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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
eDreams ODIGEO (EDR) investor relations material
eDreams ODIGEO Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary18 Nov, 2025
Executive summary
Prime subscription model drove 18% YoY growth in members to 7.7 million, with 457k added in 1H FY26 and a strategic shift to monthly/quarterly payments, increasing LTV by 13% and expanding into new products and geographies.
Cash EBITDA rose 16% YoY to €94.0M, with margin up 7pp LTM, and Adjusted Net Income reached €47.1M, reflecting strong profitability.
Prime now accounts for 74% of Cash Revenue Margin and up to 90% of Cash Marginal Profit, highlighting the success of the subscription model.
Significant investments are planned in new markets, product expansion (rail, hotels, AI), and payment flexibility to drive long-term growth.
AI adoption is a key enabler, with over 400 billion tokens processed annually and 30% of code now AI-generated, boosting productivity and automation.
Financial highlights
Revenue Margin increased 5% YoY to €343.8M, driven by a 20% rise in Prime Revenue Margin, while Non-Prime Revenue Margin fell 22%.
Cash Marginal Profit up 10% YoY to €144.2M; Cash Marginal Profit Margin for Prime rose 6pp to 42%.
Adjusted EBITDA for FY 2026 is expected at EUR 173 million, a 30% increase YoY, net of one-time timing effects from payment model changes.
Net income surged to €31.5M (2,270% YoY); Adjusted net income at €47.1M (+481% YoY).
Deferred revenue impact: -EUR 18 million in FY 2026, -EUR 6 million in FY 2027, then >EUR 30 million positive annually from FY 2028.
Outlook and guidance
Prime member base to grow by 600,000 in both FY 2026 and FY 2027, then accelerate to 15-20% annual growth, reaching over 13 million by FY 2030, 40% above market consensus.
Cash EBITDA projected to decline to €155M in FY26 and €115M in FY27, then grow >33% p.a. from FY27 to FY30, surpassing €270M by FY30.
Prime ARPU will temporarily dip to the low-mid EUR 60s in FY 2026-27, recovering to ~EUR 70 by FY 2030.
Prime Deferred Revenue to reduce in FY26-27, then contribute >€30M/year from FY28.
Impact of new payment model on ARPU & EBITDA
Ryanair content instability mitigation strategy
Key drivers for 13M Prime members by FY30
How does monthly payment model unlock growth?
Ryanair impact: What's the resolution strategy?
Explain the cash EBITDA recovery drivers.
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Next eDreams ODIGEO earnings date
Q3 202619 Feb, 2026
Next eDreams ODIGEO earnings date
Q3 202619 Feb, 2026
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Frequently asked questions
eDreams ODIGEO is one of the world’s largest online travel companies and one of the largest European e-commerce businesses. Under its four leading online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it offers the best deals in regular flights, low-cost airlines, hotels, cruises, car rental, dynamic packages, holiday packages and travel insurance to make travel easier for over seventeen million customers around the globe. eDreams ODIGEO is listed in the Spanish Stock Market.
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