eDreams ODIGEO (EDR) Q4 2025 earnings summary

Executive summary

• Achieved FY25 targets for Prime members (7.26M), Cash EBITDA (€180.4M), and exceeded Free Cash Flow ex Non-Prime Working Capital target by 11% (€100M, up 123% year-over-year), 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 offsetting anticipated declines in Non-Prime business.

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

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 €282 million, with margin improving to 39%.

• Revenue Margin (excl. adjusted items) rose 4% year-over-year to €671.2M, driven by a 23% increase in Prime Revenue Margin.

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 Q1/1H 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.