lastminute.com (LMN) Q4 2025 TU earnings summary

Executive summary

• Achieved exceptional Q4 and FY 2025 results, surpassing raised guidance with double-digit growth in revenue and Adjusted EBITDA, driven by strong travel demand, effective execution, and strategic investments in marketing, technology, and loyalty programs.

• Gained market share in core and expansion markets, with holiday packages as the primary growth driver and significant gains in customer engagement and loyalty.

• Strategic focus on operational efficiency, capital discipline, and a new 3-year outlook underpinning future growth.

Financial highlights

• Q4 2025 revenues rose 23% year-over-year to €77.0 million; FY 2025 revenues up 15% to €361.1 million, both above guidance.

• Adjusted EBITDA for Q4 reached €8.8 million, up 62% year-over-year; FY 2025 Adjusted EBITDA up 33% to €54.9 million.

• Net result for FY 2025 was €11.6 million, down 26% year-over-year due to non-recurring costs, but Q4 net result turned positive at €1.9 million.

• Free cash flow improved to €27.0 million, a significant turnaround from negative €4.7 million in 2024, with a 58% EBITDA conversion rate.

• Net financial position improved to €31.7 million, with all short-term debt repaid and net cash up 67% year-over-year.

Outlook and guidance

• FY 2026 revenue and adjusted EBITDA are both expected to grow by approximately 10%, with continued market share gains and brand investment.

• Adjusted EBITDA growth to align with revenue growth due to increased brand investment; reported EBITDA to benefit from absence of one-off charges.

• CapEx expected to remain stable, with further cash flow growth anticipated in 2026.

• Q1 and Q2 2026 comparisons expected to be affected by Easter timing and later booking trends.

• Net profit expected to be higher in 2026 as no significant one-off items are anticipated.