Lastminute com N : Interim Report 2025 (H12025 lastminute.com 20250807)

About this update from Lastminute.com N.v.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 30 JUNE 2025 (UNAUDITED) 20 25 INTERIM REPORT FORWARD-LOOKING STATEMENTS The lastminute.com Group's interim report contains forward-looking statements that reflect management's current view of future development. All statements other than statements of historical fact set forth in this report regarding lastminute.com Group's business strategy, such as future operations and businesses, management's plans and objectives, are forward-looking statements. In some cases, words such as 'may', 'will', 'expect', 'could', 'should', 'intend', 'estimate', 'anticipate', 'believe', 'outlook', 'continue', 'remain', 'on track', 'design', 'target', 'objective', 'goal', 'plan' and similar expressions are used to identify forward-looking statements that contain risks and uncertainties that are beyond the control of the Group and call for significant judgement. Should the underlying assumptions turn out to be incorrect or if the risks or opportunities described materialise, the actual results and developments may materially deviate (negatively or positively) from those expressed by such statements. The outlook is based on estimates lastminute.com has made on the basis of all the information available at the time of completion of this report. Forward-looking statements made in this report shall be evaluated in the context of current macroeconomic risks and uncertainties. lastminute.com Group does not assume any obligations or liability in respect of any inaccuracies in the forward-looking statements made in this report or for any use by any third party of such forward-looking statements. lastminute.com Group does not assume any obligation to update any forward-looking statements made in this report beyond statutory disclosure requirements. Content Index CEO letter 4 Financial highlights 6 Consolidated interim financial statements 9 Notes to the consolidated interim financial statements 16 3 ‌CEO letter Dear Stakeholders, The first half of 2025 has shown steady progress across the Group, and I am pleased to provide more context around the results and what lies ahead. With H1 2025 results having shown solid performance across core business lines, we are on track to meet our full-year guidance of growing both our Revenues* and Adjusted EBITDA in the low double digits vs. 2024. We are executing well on the priorities we set out at the start of the year. We have kept Revenues and margins moving in the right direction, while staying disciplined on cost and efficient in our operations. Overall Revenues grew by 11% compared to H1 2024, with Packages, our core proposition, continuing to perform strongly and accounting for 67% of total Revenues. I am particularly pleased to see that Flights-only and Hotels-only categories exceeded expectations so far this year in several key markets, showing +21% and +18% revenue growth, respectively, versus H1 2024. Further strong signals come from the Adjusted EBITDA, which reached €28.9m (+26% vs. H1 2024), and outpaced both Revenues and Gross Profit growth. The strong cash position reflects the natural seasonality of the travel industry and its working capital dynamics. Bookings are often made well in advance, while fulfilment costs and supplier payments, particularly for hotels, are typically incurred later, usually after the trip takes place. * Revenues refers to 'Managerial Revenues' which differ from revenue normally presented in the consolidated statement of profit or loss, as they do not include non-recurring revenue and other income not business-related. Strategic drivers Travellers are not just booking, they are planning around risks, budgeting smartly, and turning to trusted brands, and that's where packaged travel stands out. Bundling flights, hotels, and experiences provides better value, builds in flexibility, and offers greater peace of mind, making this segment more resilient than the broader market. And while AI is revolutionising trip inspiration and planning, the fulfilment layer, particularly in regulated, high-stakes markets, still depends on deep human expertise. Selling packages at scale, with local nuance and customer trust, is where OTAs like lastminute.com lead, and it's a core strength that underpins the future strategy. A key part of our evolution from a price-led platform to a fully integrated holiday provider is building products that we own and shape, creating better experiences for customers, and stronger economics for the business. This year, we will take an important step forward in Dynamic Packages by evolving two distinct models. The classic DP will remain our highly flexible, build-your-own experience powered by our proprietary tech, which allows customers to personalise every element of their trip. We'll add Curated Packages, to offer a simplified, high-quality alternative: expert-selected packages with handpicked hotels, checked luggage, airport transfers and more, all pre-bundled and bookable in just a few clicks. I'm excited to see how we learn, optimise and scale our offering in the months ahead. Having built our business on our five core markets, the powerhouses of the UK, France, Germany, Italy and Spain, we are continuing to strengthen via direct investments in high-potential Tier 2 European markets, with the Nordics, Benelux and Ireland gaining traction. This multi-country structure continues to give us 4 scalable opportunities and the ability to tailor our investment execution, market by market. The competitive European travel market makes it imperative to be distinctive, so we've stepped up visibility for our "pink" master brand, lastminute.com, by aligning the look and feel of our local brand portfolio to bring greater clarity and emotional connection for customers and create a more unified platform for growth. We've also launched new brand campaigns in the UK, France, Germany, and Italy, alongside our first Tier 2 market campaign in Sweden. Powered by people Six months into my role as CEO, I have had the chance to step back and assess not just what we do, but how we do it. From day one, it was clear there is real capability across the company. What we have done since is focus on that strength. We reduced layers between customer-facing teams and senior leadership, built new capabilities around data and automation to enable faster execution, clearer priorities, and better alignment across the business going forward. This way, AI can also sit at the heart of building a better customer experience and streamlining processes. I know that value creation does not come from chasing short-term wins, but is built from consistently delivering results quarter after quarter and improving the fundamentals behind the scenes. Macro headwinds can never be controlled, but we can make sure our internal mindset is focused on accountability for our customers, our people, our partners, and our shareholders. The view ahead It's been a good first six months, but we are only just getting started. Our peak season pipeline is strong, our foundations are solid, and we remain confident in our full-year outlook. I would like to finish by thanking all our stakeholders for their continued trust and support. I am proud of what we've achieved so far, and even more excited about what lies ahead. Alessandro Petazzi Chief Executive Officer 5 Attention : This is an excerpt of the original content. 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