Q1 2025 financial results
Q12025
Presenters
Alessandro Petazzi
Chief Executive Officer
Diego Fiorentini
Chief Financial Officer
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Agenda
01
Strategic direction
Alessandro Petazzi
02
Q1 2025 results
Alessandro Petazzi & Diego Fiorentini
03
Key takeaways & 2025 guidance
Alessandro Petazzi
04
Financial Calendar 2025
Julia Weinhart
Strategic direction: leveraging our assets to grow even stronger
core drivers
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BUSINESS
Strengthening market presence
Brand portfolio focus
Travel companion Dynamic Packages Evolution
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PRODUCT
Agenda
01
Strategic direction
Alessandro Petazzi
02
Q1 2025 results
Alessandro Petazzi & Diego Fiorentini
03
Key takeaways & 2025 guidance
Alessandro Petazzi
04
Financial Calendar 2025
Julia Weinhart
Q1 2025 performance
Profitability driven by solid Packages and Flights performance
GTV
+7% vs. Q1 2024
Packages +7%
Flights +8%
REVENUES*
+14% vs. Q1 2024
Packages +17%
Flights +8%
GROSS PROFIT
+14% vs. Q1 2024
Packages +15%
Flights +14%
Adj. EBITDA
€14.4M
+56% vs. Q1 2024
NET RESULT
€6.5M
vs. €2.6M Q1 2024
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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.
Double-digit growth in Revenues and Gross Profit
Revenues
+14%
€m
Gross profit
+14%
€m
2025 vs
2024
2025 vs
2024
(5%) (9%)
+11% +20%
+8% +14%
+17% +15%
Gross Margin
43.1%
43.3%
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Cost Structure
Balanced cost management with continued strategic marketing investments
67%
64%
Q1 2025 Q1 2024
€m | Q1 2025 | Q1 2024 | Delta % |
Total Costs | (74.9) | (69.1) | 8% |
Variable Costs | (50.6) | (44.6) | 13% |
Marketing and Sales costs | (35.4) | (29.8) | 19% |
Other variable costs | (15.2) | (14.8) | 3% |
Fixed Costs | (24.3) | (24.5) | (1%) |
HR Costs | (16.4) | (15.7) | 4% |
Operating Costs | (7.9) | (8.8) | (10%) |
Variable Costs
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* Compared to previous quarters, cost disclosures have been restated to better align with the company's current operational structure
Profit and Loss
2025 | 2024 | % | |
GTV | 831 | 779 | 7% |
Revenues | 89.2 | 78.4 | 14% |
Gross Profit | 38.7 | 33.8 | 14% |
% on Revenues | 43.3% | 43.1% | 0.2pp |
Adjusted EBITDA | 14.4 | 9.3 | 56% |
% on Revenues | 16.2% | 11.8% | 4.4pp |
EBITDA | 14.3 | 9.7 | 47% |
EBIT | 9.4 | 5.4 | 75% |
Net result | 6.5 | 2.6 | 149% |
Earnings /(loss) per share | 0.61 | 0.24 | 154% |
€m Q1
Q1 Delta
Revenues grew positive across all channels, with Gross Profit increasing in line and maintaining stable marginality. Growth was broad-based, with robust core market performance and even faster growth in Tier 2 markets.
Adjusted EBITDA rose 56% to €14.4M from €9.3M in Q1 2024, driven by improved efficiency, margin expansion, and cost leverage from a higher-margin business model and disciplined execution.
EBIT €4.0M above Q1 2024 following EBITDA upside despite higher D&A due to the go-live of capitalised projects.
Net Result benefits from higher EBIT and better management of financial items. Additionally, it was positively impacted by the reduction in the corporate income tax (CIT) rate in Switzerland.
EPS at €0.61 improved compared to last year driven by higher Net Result. The share buyback program didn't have a notable accretion impact.
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Bridge NFP rolling 12 months - Mar 2024 to Mar 2025
NFP increase driven by EBITDA despite negative change in NWC
Free Cash Flow: +€7.2m
62%
64%
NFP / Gross Cash
NFP Bridge
€m
Positive cash generation from the business, driven by strong EBITDA, despite negative change in Net Working Capital.
Capex: is mainly linked to capitalised HR costs and other tech assets.
Equity movements: include Dividend payment and Share buy back.
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Agenda
01
Strategic direction
Alessandro Petazzi
02
Q1 2025 results
Alessandro Petazzi & Diego Fiorentini
03
Key takeaways & 2025 guidance
Alessandro Petazzi
04
Financial Calendar 2025
Julia Weinhart
Key Takeaways
Q1 2025 results show a solid performance,
with all core financial indicators trending positively.
Q1 2025 performance driven by continued strong contribution from Packages, with Flights also showing solid growth, supported by improved pricing strategies and broader ancillary portfolio.
Actions remain closely aligned with the execution of the Group's 4 strategic core drivers across all segments.
lastminute.com is confident to meet the guidance outlined in March.
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Guidance
Guidance FY 2025
Revenues
Adj. EBITDA
Management expects Revenues and Adjusted EBITDA to reach low double-digit growth
in 2025 vs. 2024
Agenda
01
Strategic direction
Alessandro Petazzi
02
Q1 2025 results
Alessandro Petazzi & Diego Fiorentini
03
Key takeaways & 2025 guidance
Alessandro Petazzi
04
Financial Calendar 2025
Julia Weinhart
Financial Calendar 2025
13 February 2025 Announcement of preliminary unaudited FY2024 results
27 March 2025 Publication of the Annual Report 2024
Our coverage:
Volker Bosse - Baader Bank
Baptiste de Leudeville - Kepler Cheuvreux Ausano Crivelli Cajrati - ZKB
Christian Salis - Hauck Aufhäuser Investment Banking
15 May 2025 Publication of Q1 2025 Trading Update
25 June 2025 Annual General Meeting
7 August 2025 Publication of H1 2025 Report
17-18 September 2025 Investora Zurich Conference
22 September 2025 Baader Investment Conference Munich
6 November 2025 Publication of Q3 2025 Trading Update
25 November 2025 Deutsches Eigenkapitalforum
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 2025 financial results
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