Financial Results
Presenters
Alessandro Petazzi
Chief Executive Officer
Diego Fiorentini
Chief Financial Officer
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3
Agenda
01
Q1 2026 results
Alessandro Petazzi & Diego Fiorentini
02
Strategic developments
Alessandro Petazzi
03
Financial Calendar 2026
Julia Weinhart
Q1 2026 financial performance
GTV
€1,002m
+20%
vs. Q1 2025
Packages -4%
Flights +73%
REVENUES*
€96.4m
+8%
vs. Q1 2025
Packages +2%
Flights +36%
GROSS PROFIT
€37.8m
-2%
vs. Q1 2025
Packages -3%
Flights +22%
Q1 Adj. EBITDA
€15.3m
+6%
vs. €14.4m Q1 2025
Q1 Adj. EBITDA -CAPEX
€11.1m
+26%
vs. €8.8m Q1 2025
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(*) REVENUES, defined as the ordinary margins generated through the sale of travel services (together with ancillaries, over commissions, kickback and other indirect revenue), including the negative effects coming from the cancellation of bookings and the other income from the voucher misredemption. They are also defined as managerial revenues.
Revenues increased, while Gross Profit reflected a product mix effect and higher marketing investment to support volume growth
Revenues
€m
Including Cruise for €1.3m
Gross profit
€m
Including extra cancellations and
(2%)
re-protections linked to the Middle East conflict of approx. €2.0m
+8%
2026 vs
2025
2026 vs
2025
(61%) (53%)
* +13%
(20%)
+36% +22%
+2% (3%)
Gross Margin
*The year-on-year comparison of the Other segment is affected by the discontinuation of the cruise business disclosed in Q3 2025.
43.4%
39.2%
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Cost Structure
Disciplined cost management drove meaningful operating cost savings
€m
Q1 2026 Q1 2025 Delta %
% on Revenues
Q1 2026 Q1 2025 Delta pp
Total Costs | (81.1) | (74.8) | 8% | 84% | 84% | - | ||||||
Variable Costs | (58.6) | (50.5) | 16% | 61% | 57% | 4pp | ||||||
Marketing and Sales costs | (42.1) | (35.4) | 19% | 44% | 40% | 4pp | ||||||
Other variable costs | (16.5) | (15.1) | 9% | 17% | 17% | - | ||||||
Fixed Costs | (22.5) | (24.3) | (7%) | 23% | 27% | (4)pp | ||||||
HR Costs | (15.7) | (16.4) | (4%) | 16% | 18% | (2)pp | ||||||
HR Costs Gross Capex | (19.7) | (21.3) | (8%) | 20% | 24% | (4)pp | ||||||
HR Capex | 4.0 | 4.9 | (18%) | (4%) | (5%) | 1pp | ||||||
Operating Costs | (6.8) | (7.9) | (14%) | 7% | 9% | (2)pp |
32%
Q1 2025
28%
Q1 2026
Fixed Costs
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Profit and Loss | |||
€m | Q1 2026 | Q1 2025 | Delta % |
GTV | 1,002 | 832 | 20% |
Revenues | 96.4 | 89.2 | 8% |
Variable Costs | (58.6) | (50.5) | 16% |
Gross Profit | 37.8 | 38.7 | (2%) |
% on Revenues | 39.2% | 43.4% | (4.2)pp |
Fixed Costs | (22.5) | (24.3) | (7%) |
Adjusted EBITDA | 15.3 | 14.4 | 6% |
% on Revenues | 15.9% | 16.1% | (0.2)pp |
EBITDA | 15.2 | 14.3 | 6% |
EBIT | 8.8 | 9.4 | (6%) |
Net Result | 6.6 | 6.5 | 2% |
Earnings /(loss) per share | 0.62 | 0.61 | 2% |
Adjusted EBITDA - Capex | 11.1 | 8.8 | 26% |
Revenues reached €96.4m, (+8% YoY), driven by strong transaction value growth and sustained demand momentum. Excluding the impact of the discontinued cruise business, Revenues growth would have been 9.7%.
Gross Profit at €37.8m reflecting increased targeted performance marketing investment with a focus on volume to capture shifting consumer demand.
Adj. EBITDA reached €15.3m, (+6% YoY), demonstrating resilient profitability. This result includes approximately €2.0m in extra cancellations and re-protections linked to the Middle East conflict. Structural cost measures executed in 2025 are now delivering tangible benefits, driving a leaner and more efficient operating cost base.
EBITDA reached €15.2m, a 6% increase compared to the same period last year.
EBIT decreased to €8.8m compared to the same period last year €9.4m (-6% YoY) mainly due to higher depreciation & amortisation for projects that went live at the end of 2025.
Net Results benefited from a combination of reduced FX volatility and lower interest expenses on loan facilities.
EPS of the quarter stood at €0.62, compared to €0.61 in Q1 2025.
Adj. EBITDA less Capex reached €11.1m, up from €8.8m in Q1 2025. The improvement reflects disciplined capital allocation and stronger cash conversion, reinforcing earnings quality.
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Net Financial Position (NFP) Bridge 12 months rolling
Positive Free Cash Flow before Net Working Capital reached €10.5m, while Free Cash Flow increased from €4.4m to €6.5m
Free Cash Flow: +€6.5m
Free Cash Flow (pre NWC): +€10.5m
Stronger EBITDA contribution
sustained Free Cash Flow generation.
Slightly higher NWC absorption vs last year, reflecting an earlier than last year shift to prepaid cards amid a stronger financial position.
Capex is mainly linked to capitalised HR costs and other tech assets.
Equity movements include dividend payment & Share buy back.
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Free Cash Flow: +€4.4m
46.3
1.6
(24.6)
(4.7)
(7.1)
(4.3)
(2.8)
2.9
Free Cash Flow (pre NWC): +€7.2m
Net Financial Position impacted by lease renewals (accounting effect only).
79.9
(8.3)
78.8
NFP Mar 2024
NFP Mar 2025
(*) including €(11.2)m of Off-balance sheet lease commitments
Key Takeaways
Strong January and February performance and growth trends, partially offset by the Middle East conflict.
Disciplined cost management and fixed cost efficiency, with benefits reflecting the structural cost actions initiated in 2025.
Robust cash generation, with free cash flow before working capital improving and free cash flow increasing.
10
Agenda
01
Q1 2026 results
Diego Fiorentini
02
Strategic developments
Alessandro Petazzi
03
Financial Calendar 2026
Julia Weinhart
Strategic investment in Expansion Markets yields growth momentum
4€T€‡u€s £p5łt &/ M44k€ts
Q1 2025 Q1 2026
12
Core Markets Expansion Markets
Integrating lastminute.com into the AI ecosystem
1
2
3
13
FY26 outlook
FY26 outlook~10% growth
REVENUES Adj. EBITDA
14
Agenda
01
Q1 2026 results
Diego Fiorentini
02
Strategic developments
Alessandro Petazzi
03
Financial Calendar 2026
Julia Weinhart
Financial Calendar 2026
15 January 2026 Baader Swiss Equities Conference - Bad Ragaz
12 February 2026 Announcement of preliminary unaudited FY 2025 results
2 April 2026 Publication of the Annual Report 2025
6 May 2026 Publication of Q1 2026 Trading Update
6 May 2026 BSCC Swiss Capital Markets Series - London
13 May 2026 Kepler Cheuvreux Annual Swiss Seminar
24 June 2026 Annual General Meeting
25 June 2026 Davy Annual Transport Conference - London
30 July 2026 Publication of H1 2026 Report
21 September 2026 Baader Investment Conference - Munich
29 October 2026
23-25 November 2026
Publication of Q3 2026 Trading Update Deutsches Eigenkapitalforum - Frankfurt
Our coverage:
Volker Bosse - Baader Bank
Baptiste de Leudeville - Kepler Cheuvreux Daniel Buerki- ZKB
Investor information: lastminute.com N.V.
Listing: SIX Swiss Exchange Trading currency: CHF Ticker symbol: LMN
ISIN: NL0010733960
Contact Information:
Julia Weinhart
Head of Investor Relations
investor.relations@lastminute.com
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Q1 2026 financial results
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