eDreams ODIGEO S.A.

Good afternoon everyone and thank you all for joining us today for our second quarter fiscal year 2026 resource presentation for the three months ending 30th of September 2025. I'm Daride Larrot, the Director of Investor Relations at E3M Solillo. As always, you can find the resource materials including the presentation and our resource report on the investor relations section of our website. I'm glad to inform you that today's presentation will be a little longer than usual as we discuss our new four-year strategy plan, and our financial outlook for the four-year speed. I will now pass you over to Zeynara, our CEO. Thank you, David.

Good afternoon, everyone, and thank you for joining us. Today we're going to discuss three things. First, we will do a brief update on our first half-year results of FY26, which are on track. Second, we will share our new four-year strategic plan in which we accelerate significantly prime member growth and further diversify and strengthen our business. And three, we will discuss the immediate headwind that is hitting us, which is Ryanair that has recently intensified their OTA blocking efforts. On today's call, David will take you through the brief update of the first half of FY26 results. I will then take you through the key drivers of our new four-year strategic growth plan. David will follow with the immediate headwind, financial implications, and our financial outlook for the new long-term four-year guidance. I will then share some closing remarks. Now I'll pass it over to David, who will take you through our first half FY26 result highlights.

Thank you, Dana. If you could all please turn to slide five of the presentation, I will take you through the key highlights of our results. In the first half of the fiscal year, EIDL continued to show strong performance. Our prime members grew 18%, reaching $7.7 million, with $457,000 added in the first half. Cash EBITDA reached 94 million for the semester, growing 16% year-on-year, and growing the last four months' margin by 7 percentage points in one year. And we remain committed to shareholder returns. In the first half, we invested 32.6 million euros in share repurchases, and year-to-date, we have cancelled 5.98 million shares. That's 4.7% of shares outstanding. If you could all please turn to slide six of the presentation, I will take you through the key highlights of our prime P&L. In the first half of fiscal 26, the prime model continued to show that it is the engine of our growth, and we saw significant improvements in profitability, driven primarily by the increasing maturity of our prime member base. Looking at prime's impact on profitability and the drivers behind that growth, our cash margin of profit, a key measure of profitability, grew by 10%. reaching 144.2 million euros. This shows that our business is not just growing, but each transaction is becoming more profitable. This improvement is due to the maturity of our prime members. As members stay with us longer, their profitability grows, which is evident in the 15% increase in cash margin of profit for prime, and its margin increasing by 6 percentage points over the past year. This is having a positive ripple effect on our entire business, as our overall cash EBITDA margin improved by 5 percentage points, from 22% in the first half of fiscal 25 to 28% in the first half of fiscal 26. Cash EBITDA for the semester reached 94 million euros, marking a 16% year-on-year increase. Looking at revenue performance, in the first half of the year, we have observed a few key changes in our revenue margin. While our overall revenue margin increased by 5% compared to the same period last year, our cash revenue margin saw a 6% decrease. This shift is primarily due to a 20% growth in prime revenue margin driven by an 18% increase in prime numbers. However, this growth was largely offset by a 22% planned reduction in non-prime revenue margin. for the prime segment grew by 2% versus the first half of last fiscal year. While member growth was a positive factor, it was offset by a test of monthly subscription fees for a subset of our customers. As we said in our results call of the previous quarter, the increase in prime deferred revenue was again positive for the second quarter as we decreased the sample size of the test of prime monthly payments. The 6% decrease in overall cash revenue margin was due to the plan decline in the non-prime segment. Let me pass it over to Dana, who will take you through key drivers of our new four-year strategic growth plan.