lastminute.com (LMN) H2 2023 earnings summary

Executive summary

• FY 2023 GTV rose 5% YoY, led by Dynamic Packages growth of 43%; flight GTV fell 17% amid a focus on profitable flights.

• Returned to net income of €7.0M from a €15.1M net loss in 2022; adjusted EBITDA increased 28% to €39.7M.

Financial highlights

• Revenue increased 6% to €321.3M; gross profit rose 20% to €126.4M, including ordinary bad debt and prior-year effects.

• IFRS EBITDA was €31.7M vs. €4.7M; EBIT was €13.7M vs. a €10.6M loss, and net income was €7.0M vs. a €15.1M loss.

• Cash flow from operating activities was negative €12.9M vs. positive €72.5M in 2022; net cash decreased €18.5M vs. a €8.9M increase.

Outlook and guidance

• FY 2024 revenue expected to grow 5–10% YoY, driven by Dynamic Packages; adjusted EBITDA expected to increase at least 20%.

• Q1 2024 GTV decreased 29% YoY and revenue fell 12%; gross profit grew 4% and adjusted EBITDA was in line with Q1 2023.