eDreams ODIGEO (EDR) Q1 2026 earnings summary

Executive summary

• Prime subscription model drove strong growth in Q1 FY2026, with members up 20% year-over-year to 7.5 million and 205,000 net adds, at the high end of guidance.

• Prime now accounts for 72% of cash revenue margin, up 5 percentage points year-over-year.

• Net income improved to €13.6 million from a loss last year; adjusted net income reached €23.6 million.

• Share repurchase program reached 80% completion of the €20 million target, with a new €20 million program approved; significant improvements in stock liquidity and capital structure optimization were achieved.

Financial highlights

• Cash EBITDA increased 8% year-over-year to €39 million, within the target range.

• Adjusted EBITDA more than doubled to €49.3 million from €22.6 million in Q1 FY2025.

• Revenue margin increased 8% year-over-year to €172.6 million, driven by 23% growth in Prime revenue margin.

• Free cash flow (excl. non-Prime working capital) was €11.4 million, down from €20.4 million due to higher taxes and refinancing costs.

• Cash EBITDA margin rose by 3 percentage points to 24% year-over-year.

Outlook and guidance

• FY26 guidance: over 1 million new Prime members, €215–€220 million Cash EBITDA, and (Free) Cash Flow ex Non-Prime Working Capital of €103–€108 million, revised for higher taxes and interest savings.

• Expecting Prime member growth to exceed 10% in FY2027 and FY2028, with strong growth potential in under-penetrated markets.