O% G71.2 Píimv Non-Píimv 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. Píimc Non-Píimc 5O8.1 1O% (In C million) (In C million) 4G3.4 (23)% 2O7.8 1GO.4 FY25 FY2G FY25 FY2G 22 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO 2G% "Y25 74% 2G% "Y2G 74% Kcvcnuc kQ scgmcnt (Gcogí»nkics) Kcvcnuc M»ígin 1 Kvst of t»v woíld 41.4 (5%) 43.G 171.8 (2%) 174.G ľotal 1G5.7 (t%) 181.2 GG8.5 O% G71.2 Top G m»ífivts 1 124.3 (10%) 137.G 49G.7 0% 49G.G (In C million) 4Q "Y2G V»í. "Y2G vs. "Y25 4Q "Y25 "Y2G V»í. "Y2G vs. "Y25 "Y25 Toק G Kest ot tke woíld 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. ľon G 1 Kcst ot tkc woíld (2)% (In C million) (In C million) O% 49G.G 49G.7 FY25 FY2G 174.G 171.8 FY25 FY2G 23 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO Incomc st»tcmcnt Hi«"li«"Чz FY2S Kcvcnuc M»ígin 1 w»s in linv wit» FY25 »nd ív»c»vd CGG8.5 million. T»is "in»nci»l loss incív»svd kQ C4.1 million, mostlQ duv to t»v imp»ct of t»v (in C million) 4Q "Y2G V»í. "Y2G vs. "Y25 4Q "Y25 "Y2G V»í. "Y2G vs. "Y25 "Y25 pvífoím»ncv w»s díivvn kQ » 10% incív»sv in Kvvvnuv M»ígin 1 foí Píimv, ívsulting fíom v…p»nsion of ouí Píimv mvmkví 1 k»sv. T»v gíowt» in Kvvvnuv M»ígin 1 foí Píimv, »s »nticip»tvd, w»s p»ítlQ offsvt kQ t»v Kvvvnuv M»ígin 1 foí Non-Píimv w»ic» dvcív»svd 23% vs. FY25, duv to t»v switc» of ouí customvís fíom Non-Píimv to Píimv »nd moív gvnví»llQ to t»v focus on t»v Píimv sidv of t»v kusinvss. Kcvcnuc M»ígin 1 1G5.7 (t%) 181.2 GG8.5 O% G71.2 V»íi»klv costs 1 (105.1) 1% (103.8) (388.4) (11%) (43G.3) Fi…vd costs 1 (2G.7) 14% (23.5) (107.8) 7% (101.2) 6djustcd EBIľD6 1 33.t (37%) 53.t 172.3 2t% 133.7 6djustvd itvms 1 (5.G) (2G%) (7.G) (27.1) 28% (21.1) EBIľD6 1 28.3 (3t%) 4G.3 145.2 2t% 112.5 D&6 incl. Imp»iímvnt (12.8) 188% (4.4) (50.1) 34% (37.3) EBIľ 15.5 (G3%) 41.t t5.1 2G% 75.3 Fin»nci»l ívsult (G.G) 15% (5.7) (30.4) 15% (2G.3) Incomv t»… 3.0 (37%) 4.8 (12.5) 223% (3.9) Nct incomc 11.t (71%) 41.O 52.2 1G% 45.1 6djustcd nct incomc 1,2 t.O (75%) 3G.7 72.t 42% 51.2 V»íi»klc costs 1 dvcív»svd kQ 11%, dvspitv Kvvvnuv M»ígin 1 kving in linv wit» FY25 »s t»v incív»sv in m»tuíitQ of Píimv mvmkvís 1 ívducvs »cquisition costs. "i…cd costs 1 incív»svd kQ CG.G million, díivvn píim»íilQ kQ incív»sv in píovisions »nd »ig»ví v…tvín»l fvvs costs. 6djustcd EBIľD6 1 w»s C172.3 million (C157.0 million including t»v full contíikution of Píimv) fíom C133.7 million in FY25, » 29% incív»sv. 6djustcd itcms 1 »ffvcting EBITD6 1 incív»svd kQ CG.0 million, ívflvcting t»v itvms »s fuít»ví dvt»ilvd in notv 1.5 of svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. EBIľD6 1 incív»svd kQ C32.G million fíom C112.5 million in FY25 to C145.2 million in FY2G. 2027 Notvs ívp»Qmvnt w»ic» includvs t»v v»ílQ ívdvmption v…pvnsvs »mounting to C5.2 million »nd t»v wíitv-off of ívm»ining c»pit»lisvd fin»ncing costs »mounting to C3.0 million, p»íti»llQ mitig»tvd kQ FX g»ins »nd ívducvd intvívst v…pvnsv duv to t»v impíovvd ívfin»ncing conditions. Incomc t»… c…ncnsc incív»svd kQ C8.G million fíom »n v…pvnsv of C3.9 million in FY25 to »n v…pvnsv of C12.5 million in FY2G m»inlQ duv to (») »ig»ví cuíívnt Qv»í t»…»klv píofits (C10.2 million »ig»ví v…pvnsvs), (k) lowví US incomv t»… incomv duv to » s»oít»gv of cuíívnt Qv»í foívign t»… cívdits (C1.7 million »ig»ví v…pvnsv), (c) no ívvvís»l of imp»iímvnt in t»v cuíívnt Qv»í (C1.7 million lowví v…pvnsv) »nd (d) ot»ví diffvívncvs (C1.G million »ig»ví v…pvnsv). Nct incomc tot»llvd » g»in of C52.2 million, » m»joí impíovvmvnt fíom » g»in of C45.1 million in t»v pívvious Qv»í, »s » ívsult of »ll of t»v v…pl»invd vvolution of ívvvnuv »nd costs. 6djustcd Nct Incomc 1,2 stood »t »n incomv of C72.9 million. Wv kvlivvv t»»t 6djustvd Nvt Incomv 1 kvttví ívflvcts t»v ív»l ongoing opví»tion»l pvífoím»ncv of t»v kusinvss. €ouícc: 6uditvd consolid»tvd fin»nci»l st»tvmvnts. D&6 »nd imn»iímcnt incív»svd kQ C12.8 million m»inlQ duv to t»v 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 2 Svv ívconcili»tion of 6djustvd Nvt Incomv in notv 1.G. of svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. »moítis»tion of t»v nvwlQ c»pit»lisvd itvms, p»íti»llQ offsvt kQ »ig»ví fullQ 24 »moítisvd itvms. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO B»l»ncc skcct ľot»l woífiing c»nit»l (471.1) (438.7) Píovisions (21.7) (1G.G) C»s» »nd c»s» vquiv»lvnts 81.8 7G.9 Nct »sscts 247.t 25O.2 Nct tin»nci»l dckt 1 (2t5.5) (3O2.5) Fin»nci»l dvkt (377.2) (379.4) Dctcíícd t»… 23.2 1t.G ľot»l ti…cd »sscts 1,O13.O t88.4 (in C million) 31 st M»íck 2O2G 31 st M»íck 2O25 Souícu: 6uditvd consolid»tvd fin»nci»l st»tvmvnts. Hi«"li«"Чz FY2S Comp»ívd to píioí fisc»l Qv»í, t»v m»in c»»ngvs ívl»tv to: Tot»l ti…cd »sscts incív»svd kQ C24.G million m»inlQ »s » ívsult of t»v »cquisition of »ssvts foí CG9.8 million, offsvt m»inlQ kQ t»v dvpívci»tion »nd »moítis»tion koofivd in t»v l»st twvlvv mont»s foí C50.0 million. Píovisions incív»svd kQ C5.2 million duv to t»v incív»sv of lvg»l píocvvdings píovisions foí C2.1 million, t»v »ig»ví opví»tion»l píovisions foí C2.0 million »nd »ig»ví C0.7 million of t»…-ívl»tvd píovisions. T»v nvt dctcíícd t»… »ssvt incív»svd kQ C3.G million fíom C19.G million dvfvíívd t»… »ssvt »t 31 st M»íc» 2025 to C23.2 million dvfvíívd t»… »ssvt »t 31 st M»íc» 202G duv to (») t»v ívcognition of US dvfvíívd t»… »ssvts foí pívviouslQ non-ívcognisvd tvmpoí»íQ diffvívncvs (C5.7 million »ig»ví dvfvíívd t»… »ssvt), (k) t»v ívcognition of US dvfvíívd t»… »ssvts foí cuíívnt Qv»í tvmpoí»íQ diffvívncvs (C7.4 million »ig»ví dvfvíívd t»… »ssvt), (c) t»v utilis»tion of Sp»nis» t»… lossvs »nd v…cvss intvívst v…pvnsvs c»ííivd foíw»íd (C5.7 million lowví dvfvíívd t»… »ssvt), (d) t»v ívfund of pívp»id Poítuguvsv incomv t»… following » svttlvmvnt of » cl»im »g»inst t»v Poítuguvsv t»… »ut»oíitivs (C 5.1 million lowví dvfvíívd t»… »ssvt), (v) t»v ívcognition of » »ig»ví píovision foí incomv t»… íisfis (C 0.5 million lowví dvfvíívd t»… »ssvt) »nd (f) t»v pívp»Qmvnt of It»li»n t»… in connvction wit» »n »ppv»l to t»v It»li»n couít »g»inst » wit»»olding t»… »ssvssmvnt (C1.8 million »ig»ví dvfvíívd t»… »ssvt). Nvg»tivv woífiing c»nit»l incív»svd kQ C32.4 million mostlQ díivvn kQ incív»svd »otvl koofiings »nd optimis»tion of suppliví fin»ncv »gívvmvnts offsvt kQ t»v dvcív»sv in Píimv dvfvíívd ívvvnuv. Nct tin»nci»l dckt 1 dvcív»svd kQ C7.0 million díivvn píim»íilQ kQ »n incív»sv in c»s» »nd c»s» vquiv»lvnts. 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 25 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO C»sk tlow 6djustvd itvms 1 (5.G) (7.G) (27.1) (21.1) C»»ngv in woífiing c»pit»l G7.1 42.7 24.2 15.4 C»sk tlow tíom oncí»ting »ctivitics tG.O t8.4 175.1 14G.4 C»sk tlow kctoíc tin»ncing 7t.t 84.5 113.3 tO.t fi»in / (loss) »ssoci»tvd to tív»suíQ s»»ívs tí»ns»ctions (0.1) (0.1) (0.G) (0.4) Fin»nci»l v…pvnsvs (nvt) (0.7) (10.8) (38.3) (22.5) Nct incíc»sc / (dccíc»sc) in c»sk »nd c»sk c«uiv»lcnts kctoíc k»nfi ovcídí»tts G8.7 33.1 5.t (14.7) Nct incíc»sc / (dccíc»sc) in c»sk »nd c»sk c«uiv»lcnts nct ot k»nfi ovcídí»tts 54.3 33.1 5.t (14.7) B»nfi ovvídí»fts us»gv / (ívp»Qmvnt) (14.5) - - - C»sk tlow tíom tin»ncing (11.1) (51.4) (1O7.4) (1O5.G) Ot»ví dvkt issu»ncv / (ívp»Qmvnt) (0.7) (0.7) (2.9) (2.8) 6cquisition of tív»suíQ s»»ívs (9.7) (39.8) (G5.G) (79.9) C»sk tlow tíom invcsting »ctivitics (1G.2) (13.t) (G1.8) (55.G) Incomv t»… (p»id) / collvctvd (0.7) (0.5) (15.9) (2.4) Non-c»s» itvms 1.3 9.9 21.G 20.9 6djustcd EBIľD6 1 33.t 53.t 172.3 133.7 (in C million) 4Q "Y2G 4Q "Y25 "Y2G "Y25 Hi«"li«"Чz FY2S Nct c»sk tíom oncí»ting »ctivitics in FY2G incív»svd kQ C28.7 million, m»inlQ ívflvcting: 6djustvd EBITD6 1 incív»svd to C172.3 million fíom C133.7 million in FY25. Woífiing c»pit»l inflow of C24.2 million comp»ívd to »n inflow of C15.4 million in FY25 mostlQ díivvn kQ t»v optimis»tion of suppliví fin»ncv »gívvmvnts »nd incív»svd Hotvl koofiings, p»íti»llQ offsvt kQ » lowví »vví»gv k»sfivt sizv »nd t»v dvcív»sv in Píimv dvfvíívd ívvvnuv duv to t»v s»ift to »nnu»l sukscíiption wit» mont»lQ inst»lmvnts. Incomv t»… p»id incív»svd kQ C13.5 million fíom C2.4 million incomv t»… p»id in FY25 to C15.9 million incomv t»… p»id in FY2G duv to (») »ig»ví pívp»Qmvnts of Sp»nis» incomv t»… duv to »ig»ví cuíívnt Qv»í t»…»klv píofits (C1G.2 million »ig»ví p»Qmvnt), (k) ívfund of pívp»id Poítuguvsv incomv t»… (C5.1 million lowví p»Qmvnt), (c) pívp»Qmvnt of fiikí»lt»í incomv t»… (C0.7 million »ig»ví p»Qmvnt), (d) »dv»ncv p»Qmvnt of It»li»n wit»»olding t»… in connvction wit» » couít »ppv»l (C1.8 million »ig»ví p»Qmvnt) »nd (v) ot»ví diffvívncvs (C0.1 million lowví p»Qmvnt). Non-c»s» itvms: itvms »ccíuvd kut not Qvt p»id, incív»svd kQ C0.7 million mostlQ duv to t»v vffvct of t»v vvolution of opví»tion»l píovisions »nd litig»tion píovisions. Wv »»vv usvd c»sk toí invcstmcnt of CG1.8 million in FY2G, »n incív»sv of CG.3 million, m»inlQ duv to »n incív»sv in softw»ív t»»t w»s c»pit»lisvd, offsvt kQ C1.0 million gí»nt collvction. C»sk uscd in tin»ncing »mountvd to C107.4 million, comp»ívd to C105.G million fíom fin»ncing »ctivitivs in FY25. T»v v»íi»tion of C1.8 million in fin»ncing »ctivitivs is mostlQ duv to t»v ívfin»ncing imp»cts: t»v p»Qmvnts of costs »ssoci»tvd wit» t»v v»ílQ ívdvmption of t»v 2027 Notvs, wit» t»v issu»ncv of t»v 2030 notvs togvt»ví wit» t»v SSKCF modific»tion (C17.3 million) offsvt kQ » lowví tív»suíQ s»»ívs »cquisition in FY2G (C14.3 million), »nd lowví intvívst p»Qmvnts duv to impíovvd ívfin»ncing conditions. 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 2G Souícu: 6uditvd consolid»tvd fin»nci»l st»tvmvnts.. Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO €tíong li«uiditQ Soli» Liqui»iЧQ 5 0»ЧimizaЧion ofi Ca»iЧal SЧíucЧuíc Solid Liquidit; Position 1 in "Y2G Stood »t C245.9 million Wv »»vv m»n»gvd ouí liquiditQ position wvll, » consvquvncv of ouí stíong kusinvss modvl »nd »ctivv m»n»gvmvnt. In FY2G, t»v liquiditQ position 1 w»s solid »t C245.9 million. Duíing FY2G wv invvstvd CG4.4 million in s»»ív kuQ-k»cfi píogí»mmvs, w»ic» includvd CG4.3 million of »cquisition of tív»suíQ s»»ívs »nd t»v »ssoci»tvd tí»ns»ction costs vquiv»lvnt to C0.1 million (svv notv 23.4). On 9 t» JulQ 2025, t»v Comp»nQ's 6nnu»l fivnví»l Mvvting of S»»ív»oldvís (6fiM) un»nimouslQ »ppíovvd multi-st»gv c»pit»l ívductions »imvd »t vn»»ncing s»»ív»oldví v»luv »nd optimising its c»pit»l stíuctuív. T»v fiíst st»gv, »ut»oíisvd »t t»v 6fiM, involvvd »n immvdi»tv c»pit»l ívduction t»íoug» t»v ívdvmption of 2,980,000 s»»ívs, pívviouslQ »cquiívd undví » kuQ-k»cfi píogí»mmv »nnouncvd on 19 t» Novvmkví 2024. 6ddition»llQ, s»»ív»oldvís gí»ntvd t»v Bo»íd of Diívctoís »ut»oíis»tion foí futuív c»pit»l ívductions of up to »n »ddition»l 9,000,000 s»»ívs, c»ííivd out in t»ívv svp»í»tv tí»nc»vs of up to 3,000,000 s»»ívs v»c», píoviding stí»tvgic flv…ikilitQ »nd suppoíting ongoing s»»ív»oldví v»luv cív»tion. In FY2G, t»v fiíoup v…vcutvd fouí s»»ív c»pit»l ívductions t»íoug» » tot»l »moítis»tion of 11,980,000 tív»suíQ s»»ívs. ConsvquvntlQ, t»v cuíívnt tot»l numkví of s»»ívs outst»nding is 115,G25,059. On 27 t» Junv 2025, vDO succvssfullQ ívfin»ncvd its C375 million of Svnioí Svcuívd Notvs. T»v 2030 Notvs kv»í intvívst »t » coupon of 4.875%. T»is ívflvcts » vvíQ m»tvíi»l ívduction, moív t»»n 300-k»sis points, in t»v Comp»nQ's cívdit spív»d »nd »lso m»ífis » milvstonv: vDO, »olding » B= í»ting, »»s svcuívd t»v lowvst coupon in t»v Euíopv»n m»ífivt foí »nQ comp»nQ wit» » singlv B cívdit í»ting, in t»v l»st 4 Qv»ís. T»vsv 2030 Notvs »ív duv 2030, t»vívkQ v…tvnding t»v Comp»nQ's dvkt m»tuíitQ píofilv kQ moív t»»n 3 Qv»ís.T»v comp»nQ »»s »lso ívfin»ncvd its Supví Svnioí Kvvolving Cívdit F»cilitQ, incív»sing t»v sizv to C185 million fíom t»v pívvious C180 million, v…tvnding its m»tuíitQ »t t»v s»mv timv. T»v SSKCF is stíuctuívd wit» »n »ccoídion mvc»»nism to vnsuív fin»ncing flv…ikilitQ, vn»kling lvndvís to join »nd v…it t»v f»cilitQ. T»is flv…ikilitQ w»s ívcvntlQ utilisvd in Octokví 2025 w»vn » nvw lvndví joinvd, í»ising t»v tot»l commitmvnt to C205 million. Evolution ot li«uiditQ nosition 1 (C million) 222 24G 2OG 185 177 39 28 51 82 77 155 145 1G4 15O 14G 4Q FY25 1Q FY2G 2Q FY2G 3Q FY2G 4Q FY2G C»s» »t B»nfi Undí»wn SSKCF cDO k»s succcsstullQ íctin»nccd its dckt, sccuíing tkc lowcst counon toí » singlc B-í»tcd comn»nQ in touí Qc»ís witk » €375 million notcs ottcíing K»ting »nd issucs Issuvs Issue Issue 6mount Issueí ISIN Code d»te (C million) Couקon Due d»te vDív»ms ODIfiEO, S.6. XS3091931058 10/0G/2025 375 4.875% 30/12/2030 K»ting 6genc; Coíקoí»te 2O27 Notes Outloofi Ev»lu»tion d»te Fitc» B= B= Nvg»tivv 09/01/202G S&P B B Nvg»tivv 05/12/2025 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 27 Souícu: Comp»nQ d»t». Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO ‌6.2.G. €tí»tcgQ Ovcívicw "KOM TK6NS6CTION TO SUBSCKIPTION STK6TE(IC (KOWTH PL6N - EVOLVIN( OUK SUBSCKIPTION MODEL "OK 6CCELEK6TED (KOWTH THE 6I 6DV6NT6(E WE 6KE DELIVEKIN( 6 MUCH BETTEK BUSINESS 28 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO "KOM TK6NS6CTION TO SUBSCKIPTION cD0 Haz "íanzfioímc» Чo Woíl»'z Lca»in« "íavcl Su»zcíi»Чion PlaЧfioím 75% Píime Sk»íe ot C»sk Kevenue M»ígin 1 tO% Píime Sk»íe ot C»sk M»ígin»l Píotit 1 T»v succvssful v…vcution of ouí stí»tvgQ »nd vvolution of ouí kusinvss modvl dvmonstí»tv t»»t vDO is now » lv»ding tí»vvl-cvntíic sukscíiption kusinvss. Souícu: Comp»nQ d»t». 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 29 Intcgí»tcd 6nnu»l Kcnoít "Y2O2G Lcttcí tíom tkc CEO 6. M»n»gcmcnt Kcnoít B. Non-"in»nci»l Intoím»tion C. Consolid»tcd "in»nci»l €t»tcmcnts cDicams ODIGEO STK6TE(IC (KOWTH PL6N -EVOLVIN( OUK SUBSCKIPTION MODEL "OK 6CCELEK6TED (KOWTH CUKKENľ PKIME €UCCE€€ Pioneeíing »nd woíld-le»ding tí»vel sukscíiקtion קl»ttoím Stíong unit economics Higkest level ot customeí s»tist»ction 1O M»ífiets 4 Píoduct segments 2 Tieís 7.25M PKIME MEMBEKS 1 "Y25 UNLOC€ED POľENľI6L ľod»Q »nd gíowing ... Longcí ľcím 15 M»ífiets Uק to 44 M»ífiets 5 Píoduct segments 6ddition»l קíoduct segments 2 Tieís 6ddition»l sukscíiקtion tieís 6ddition»l customeí segments 13M PKIME MEMBEKS 1 "Y3O Imnoít»nt onnoítunitQ to cíc»tc moíc sk»íckoldcí v»luc kQ invcsting in »ccclcí»tcd gíowtk. 1 Svv dvfinition »nd ívconcili»tion of Non fi66P mv»suívs in svction C.4. 6ltvín»tivv Pvífoím»ncv Mv»suívs. 3O

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