EDreams ODIGEO S A : 1Q FY 2024 Results Presentation

Results Presentation

1Q FY24

31st August 2023

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Disclaimer

This presentation is to be read as an introduction to the unaudited condensed consolidated interim financial statements of the Group and contains key information presented in a concise manner on the Group and its financial condition. The information contained in this presentation is extracted from the unaudited condensed consolidated interim financial statements of the Group and is qualified in its entirety by the additional information contained therein. This presentation should only be read in conjunction with the unaudited condensed consolidated interim financial statements of the Group. Copies of the unaudited condensed consolidated interim financial statements of the Group are available under http://www.edreamsodigeo.com/category/investors/quarterly-edreams-odigeo/.

Certain statements included or incorporated by reference within this presentation may constitute "forward-looking statements" in respect of the Group's operations, performance, prospects and/or financial condition, the industry in which the Group operates and the Group's intentions as to its financial policy. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Statements in this presentation reflect the knowledge and information available at the time of its preparation. The Group does not undertake any responsibility or obligation to update the information in this presentation, including any forward-looking statement resulting from new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast.

Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser.

This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to sell, or a solicitation of any offer to purchase or acquire any securities or related financial instruments of the company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the securities of the company. No securities of eDreams ODIGEO have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act.

None of eDreams ODIGEO nor any of its subsidiaries, nor any director, officer, employer, employee, advisers, auditors, connected persons or agent of theirs, or affiliate of any such person, accepts any liability or responsibility whatsoever for any loss howsoever arising, directly or indirectly, from this presentation or its contents.

In the United Kingdom, this presentation is directed only at persons who (i) fall within Article 43(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) are persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Order, or (iii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may lawfully be communicated (together "Relevant Persons"). Under no circumstances should persons who are not Relevant Persons rely or act upon the contents of this presentation. Any investment or investment activity to which this presentation relates in the United Kingdom is available only to, and will be engaged only with, Relevant Persons.

The financial information included in this presentation includes, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from the Group financial statements, alternative performance measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non- IFRS Measures"), including "Bookings", "Gross Bookings", "EBITDA", "Adjusted EBITDA", "Cash EBITDA", "Revenue Margin", "Cash Revenue Margin", "Cash Marginal Profit", "Prime ARPU" and "Variable Costs", which are not accounting measures as defined by IFRS. These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from the Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by the Group auditors.

We have presented these measures because we believe that they are useful indicators of our financial performance and our ability to incur and service our indebtedness and can assist analysts, investors and other parties to evaluate our business. However, these measures should not be used instead of, or considered as alternatives to, the unaudited condensed consolidated interim financial statements for the Group based on IFRS. Further, these measures may not be comparable to similarly titled measures disclosed by other companies.

For further details on the definition, explanation on the use of and calculation between APMs and Non-IFRS Measures please see the section 5 on "Alternative performance measures" (of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30 June 2023, published on 31 August 2023. The documents are available on the Company's website (https://www.edreamsodigeo.com).

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1. Results Highlights

1. Prime model proven to be a success - Excellent 1Q FY24 results
2. Further improvements on disclosure to better understand the subscription model
3. eDO investment highlights
4. Appendix

1. The strength of our Prime model continues to deliver significant uplifts in profit margins. Cash EBITDA(1) more than doubled in just 1 year

In 1Q FY24 the strength of the Prime model continues to drive significant improvements in profitability

• Cash EBITDA (1) stood at €29.4 million, more than doubledthe €14.0 million reported in 1Q FY23. Cash EBITDA Margin(1) had 9pp improvement in just one year. As guided, the maturity of Prime members (1) is the most important driver for profitability, and this has resulted in substantial improvements in profitability as we have more and more Prime members (1) renewing their memberships.
• Cash Marginal Profit(1) stood at €52.0 million, up 55%, and the margin had a 10pp improvement in just one year as well.
• Prime share of Cash Marginal Profit (1) already reached 65% of the Group total. Shift in the Group's results from transactional to subscription lead for the group to change the reporting breakdown

Prime model proven to be a success

• In 1Q FY24 we reached 4.7 million subscribers, a 47% increase vs same period last year, despite the industry moving to more normalised seasonality patterns. In August (2) Prime members (1) stood at 4.9 million.
• Cash Revenue Margin for Prime (QUARTERLY FIGURE & NEW REPORTING KPI) shows significant improvement (up 46% vs 1Q FY23), in line with growth in Prime members(1), and as a share of the total Revenue Margin (Prime share up from 41% in 1Q FY23 to 57% in 1Q FY24)

Well on track to meeting self-imposed FY25 targets

• Prime Members (1) - Our quarterly net adds(3) run rate is ahead of implied run rate needed to achieve FY25 target of 7.25 million Prime members
• Prime ARPU (1) - as guided, is trending towards mid €70s and then will converge with our FY25 guidance of €80 per user. In 1Q FY24 Prime ARPU stood at €75.5 per user
• Cash EBITDA (1) - Our 1Q FY24 results demonstrated that an increasing share of year 2+ Prime members has a very positive impact on margins (doubled in just one year). Our most recent results demonstrate we continue to be well on track to meet our self-imposed target of over €180 million in FY25

• Longer term - eDO has strong fundamental growth potential beyond FY25

(1) Definitions of Non-GAAP measures on page 32-34

(2) 22nd of August4

(3) Net Adds: Gross Adds-Churn.