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 expanding B2C presence in core and Tier 2 European markets.

• Packages accounted for 67% of total revenues, with Flights and Hotels segments exceeding expectations due to effective pricing, ancillary expansion, and machine learning-driven strategies.

• Organizational restructuring and automation initiatives, including a new Automation function, were implemented to enhance efficiency, reduce layers, and prioritize technology and data.

• Q1 trading was robust, while Q2 was impacted by Easter timing, affecting quarterly comparability but not overall H1 trends.

• Continued investment in brand visibility, curated holiday packages, and targeted growth in Tier 2 markets such as Ireland, Nordics, and Benelux.

Financial highlights

• H1 2025 revenues: €182.8m (+11% YoY); Q2 2025 revenues: €93.6m (+9% YoY); Packages contributed 67% of total revenues.

• Adjusted EBITDA: €28.9m (+26% YoY); Q2 adjusted EBITDA: €14.5m (+6% YoY); Gross profit: €76.2m (+9% YoY).

• Net profit for H1: €7.8m (down 22% YoY), impacted by €4.7m non-recurring reorganization costs and adverse FX effects.

• EPS for H1: €0.73; Q2 EPS: €0.12.

• Net financial position at €113.4m as of June 30, 2025, down from €142.9m in June 2024, mainly due to CapEx, payment mix, and working capital changes.

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.

• Positive business outlook supported by strong Packages momentum, customer-centric innovation, and continued investment in brand and Tier 2 market growth.

• H2 expected to see normalized growth in dynamic packages after Q2 seasonal effects.