lastminute.com (LMN) H1 2025 earnings summary

Executive summary

• H1 2025 delivered 11% revenue growth and 26% increase in adjusted EBITDA, driven by strong Packages performance, disciplined cost management, and strategic focus on Tier 2 European markets.

• Packages accounted for 67% of total revenues, with Flights and Hotels segments exceeding expectations and benefiting from pricing strategies and ancillary expansion.

• Organizational restructuring and AI-driven automation enhanced efficiency, with a €4.7m one-off cost and expected €1m quarterly savings from Q3.

• Strong cash and net financial position, supported by positive operating cash flow, working capital dynamics, and share buyback program.

• Strategic investments in brand harmonisation, curated holiday packages, and market expansion underpin future growth.

Financial highlights

• H1 2025 revenues: €182.8m (+11% YoY); Q2 2025 revenues: €93.6m (+9% YoY); adjusted EBITDA: €28.9m (+26% YoY); gross profit: €76.2m (+9% YoY).

• Net profit for H1 2025 was €7.8m, down 22% YoY, mainly due to €4.7m reorganization cost and adverse FX effects.

• EPS for H1 at €0.73; Q2 EPS at €0.12.

• Net financial position at €113.4m, up from €19.0m at Dec 2024, mainly due to strong cash flow and working capital seasonality.

• Gross Travel Value (GTV) reached €1,683m (+7% YoY).

Outlook and guidance

• Confident in achieving full-year guidance of low double-digit growth in revenues and adjusted EBITDA, with adjusted EBITDA expected to outpace revenue growth due to operational leverage.

• H2 expected to see normalized growth in dynamic packages after Q2 seasonal effects, with continued investment in brand and market expansion.