Barcelona, 3 September 2024. – eDreams ODIGEO (hereinafter ‘eDO’ or ‘the Company’), the world’s leading travel subscription company and one of Europe’s largest e-commerce firms, today released its results for Q1 FY25 ended 30 June 2024.

The Company delivered another quarter of strong growth, driven by the continued success of its subscription platform. Prime further cemented its position as the world’s largest travel subscription service, with membership surging again by +32% surpassing 6.2 million members. As a subscription-driven business, profitability is increasingly powered by the maturing Prime membership base.

The continued success of the subscription business model drove further profitability[1] growth, 23% year-on-year, to €36 million in the first quarter. As members consistently turn to Prime for all their travel needs, the requirement for extensive customer acquisition efforts decreases. With a growing number of members now in their second year or beyond, the increasing maturity of the membership base further boosts profitability. Prime benefits from capturing repeat bookings from members, who book significantly more frequently than transactional customers.

eDO’s ongoing strategic execution places its self-imposed targets for 2025 well within reach. By the end of the current fiscal year, the Company is on track to meet the pre-set targets of 7.25 million Prime subscribers and generate Cash EBITDA of or above €180 million.

Q1 RESULTS HIGHLIGHTS

● Significant profitability gains led by the Prime subscription model

○ Prime membership grew by a remarkable 32% year-on-year, reaching 6.2 million members.

○ Net adds in the quarter stood at 409,000. While volatility is expected in quarterly net adds due to seasonality patterns, the business will deliver at least a further million members by the end of the current fiscal year, thereby once again meeting its self-imposed guidance.

○ As guided, the maturity of Prime members is the main driver for profits and margins, both of which continued to rise. Profitability1 was up 23% to €36.0 million, compared to €29.4 million reported in the same period last year. It is anticipated that profitability will grow by at least +48% year-on-year by the end of this fiscal year, reaching €180.0 million.

● Solid financial performance fuels scalable growth

○ The continuing expansion of the Prime membership base enabled continued revenue growth. Revenues[2] grew by 4% to €173.5 million, with those stemming from Prime members alone growing by a significant 22% and now representing 67% of the total. Marginal profits[3] rose by 16% to €60.0 million.

○ Free Cash Flow[4] stood at €20.4 million from €15.2 million in the first quarter last year, a €5.2 million improvement year-on-year, up 35%. By the end of the fiscal year, it is expected to surpass €90 million, more than doubling from last year.

○ Net income was positive on an adjusted basis, reaching €2.6 million, up +145% year-on-year. Adjusted net income more accurately reflects the business' operational performance as it excludes certain non-recurring items that impacted this quarter due to timing, such as expenses related to the long-term incentive plan and higher IT costs, which are strategic investments for future growth.

○ In light of the ongoing growth and solid liquidity of the company, which stood at €228 million in the quarter, the Company launched a voluntary and partial tender offer in order to fund the long-term incentive plan for employees until fiscal year 2027, for a maximum of €50 million. The Spanish Stock Exchange regulator (CNMV) approved the voluntary and partial tender offer on 24th July 2024 for a maximum of 4.550.864 shares, representing 3.6% of its issued shares at a fixed price of €6.90 per share.

● Well on track to meet self-imposed FY25 targets

○ As the Prime member base continues to grow and mature, year-on-year comparatives will be stronger in the second half of the current fiscal year. The business is on track to achieve its self-set targets by the end of the current fiscal year:

● Greater than 7.25 million Prime members.

● Cash EBITDA in excess of €180 million.

Dana Dunne, CEO of eDreams ODIGEO commented: “We have kicked off our fiscal year with a standout first quarter, marked by soaring profitability, significant expansion of our subscriber base, and sharply improved margins—just as we said we would. This performance underscores our position as a stronger, more profitable, and increasingly predictable subscription business. Prime now reaches millions of households, but what excites us even more is the vast potential that lies ahead, given the huge addressable market we have yet to tap into.

As we progress into the final fiscal year of our 3.5-year strategic roadmap, I’m proud to say our self-imposed long-term targets are now well within reach. Back in 2021, when we first defined our vision, our goal wasn’t just business growth—we aimed to lead by innovation as the world’s first and largest travel subscription platform. It was a bold and novel strategy, and it has proven to be very successful. As we near the culmination of this roadmap, the foundations we’ve built over the past years have set us up for continued success, and the potential for further growth beyond 2025 is immense. Our competitive advantage, unique customer proposition and leading technology mean we are fully prepared to capitalise on the vast opportunities that lie ahead.”

To access the full quarterly results report, please visit the Investor Relations website (https://investors.edreamsodigeo.com/English/financials/quarterly-results/default.aspx).

About eDreams ODIGEO

eDreams ODIGEO is the world’s leading travel subscription platform and one of the largest e-commerce businesses in Europe. Under its four renowned online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it serves more than 21 million customers per year across 44 markets. Listed on the Spanish Stock Market, eDreams ODIGEO works with nearly 700 airlines. The business launched Prime, the first subscription product in the travel sector which has topped 6.2 million members since launching in 2017. The brand offers the best quality products in regular flights, low-cost airlines, hotels, dynamic packages, car rental and travel insurance to make travel easier, more accessible, and better value for consumers across the globe.

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