eDreams ODIGEO (EDR) Q3 2025 earnings summary

Executive summary

• Prime subscriber base grew 26% year-over-year to 6.8 million, with 305,000 net adds in 9M FY25 and surpassing 7 million by February, on track for the FY25 target of 7.25 million.

• Prime model drove significant improvements in profitability, with Cash Marginal Profit up 27% year-over-year to €201 million and Cash EBITDA up 40% to €124 million in 9M FY25.

• Prime growth more than offset anticipated declines in Non-Prime, resulting in overall profit improvement.

• Share buybacks totaled €40.1 million in the nine months, with a total program of around €90 million ongoing.

Financial highlights

• Revenue Margin (excluding adjusted items) increased 3% year-over-year to €489.9 million in 9M FY25, driven by an 18% rise in Prime Revenue Margin and a 17% decline in Non-Prime.

• Cash Marginal Profit for the nine months of FY25 was €201 million, up 27% year-over-year, with margin improving 6 percentage points to 38%.

• Cash EBITDA margin improved 6 percentage points to 23% for the nine months, and reached 22% in Q3.

• Adjusted Net Income stood at €14.5 million for the nine months, reversing a €4.0 million loss in 9M FY24.

• Free Cash Flow ex Non-Prime Working Capital was €68 million, up 91% year-over-year.

Outlook and guidance

• On track to meet FY25 targets: 7.25 million Prime members, €180 million Cash EBITDA, and over €90 million Free Cash Flow ex Non-Prime Working Capital.

• FY26 guidance: over 1 million new Prime members, €215–€220 million Cash EBITDA, and over €120 million Free Cash Flow ex Non-Prime Working Capital.

• Longer-term Prime member growth expected to exceed 10% annually in FY27 and FY28.