eDreams ODIGEO (EDR) Q3 2026 earnings summary

Executive summary

• Adjusted EBITDA for the first nine months of FY 2026 rose 74% year-over-year to €138.4 million, with Prime membership up 13% to 7.7 million and on track for 7.9 million by FY26 end; Prime now accounts for 75% of cash revenue margin.

• Cash EBITDA improved 2% to €126.7 million, despite investments in new businesses and temporary Ryanair content instability.

• Strategic review reaffirmed a high-conviction growth plan, targeting over 13 million Prime members and €270 million+ cash EBITDA by FY2030, with accelerated expansion and diversification.

• Prime-related revenue now constitutes 75% of Cash Revenue Margin, highlighting the shift to a subscription-driven business.

• Share buy-back program ongoing, with €23 million repurchased in 3Q FY26 and €100 million committed through September 2027.

Financial highlights

• Adjusted EBITDA increased 74% year-over-year to €138.4 million for the nine months ending December 2025.

• Cash EBITDA reached €126.7 million, up 2% year-over-year.

• Revenue Margin increased 3% year-over-year to €502.8 million, driven by a 16% rise in Prime Revenue Margin; Non-Prime Revenue Margin fell 24%.

• Cash Marginal Profit grew 3% to €207.8 million, with margin improving by 5pp to 42%.

• Adjusted net income stood at €63.8 million for the nine months; net income reached €40.3 million, up from €4.1 million year-over-year.

Outlook and guidance

• FY26 targets reaffirmed: 7.9 million Prime members, €172.9 million Adjusted EBITDA, and €155 million Cash EBITDA.

• Long-term targets include over 13 million Prime members and €270 million+ cash EBITDA by FY2030.

• Anticipated record net adds of 1.5–2 million Prime members per year between FY28 and FY30, with 15–20% annual growth.

• Cash EBITDA margin expected to dip to 15% in FY27 during peak investment, returning to 23% by FY30.

• Guidance is de-risked due to conservative assumptions on Ryanair content and payment model changes.