lastminute.com (LMN) investor relations material

Executive summary

• Achieved strong top-line and profitability growth in 2025, with revenue up 15% to EUR 361.1 million and adjusted EBITDA up 33% to EUR 54.9 million, both exceeding guidance and prior commitments.

• 2025 marked a turnaround year, driven by disciplined cost management, robust cash generation, and strategic focus on product, marketing, and market expansion.

• Transitioned from a distribution platform to a product-led, customer experience-focused travel provider, emphasizing resilience, value creation, and long-term customer relationships, including the launch of the PRO loyalty program.

• Dividend proposal of EUR 0.414 per share, consistent with last year and aligned with a 30%-35% payout policy, neutralizing non-cash, non-recurring items.

• Results confirm strong operational and financial performance, supported by sustained leisure travel demand and strategic execution.

Financial highlights

• Revenues rose 15% year-over-year to EUR 361.1 million; gross profit up 10% to EUR 144.6 million.

• Adjusted EBITDA increased 33% to EUR 54.9 million; adjusted EBITDA less CapEx doubled to EUR 32.4 million.

• Gross travel value increased 19% year-over-year, with packages up 11% and flights up 31%.

• Net result decreased 26% to EUR 11.5 million; normalized net result down 9% to EUR 14.2 million.

• Free cash flow turned positive at EUR 27.0 million; net financial position improved to EUR 31.7 million.

Outlook and guidance

• FY 2026 guidance maintained for approximately 10% growth in revenues and adjusted EBITDA, with Q1 2026 already showing year-over-year growth despite market disruptions.

• No significant one-off or special costs expected in 2026, unlike 2025.

• Focus remains on disciplined capital allocation, industrial use of cash, and maintaining competitive pricing.

• Management remains vigilant regarding geopolitical risks, particularly in the Middle East.