lastminute.com (LMN) Q2 2026 earnings summary

Executive summary

• H1 2026 revenues increased 4% year-over-year to €189.7m, despite significant Q2 headwinds from geopolitical uncertainty and a shift to shorter booking windows.

• Q2 2026 revenues declined 2% year-over-year to €91.4m, with the travel sector impacted by the Middle East conflict and reduced demand for packages.

• Adjusted EBITDA for H1 2026 was €28.4m, down 2% year-over-year, supported by cost discipline and AI-driven restructuring.

• Net profit turned negative in H1 2026, with a €0.5m loss versus a €7.8m profit in H1 2025, mainly due to non-recurring items and restructuring costs.

• The company accelerated AI-driven transformation, reducing headcount by 25% and targeting €16m in annualized savings.

Financial highlights

• H1 2026 revenues: €189.7m (+4% YoY); Q2 revenues: €91.4m (-2% YoY); H1 gross profit: €74.4m (-2% YoY); Q2 gross profit: €34.6m (-8% YoY).

• Adjusted EBITDA: H1 €28.4m (-2% YoY); Q2 €11.2m (-23% YoY).

• Net result: H1 -€0.5m (vs. +€7.8m in H1 2025); Q2 -€7m (vs. +€1.3m in Q2 2025).

• EPS: H1 -€0.04 (vs. €0.73 in H1 2025); Q2 -€0.66 (vs. €0.12 in Q2 2025).

• Free cash flow improved to -€13.3m, with cash and net financial position at €121.5m and €94.2m respectively as of June 30, 2026.

Outlook and guidance

• Full-year 2026 guidance updated to mid-single-digit revenue growth and adjusted EBITDA growth in the mid-single digits to approximately 10%.

• Profitability in H2 expected to benefit from €6.5m in restructuring savings and normalization of booking behavior.

• Trading momentum improved in June and July after a softer April and May.

• June reorganization on track for completion by year-end 2026, with structural benefits expected from 2027.

• Midterm guidance and three-year outlook remain unchanged, with confidence in sector resilience.