eDreams ODIGEO Achieves Record Profitability With +70% Quarterly Profit Growth and Robust Subscriber Expansion

Record Cash EBITDA +70% to €42.6 million in Q3 and +40% to €123.7 million in the nine-months

Prime subscribers grew by +26% in Q3, surpassing 7 million in February

eDreams ODIGEO (hereinafter 'eDO', 'the Company' or 'the Group'), the world's leading travel subscription company and one of Europe's largest e-commerce firms, today announced its results for the quarter and nine months ended 31 December 2024.

The Company continued to show strong growth driven by its subscription model. Prime now¹ boasts over 7 million members after an outstanding performance of +26% in the third quarter, reaching 6.8 million members by the end of December 2024. As guided, the growing customer base and the increasing maturity of existing memberships continue to drive consistent profitability gains. The key profitability metric, Cash EBITDA, reached an all-time high of €123.7 million for the nine-month period, reflecting a 40% increase compared to last year. For Q3, Cash EBITDA grew to €42.6 million, 70% higher than the same period last year, and record achievement for the period. Similarly, eDO continued to expand its cash generation² which grew 91% to €68.4 million, up from €35.9 million last year.

With these excellent results and Q4 being seasonally the strongest, eDO is now set to meet its self-imposed 3.5-year targets by March 2025: 7.25 million Prime subscribers and Cash EBITDA of €180 million.

RESULTS HIGHLIGHTS

• eDO continued to deliver significant growth

  • Prime membership continued to grow strongly, 26% year-on-year, reaching 6.8 million at the end of December, and today exceeding 7 million. Net adds³ in the third quarter reached 305,000.

  • The maturity of Prime members is the key driver of profitability, resulting in significant improvements as more members renew their subscriptions.

  • The key profitability metric, Cash EBITDA, reached a record €123.7 million for the nine-month period, up 40% compared to €88.6 million last year.

  • For Q3, Cash EBITDA grew to €42.6 million, 70% higher than the same period last year, also marking record high for the period.

  • Margins continued to expand sharply, driven by the strength of the subscription model. Cash Marginal Profit grew 27% to €201.4 million. With more members renewing their subscriptions, margins rise as acquisition costs decrease.

  • Revenues⁴ reached €533.9 million in the nine-month period, a 5% increase, and €172.7 million in the third quarter, up 13%.

  • Significant amount of cash² continued to be generated, up 91% to €68.4 million in the nine months, allowing for future investment and shareholder returns.

  • Net income reached €14.5 million on an adjusted basis in the nine-month period.

• Prime model fuels continued success

  • eDO's strong performance is driven by its Prime model, the world's first and largest travel subscription platform. With flexibility features like the ability to cancel for any reason, freeze prices, and access AI-personalised deals across 700 airlines, millions of hotels, packages, and car rentals, Prime offers unmatched value in the market.

  • Leveraging eDO's decade-long AI expertise, Prime is powered by over 6 billion daily predictions, anticipating each member's unique needs and driving highly personalised experiences. This sophisticated AI-powered personalisation, combined with extensive choice and flexibility, enhances customer loyalty, drives strong subscriber engagement, and creates significant, long-term value. Prime's scalable model is positioned for continued growth, ensuring substantial returns.

• On track to achieve long-term guidance by March 2025

  • 7,25 million Prime members

  • Cash EBITDA €180 million.

  • Cash Generation²: Over €90 million

• New guidance for fiscal year 2026

  • Prime members: 1 million new members.

  • Cash EBITDA in the range of €215 220 million.

  • Cash Generation²: Over €120 million

Dana Dunne, CEO of eDreams ODIGEO commented: "This has been an exceptional quarter. Our record-breaking profitability demonstrates that our unique subscription model and strategy are not only effective-they're driving unparalleled success today while laying a solid foundation for ever growing and sustainable, long-term growth. This outstanding performance leaves us set to achieve our long-term targets by the end of March 2025. Building on this momentum, and fuelled by our pride to be Prime, we're excited to set our sights on our newly issued guidance for the next fiscal year. We will continue to scale our model as we drive further growth across our subscriber base, profitability, and cash generation. As the world's largest travel subscription platform, our mission is to continue to delight travellers while generating exceptional returns for our shareholders."

SUMMARY INCOME STATEMENT

(in million)	3Q FY25	Var FY25-FY24	3Q FY24	9M FY25	Var. FY25-FY24	9M FY24
Cash Revenue Margin	172.7	13%	152.9	533.9	5%	507.3
Cash Marginal Profit	70.6	41%	50.0	201.4	27%	158.9
Cash EBITDA	42.6	70%	25.1	123.7	40%	88.6
Adjusted EBITDA	32.0	65%	19.4	79.7	44%	55.5
Net Income	2.8	N.A	(2.4)	4.1	N.A	(4.0)
Adjusted Net Income	6.4	N.A	1.8	14.5	N.A	(0.2)
(in thousands)
Prime Members	6,843	26%	5,411	26%	N.A	5,411

Glossary of terms can be found here.

ENDS

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 over 7 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.

¹ As of February 2025
² (Free) Cash Flow ex Non-Prime Working Capital
³ Net adds: Gross adds Churn.
⁴ Cash Revenue Margin

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