Lastminute com N : Q1 2025 Report (lastminute.com Q1 2025 Financial Report)

About this update from Lastminute.com N.v.

Q1 2025 We've made a solid start to 2025, with performance to date supporting our expectations. Revenues reached +14% and Adjusted EBITDA +56% compared to the same period last year. Our Packages offering remains a key driver, and its contribution reinforces the Group's positioning as we move through the year with a clear focus on margin discipline and operational efficiency. Diego Fiorentini CFO lastminute.com Q1 2025 RESULTS Key financials Revenues 1 totalled €89.2 million (+14% vs. Q1 2024). Packages grew by +17% compared to the same period of the previous year, driven by the contribution of all marketing channels and white-label partnerships. From a geographic perspective, growth was robust across core markets and even stronger in Tier 2 markets. Flights also contributed positively, with revenues increasing by +8%. Take Rate 2 increased significantly, rising from 9.0% in Q1 2024 to 10.0% in Q1 2025. This increase reflects an ongoing improvement in capturing value across operations, supported by the favourable business mix shift towards Packages. Gross Profit was €38.7 million, +14% vs. Q1 2024, aligned with top-line growth. This was underpinned by a solid +15% increase in Packages Gross Profit and a notable +14% increase in Flights Gross Profit. Overall gross profit margin reached 43% despite increased performance marketing investments in Tier 2 markets. Adjusted EBITDA rose to €14.4 million, reaching +56% vs. Q1 2024. This sharp improvement outpaced Revenue and Gross Profit growth, indicating operational efficiency and cost leverage. The result also benefits from a relatively stable cost base in the quarter, which amplifies the year-on-year comparison. EBIT rose by 75% to €9.4 million in the quarter, up from €5.4 million in Q1 2024, reflecting strong EBITDA performance despite increased D&A linked to the go-live of capitalised projects. Net Result reached €6.5 million in the quarter, compared to €2.6 million in Q1 2024. This substantial improvement was driven by higher EBIT contribution and a reduced impact from net financial expenses, mainly due to lower interest costs. Additionally, it was positively impacted by the reduction in the corporate income tax (CIT) rate in Switzerland. The Net Financial Position (NFP) stood at €78.8 million, broadly in line with the €79.9 million recorded in the same period last year. Notably, the quarter saw an improved cash generation, up by €7.7 million compared to Q1 2024. 1 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. All revenue figures in this document refer exclusively to 'Managerial Revenues'. 2 Take rate is calculated from revenue deducted by advertising revenue and release of partnerships funds campaigns. Packages In Q1 2025 Packages achieved €61.3 million in Revenues (+17% vs. Q1 2024), and Gross Profit grew 15% compared to the same period of last year, reaching €29.3 million. Focus on Packages results (Q1 2025) € million Q1 2025 Q1 2024 % Gross Travel Value (GTV) 519.1 487 7% Revenues 61.3 52.3 17% Gross Profit 29.3 25.4 15% % on Revenues 47.8% 48.6% -0.8pp Take Rate % 11.6% 10.5% 1.1pp As part of lastminute.com's continued focus on enhancing its core product - Packages, direct marketing investment was targeted at Tier 2 markets to increase market share in countries such as the Nordics, Benelux, and Eastern Europe. At the same time, the Group intensified its marketing investment to further strengthen its brand and position lastminute.com as "The home of Last Minute holiday deals". These actions align with the Group's strategic priority to strengthen its market presence and reinforce its brand positioning. Flights In Q1 2025, Flights achieved €20.2 million in Revenues (+8% vs. Q1 2024), and Gross Profit grew 14% compared to the same period of last year, reaching €5.9 million. Hotels Focus on Flights results (Q1 2025) € million Q1 2025 Q1 2024 % Gross Travel Value (GTV) 262 243 8% Revenues 20.2 18.8 7% Gross Profit 5.9 5.1 16% % on Revenues 29.2% 27.1% 2.1pp Take Rate % 7.7% 7.6% 0.1pp In Q1 2025, Hotels achieved €4.6 million in Revenues (+11% vs. Q1 2024), and Gross Profit grew 20% compared to the same period of last year, reaching €2.0 million. Fixed costs and Adjusted EBITDA Fixed costs decreased by 1% in Q1 from €24.5 million to €24.3 million, primarily driven by a 10% decrease in operating costs, while HR costs increased in line with inflation. The reduction in operating costs reflects the early benefits of our ongoing efforts to closely monitor fixed expenses and drive efficiencies wherever possible. As a result, Adjusted EBITDA grew by 56%, highlighting the Group's capacity to drive incremental profitability while effectively managing fixed expenses. EBIT EBIT rose 75% to €9.4 million in the quarter, up from €5.4 million in Q1 2024. This reflects strong EBITDA performance despite increased D&A linked to the go-live of capitalised projects. Profit for the period and earnings per share Net result for the quarter reached €6.5 million, up 149% year-on-year. Earnings per share (EPS) rose to €0.61, compared to €0.24 in Q1 2024. This significant improvement was driven by higher EBIT contribution, a reduced impact from net financial expenses - mainly due to lower interest costs - and a more favourable tax charge. Cash Flow and Net Financial Position The Net Financial Position (NFP) stood at €78.8 million, broadly in line with the €79.9 million recorded in the same period last year. Notably, the quarter saw an improved cash generation, up by €7.7 million compared to Q1 2024. The main cash flow effects for the quarter are as follows: Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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