eDreams ODIGEO (EDR) Q4 2025 earnings summary

Executive summary

• Achieved and surpassed 3.5-year strategic roadmap targets, including 7.26 million Prime members and €180.4 million Cash EBITDA, despite significant global headwinds.

• Prime subscription model validated as a sustainable, long-term value creator, now representing nearly 90% of group cash margin profit and driving 71% of total revenues.

• Outperformed sector peers with a 47% Cash EBITDA CAGR since 2021, maintaining and meeting all guidance while competitors issued profit warnings.

• Revenues reached €718 million, a 6% increase year-over-year, breaking the €700 million mark for the first time.

• Cash generation surged 123% to €100 million, exceeding guidance by 11%.

Financial highlights

• Prime members grew 25% year-over-year to 7.26 million, exceeding the FY25 target.

• Cash EBITDA rose 49% year-over-year to €180.4 million, with margin up 7 percentage points to 25%.

• Free cash flow, excluding non-Prime working capital, more than doubled to €100 million, 11% ahead of guidance.

• Cash marginal profit increased 30% year-over-year to €281.6 million, with margin improving to 39%.

• Adjusted net income for FY25 was €51.2 million (+124% YoY); net income was €45.1 million (+39% YoY).

Outlook and guidance

• FY26 targets: over 1 million new Prime members, Cash EBITDA of €215–220 million, and free cash flow (excl. non-Prime working capital) over €120 million.

• Expect a softer Q1 FY26 due to seasonality and Easter timing, with stronger comparatives in the second half as Prime member maturity increases.

• Longer-term, Prime members expected to grow in excess of 10% in FY27 and FY28.

• Significant growth potential remains, with only 3.7% household penetration in Europe and expansion opportunities in new markets.