eDreams ODIGEO (EDR) investor relations material

Executive summary

• Prime membership reached 8.1 million in Q1 FY27, up 8% year-on-year with 173,000 net adds, now generating 77% of Cash Revenue Margin and 90% of Cash Marginal Profit over the last twelve months.

• Cash EBITDA was €23.0 million and Adjusted EBITDA €28.9 million, both aligned with guidance and ahead of sell-side consensus, despite a year-over-year decline due to planned investments.

• Closed the quarter with €73.0 million in cash and cash equivalents, up from €51.3 million a year ago, mainly due to the absence of prior year refinancing costs.

• Strategic roadmap execution included a shift to annual subscriptions with monthly instalments, higher customer LTV, and expansion into new geographies and products.

• Continued commitment to shareholder returns, with €38 million in shares repurchased since October 2025 and €62 million more committed through September 2027.

Financial highlights

• Revenue Margin was €165.5 million, down 4% year-on-year, mainly due to a 19% drop in Non-Prime Revenue Margin, partially offset by a 1% increase in Prime Revenue Margin.

• Cash Revenue Margin decreased by 2% to €159.7 million, reflecting business mix shift and timing effects.

• Variable costs increased 13% year-on-year to €110.4 million, driven by new product and geographic launches.

• Fixed costs rose marginally to €26.3 million, with tech workforce expansion offset by operational savings.

• Adjusted net income was €4.7 million; reported net income was €0.2 million, both down year-on-year due to investment phase.

Outlook and guidance

• On track to reach 8.5 million Prime members and deliver €167 million Adjusted EBITDA (pre-investments) and €115 million Cash EBITDA (post-investments) for FY27.

• Expecting a return to positive year-on-year Cash EBITDA growth from Q4 FY27.

• FY30 vision targets 13 million Prime members and over €270 million in Cash EBITDA, a 33% CAGR from FY27.