eDreams ODIGEO S.A.

Good morning, everyone, and thank you all for joining us today for our first quarter fiscal year 2023 resource presentations for the three months ending 30th of June 2022. I'm David Larrot, the Director of Investor Relations at the Dream Solillo. As always, you can find the resource materials, including the presentation and our resource report on the investor relations sections of our website. I will now pass you over to Dana Dunn, our CEO, who will take you through the first part of the presentation. Thank you. Thank you, David.

And good morning, everyone. And thank you for joining us today. Throughout the first quarter of this new fiscal year, FY23 for us, we have seen that the travel market continues to improve and recover significantly. Even with the Ukraine war, high inflationary pressures, flight disruptions, COVID, et cetera, People have shown that they want to travel and they're willing to spend money on travel. Within this context, our strong trading has demonstrated best in class performance, substantially outperforming the market and its competitors. In fact, we have set all time records in terms of bookings and revenues. And we have had the largest quarterly increase in subscribers ever, over 560,000 in just three months. Now we have 3.5 million subscribers in August and growing. And this translates into a far higher quality business than what we used to have and that what others have. In today's presentation, I will take you through the key points of our outstanding set of results, which will include key highlights of why Evo continues to perform strongly and gain market share, more details on our outperformance versus the market, and then I'll hand you over to David Elizaga, our CFO, who will take you through our strong first quarter FY23 performance in detail, as outlined in our financial statements, And then I will conclude today's presentation with some closing remarks. Please turn to slide four, which is a summary of our performance of the first quarter of our fiscal year 2023 results. In the first quarter of FY23, we achieved a new record in bookings, the highest in the company's history. We continued to gain market share, and we were on track to exceed our FY23, sorry, our FY25 guidance. Some of the key highlights for today's presentation are, first, we have again achieved strong bookings growth. In the first quarter of FY23, bookings were up 98% year on year and 50% above pre-COVID-19 levels. This is with the Ukraine war, high inflationary pressures, recent air industry disruptions, and a travel market that is yet to fully recover to pre-COVID levels. Despite these macro issues, we still have seen a real resurgence in travel, with our bookings in July up 38 percent versus 2019 pre-COVID levels, and in August, from the 1st to the 28th of August were up 55% versus 2019 levels. There's no doubt consumers want to travel. There is a reason why travel is the largest single category online. Travel provides a unique experience that people cherish, want, and are willing to spend on this. Second, both Prime and EDU continue to outperform. EDU's bookings performance is outstanding and materially better than the market. While the market is still below pre-COVID levels, we continue to be significantly above pre-COVID levels, now having achieved our fourth quarter in a row being above pre-COVID levels in bookings. Above all, our business has increased its quality with the pivot to subscription, has higher repeat rates, and becomes more profitable year by year as customers renew. In the first quarter, FY23, we reached 3.2 million prime subscribers. This is an additional 2 million new subscribers versus the same period last year. And in the first quarter, FY23, alone we added 560,000 new subscribers. This, too, is a record number of new subscribers added in a single quarter. Total prime subscribers at August now total 3.5 million, well on our way towards a 7.25 million target set for 2025. Third, in the first quarter of FY23, Revenue margin as well as cash revenue margin moved above pre-COVID levels for the first time since April 2020. First quarter FY23, revenue margin and cash revenue margin exceeded pre-COVID-19 levels by 3% and 11% respectively. Cash revenue margin in the first quarter FY23 increased 117% versus the same period last year with bookings up 98 percent and the increase in revenue margin for booking of 8 percent was driven by the increased quality of our business following the pivot to subscription and strong growth and diversification revenues. Overall, the first quarter of FY23 has seen the improving trends we saw in FY22. and a return to profitability. Past marginal profit stood at 33.5 million euros. That's two times the amount we achieved in FY22. And a strong cash EBITDA growth, up 349 percent versus the same period last year. As guided previously, the strong growth in first-year prime members puts a drag on the growth in profitability. This jumps in the second year. as prime matures we expect improvements in profitability as proportion of prime members beyond their second year increases fourth the company is on track to meet or exceed its self-imposed fy25 target and is well financed and has solid cash flows why because our free cash flow in the first quarter f by 23 amounted to 29.4 million euros and cash and cash equivalents at the end of the period, net of facilities and overdrafts, were $30.8 million. And that's including the reimbursement of the remaining $30 million of the super senior revolving credit facility. The result of this is that at the end of June, the group only had $17 million drawn under the super senior revolving credit facility. We have a very strong balance sheet, as we do not have any short-term needs to refinance any of our debt. The earliest maturity is September 2027, and we are on track to meet our self-imposed three-year guidance, which is, first, prime members greater than 7.25 million, second, our proof approximately 80 euros, and third, cash EBITDA in excess of 180 million euros. In all, We believe we've got the right model, right people, right structure to seize and deliver on exciting opportunities ahead of us. Now I'll take you through more details. Please turn to slide six, where I'll take you through EDUS outperformance. As you can see on our booking data, EDU achieved record booking growth in the first quarter of FY23, reaching 4.4 million bookings in the quarter, 50% greater than pre-COVID. And if we look at July and August, we have continued to experience strong growth, with July and August bookings growing 38% and 55% above pre-COVID-19, respectively. All of this has been realized under the Ukraine war, COVID, high inflationary pressure, flight disruptions, et cetera. Also, I would like to add one additional comment about the excellent performance in August. The August year-on-year has higher growth than July this year. August is seasonally a less busy month than July, and therefore in absolute bookings, will likely be lower. As we move away from COVID, we do expect to return to a more normal autumn and winter seasonality pattern, which did not occur during COVID. This means we will likely have a lower number of absolute bookings in the months leading up to Christmas.

Please turn to slide seven, eDreams or Digio.