H1 RESULTS – 2025 (20260212 LMN Q4 25 IR Deck)

Q4 & FY 2025 preliminary unaudited results

Q4

2025

Presenters

Alessandro Petazzi

Chief Executive Officer

Diego Fiorentini

Chief Financial Officer

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 anticipated in this presentation. The forward-looking statements contained in this presentation are based on the current views and assumptions of lastminute.com N.V. lastminute.com N.V. does not assume any obligation to update or supplement this presentation. lastminute.com N.V. doesn't make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein.

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This presentation does not constitute an advertisement, offer, recommendation or invitation to purchase securities in any jurisdiction. It is for information purposes only and does not constitute a prospectus within the meaning of Art. 35 et seq. of the Federal Act on Financial Services (FinSA) or similar legislation in other jurisdictions. lastminute.com N.V has not taken any actions to allow the distribution of this presentation in any jurisdiction where action would be required for such purposes.

Agenda

01

Q4 & FY 2025 preliminary unaudited results

Alessandro Petazzi & Diego Fiorentini

02

Strategic direction

Alessandro Petazzi

03

Outlook

Alessandro Petazzi

04

Financial Calendar 2026

Julia Weinhart

Q4 2025 and preliminary unaudited FY 2025 performance

Q4 Adj. EBITDA -CAPEX

€1.7m

vs. (€0.8m) Q4 2024

Q4 Adj. EBITDA

€8.8m

+62% vs. Q4 2024

FY Adj. EBITDA

€54.9m

+33% vs. FY 2024

GROSS PROFIT

+17% vs. Q4 2024

Packages +14%

Flights +31%

+10% vs. FY 2024

Packages +8%

Flights +24%

REVENUES*

+23% vs. Q4 2024

Packages +16%

Flights +48%

+15% vs. FY 2024

Packages +11%

Flights +31%

GTV

+43% vs. Q4 2024

Packages +12%

Flights +99%

+19% vs. FY 2024

Packages +3%

Flights +53%

FY Adj. EBITDA -CAPEX

€32.4m

vs. €16.2m FY 2024

5

5

(*) 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.

Double digit growth both for the quarter and full year

Q4 Revenues FY

6

+23%

+15%

€m

Q4 acceleration boosted FY gross profit growth to double digits

Q4 Gross Profit FY

+17%

+10%

€m

Gross Margin

41.8%

39.8%

41.7%

7

40.1%

Cost Structure - Strategic Investment for Growth

% on Revenues

€m

Scaling growth supported by Marketing investments while maintaining Fixed-Cost discipline

Total Costs

Variable Costs

Marketing and Sales costs Other variable costs Fixed Costs

HR Costs

HR Costs Gross Capex HR Capex

32%

Operating Costs

36%

Q4 2025 Q4 2024

8

Fixed Costs

Profit and Loss

Revenues accelerated to €77.0m in Q4 (+23% vs 2024), with FY25 revenues reaching €361.1m (+15% vs. 2024), driven by strong marketing execution and sustained travel demand.

Adjusted EBITDA increased to €8.8m in Q4 (+62% YoY), with margin expansion reflecting scalable operations and disciplined cost control despite a slight increase in fixed costs. For FY25, Adjusted EBITDA reached €54.9m (+33% YoY).

EBITDA grew significantly from €5.8m in Q4 2024 to €8.7m in Q4 2025, a 50% increase driven by improved operating leverage and performance. For FY25, EBITDA reached €46.4m vs. €43.3m in FY24.

EBIT for the quarter rose to €1.8m from €0.9m, more than doubling (+113%) compared to previous period. At the same time, the FY25 EBIT fell to €19.1m from €25.2m, mainly due to impairment loss accounted for in Q3.

Net Result reached €1.9m in Q4, while it stood at negative €0.1m in the same quarter of last year. For the FY25 Net Result reached

€11.6m, down 26% vs. €15.7m in the same period last year.

EPS of the quarter stood at €0.18, compared to negative €0.01 in Q4 2024, while reaching €1.09 in FY25 vs. €1.47 during the same period last year.

Adjusted EBITDA less Capex in Q4 reached €1.7m, reversing last year's negative result of €0.8m. This demonstrates our ability to generate cash even during off-peak periods.

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Net Financial Position (NFP) Bridge 12 months rolling

Strong Free Cash Flow before Net Working Capital reached €12.1m, while Free Cash Flow increased from a negative to

Free Cash Flow: +€27.0m

Free Cash Flow (pre NWC): +€12.1m

€27.0m, corresponding to a 58% EBITDA conversion rate.

Change in Net Working Capital significantly improved compared to last year.

Capex is mainly linked to capitalised HR costs and other tech assets.

Equity movements include dividend payment & Share buy back

Net Financial Position impacted by lease renewals (accounting effect only).

(7.8)

19.0

10

Free Cash Flow: €(4.7)m

27.8

41.2

2.1

(25.0)

(4.8)

(7.8)

(1.6)

(8.8)

3.7

NFP Dec 2023

Free Cash Flow (pre NWC): +€4.1m

NFP Dec 2024

(*) Capex including: (i) €(22.5)m Capex and (ii)€2.1m proceeds from sales of assets

Key Takeaways

Solid Q4 growth enabled us to keep the momentum and close FY 2025 above guidance, sustained by strong cash generation.

Strong Revenues performance across all core product segments in Q4 reflects the positive trend sustained throughout FY 2025.

We surpassed our targets

We delivered on our commitments,

outperformed our raised guidance.

Revenues: low double-digit growth

11

Adj. EBITDA: around 20% growth

Agenda

01

Q4 & FY 2025 preliminary unaudited results

Alessandro Petazzi & Diego Fiorentini

02

Strategic direction

Alessandro Petazzi

03

Outlook

Alessandro Petazzi

04

Financial Calendar 2026

Julia Weinhart

Strategic direction

2 enablers

Embracing AI Scalability

Strengthening Market Presence

+ 4

core drivers

Brand Portfolio

13

Focus

Dynamic Packages Evolution

Travel Companion

Drive repeat bookings and long-term value

Target: Value Seekers converting price-led travelers into loyal customers

Launched

Q4 2025 (UK)

Travel Companion

14

Launch of our free, multi-tier loyalty program

21%

+3pp YoY

APP Booking Share

App Adoption

Customer Loyalty & App Ecosystem

499

g40wth:

1.63m

+12% YoY

APP

Downloads

+27%

YoY

Bookings from Repeat Customers

640k

+31% YoY

APP Monthly Active Users

Engagement & Retention

15

Note: Metrics related to 'the App' refer to the lastminute.com branded App only, and apply to the countries where the App is available.

47 is revolutionising the way we search

& get inspired online

Will AI make OTAs irrelevant?

Flights to NY

User

Find me the best flight and hotel package for a weekend in New York next month,

under €1500.

AI Agent

I've found three curated options for you…

from K€/w04Þs

« If users are moving from Google searches to LLM chatbots*

…how can customers land on your website? »

to C0‡T€4s4tł0‡s

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*AI chat systems built on Large Language Models (LLMs)

Fact-checking: how the search & discovery scenario is actually evolving

TRADITIONAL MODEL EVOLVING SCENARIO

Traffic to website discovered mostly via free and paid traffic from

gOOgLE

gOOgLE

+

Still the main search platform

(Gemini + AI Overview)

Business model set to remain ad-based

Julie Ferago (VP Engineering, Google) to Skift

«Google has no intention of becoming an online travel agency.»

OTHE4 9L4/E4S

New traffic sources emerging

17

OpenAI also adopting ad-based model

18

Why lastminute.com is positioned to thrive

Technical

47 4g€‡t-4€4Þ/

infrastructure

Strengthening our presence

on AI platforms

Product

Differentiated

940p4ł€t44/ 94Gk4g€s

Leveraging exclusive

partner contracts

Execution

/u5/ł55m€‡t 944t‡€4

AI platforms focus on the inspirational phase vs. we deliver the holiday & the customer service

Regulatory

4€gu54t04/

responsibility

AI cannot assume the legal liability

required for Packages

3 ways AI impacts our business

1

INTERNAL

PRODUCTIVITY

2

CUSTOMER

EXPERIENCE

3 LEADING AI

PRESENCE ON

PLATFORMS

Embedding AI company-wide to boost

efficiency

Developing internal automation and products to streamline processes

Utilising external tools

Leveraging AI to enhance the travel experience

User-level personalisation helping travellers find exactly what they need

19

Gen AI-powered customer service

Being present where conversations happen

Enable seamless AI-agent access to our travel offer: our new MCP Server for Flights as an initial step in this direction

Agenda

01

Q4 & FY 2025 preliminary unaudited results

Alessandro Petazzi & Diego Fiorentini

02

Strategic direction

Alessandro Petazzi

03

Outlook

Alessandro Petazzi

04

Financial Calendar 2026

Julia Weinhart

FY26 outlook

FY26 outlook

~10% growth

21

REVENUES Adj. EBITDA

Agenda

01

Q4 & FY 2025 preliminary unaudited results

Alessandro Petazzi & Diego Fiorentini

02

Strategic direction

Alessandro Petazzi

03

Outlook

Alessandro Petazzi

04

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

13 May 2026 Kepler Cheuvreux Annual Swiss Seminar Zurich

24 June 2026 Annual General Meeting

25 June 2026 Davy Annual Transport Conference

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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Q4 & FY 2025 preliminary unaudited results

Thank you

investor.relations@lastminute.com https://www.lastminute.com