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.

Thank you, David. Please turn to slide 8 of the presentation. I will take you through the key drivers of our new four-year strategic growth plan. As you know, We've been running a number of tests of monthly and quarterly payments, and the results are very positive. We have identified a number of use cases in which a monthly or quarterly payment of the subscription results in higher lifetime value and therefore makes more sense than charging an annual fee up front. We have also identified that monthly payments are enabler for future growth. along two additional dimensions, as it allows us to pursue growth opportunities via offering new products incompatible with a single annual payment and additional growth opportunities in middle-income countries that are more receptive to monthly payments. In summary, this will lead to more top-line growth in the next three to five years, alongside a short-term investment. I will now take you through the areas of growth, sharing the results and the opportunity to create more shareholder value by investing in accelerated growth. Please turn to slide nine of the presentation. The first key strategic driver is evolving our payment model. Customers have clearly told us that they generally prefer monthly payments over annual ones. Our survey data, which is based on 1,740 customers, confirm this. 49% prefer monthly payments while only 25% annual payments and 25% have no preference. We also have seen other subscription businesses move increasingly to monthly as well. For example, over the past several years, Amazon, Adobe, Microsoft 365 have increasingly moved from annual to monthly payments to name a few companies. As a result of this customer preference, we have been testing monthly and quarterly payments for several years across 10 prime markets and five products. That means flight, rail, accommodation, price freeze, and prime standalone, in order to see how to make this work given the uniqueness of travel and prime. Please turn to slide 10. The results from our tests are compelling, showing customers clearly prefer monthly or quarterly payments over annual ones. NPS, the Net Promoter Score, is over 10% higher with monthly payments, and conversion from free trial to a paid member is 8% higher, based on data from June 2024 to September 2025. This is a clear message. Consumers prefer monthly. Please turn to slide 11. With the introduction of Prime of monthly and quarterly payments, we unlock new growth opportunities for Prime across product and geographic extension. For new products, this model is a better fit for rail customers due to lower average basket values of rail bookings and a higher purchase frequency versus flights. Consumers clearly prefer this for lower ticket items. For new product expansion, EDU offers some products in unique ways, such as price freeze. These products have high customer satisfaction levels. Now, with a smaller monthly or quarterly payment, the value perception is much higher. For new markets, smaller monthly payments are also better suited for growth in new middle-income economies, increasing prime penetration in these markets. In sum, monthly and quarterly payments facilitate additional growth opportunities. Please turn to slide 12. Furthermore, the monthly quarterly payment model demonstrates superior results. In positive scopes, the aggregate lifetime value is higher by 13% compared to the annual payment option. In summary, We will roll out monthly and quarterly payment models where LTV is positive versus annual payments, which is true in a majority of scopes for new member acquisition. David will speak with you in the financial section about the implications of the one-time unwinding impact of the cash deferred, which has a one-time negative consequence on our cash EBITDA. Please turn to slide 13. Geographic expansion is our second key growth driver. We will invest in new prime markets beyond our initial 10 countries to accelerate subscriber growth. We have tested prime in 14 new markets in the last year, and the results are positive, showing further growth opportunity. The new international markets show promising metrics compared to our European top five markets, including higher prime, household penetration year one, NPS and prime attachment rate. Please turn to slide 14. Based on these promising results, we will focus on scaling prime further geographically. Our strategy involves fueling growth in the most promising markets through further traffic acquisition and improving product, price competitiveness and operations in the most promising new markets. Our first phase will focus on growing a set of markets that showed great potential, including Mexico, Argentina, the United Arab Emirates, Poland, and South Africa. Please turn to slide 15. Our third driver of growth is product expansion, starting with rail. We are entering the attractive European rail market, which is large and growing at over 40 billion euros. This will complement our leading flight proposition to drive subscriber growth and increase member engagement. Europe has one of the most dense high-speed rail networks in the world, and it is opening up. Already, the rail market has taken a huge share from the short-distance flight market, which provides good upside for us. For example, the Paris-Bordeaux route, the rails market share is now 90%, that's 9-0%, and Madrid to Barcelona is now 72% rail. Europe is further liberalizing its rail market with a number of new rail providers entering across countries. All of this provides exciting growth opportunities. Please turn to slide 16. Prime gives us a unique competitive advantage to succeed in this market over rail-focused transactional competitors. Prime generates four times more revenue margin compared to other transactional rail OTAs. This in turn gives us more revenue to play with to win versus transactional businesses. In over 95% of cases, Prime is cheaper prices than rail operators or rail OTAs. Moreover, we see higher conversion rates compared to flights and higher prime renewal rates as the number of products increases. Through Prime, our leading technological platform, coupled with our advanced AI capabilities, our skills in acquisition and marketing, and our leading European OTA brand, makes EDU a natural winner in this market. Please turn to slide 17. I want to dedicate a word to hotels since we have said this is also a priority. Since the capital markets day, we have made significant progress in our hotel business proposition and further invested in hotels for growth. The global online hotel market is at 293 billion euros and has an OTA penetration of 62%. We're already seeing promising results. Our unique visits to hotels are up 42%. Our LTV of Prime Hotel repeat customers has increased by 33%, and Prime Hotel per flight booking is up 33% year on year. In summary, in hotels, Prime is a unique offering with superior price proposition, excellent customer experience, wide inventory selection, and growing in flexibility. With over 7.7 million Prime members, Prime for Hotels gives us increased retention of Prime customers as we move from being a flight-centric proposition, and come on, to an overall travel-centric one, and one that is unique in its subscription offering. Please turn to slide 18. Finally, as most of you know, we are one of the leaders in Europe on AI. With this new plan, we are leveraging our AI leadership to support this accelerated growth. We have already achieved massive scale adoption of generative AI with a run rate of well over 400 billion tokens per year. Tokens are a number of words or data chunks being processed by all of our generative AI use cases, and this is a key enabler and a key benchmark for how sophisticated a company is in generative AI. This level of AI consumption places us clearly amongst the leaders of AI across the global e-commerce industry. If you could please turn to the next slide, I would like to share with you some of the most current use cases across the organization. In customer service, our generative and agentic AI solutions are revolutionizing how we serve customers, enabling end-to-end agentic automation of even complex tasks, such as canceling a booking. In IT, we've seen a step change in productivity on the back of our leadership in AI adoption, with more than 30% of our code now being AI generated. And across the business, we are seeing how even complex processes can be automated through AI. For example, AI is now automating the management of our in-house dynamic pricing engine, which previously required scarce data science expertise. Now let me pass it back to David, who will take you through our immediate headwind, the financial implications of the plan, and our financial outlook for the next new long-term four-year guidance.

Thank you, Daniel. Now let's address the immediate headwind hitting our business. If you could please turn to slide 21. Ryanair has recently intensified their OTA blocking efforts which is increasing instability in our Ryanair content coverage. Since mid-September 2025, our average daily bookings for Ryanair have been reduced by over 80%. It is important to stress that this has impacted our new customer acquisition, but not the churn of our existing prime customers. Customers who booked a Ryanair flight demonstrate a similar renewal rate to the average of a company, as they find alternative airlines and maintain a similar net promoter score. If you could please turn to slide 23. Given the investment for accelerated growth and the impact of the headwind, we're issuing a new long-term financial guidance. In prime members, despite the headwind, we are accelerating growth. We will deliver 40% more prime subscribers than the market consensus by fiscal year 30. In the second half of fiscal 26, we will be affected by the recent stability in Ryanair content, and we will grow our prime member base in the whole fiscal year by 600,000 members. In fiscal 27, as we anniversarize the impact of the Ryanair instability, we would also grow our prime member base by another 600,000 members. From fiscal 28 onwards, when our new investments start to pay off, we will grow our primary base at 15% to 20% per annum to reach more than 13 million members by fiscal 30, dramatically more than the analyst consensus of only 4% per annum. And more importantly, achieving record levels in annual net ads by adding in the range of 1.5 to 2 million new prime members per year between fiscal 28 and fiscal 30. regarding the ARPU of Prime, average revenue per user. Due to the introduction of monthly and quarterly payment installments, our ARPU will temporarily reduce in fiscal 26 and fiscal 27 to the low-mid 60s euros, and is projected to recover to approximately 70 euros by fiscal year 30. In terms of the Prime deferred revenue, It will reduce to an amount of negative 18 million in the aggregate of fiscal 26 and negative 6 million in the aggregate of fiscal 27, and then contribute over 30 million positive per year from fiscal 28 to fiscal 30. If you could please turn to slide 24, we will have a period of investment during the second half of fiscal 26 and the first three quarters in fiscal 27. And we will start showing growth from the fourth fiscal quarter of fiscal 27 in Casablanca. Casablanca will come down to an estimated €155 million in fiscal 26 and €115 million in fiscal 27. We expect the investment period to be five quarters so cash EBITDA will start growing year-on-year by the fourth quarter of fiscal 27. You can see the largest investment is the timing impact over the move to monthly and quarterly payments, with the one-time change in deferred revenues, which happens over the next 12 months, and its impact on cash EBITDA. From fiscal 27 to fiscal 30, we expect cash EBITDA to grow by more than 33% per annum, reaching over 270 million euros by fiscal year 30. Now let me pass it over to Dana, who will do some closing remarks.

Thank you, David. Let me start by saying that I've been in this business for 13 years, and I've never been more excited about the future of EDU. We're going to grow this business more rapidly and further diversify and strengthen the business and its attractiveness to customers. With the move to monthly, we will go to new product categories such as rail and other lower value ones as well. We will go to more geographies, some of which are lower income ones than in Western Europe. And we will continue to lead in our investments and skills in AI, which creates lots of value for customers in E2. Let me be clear. Separate from this, we have a headwind, which we have boxed by minimizing its financial impact in our new guidance while we build an even stronger and more diversified business. Now please turn to slide 26. I'll follow by saying we've done this before. We have transformed the business dramatically in the past and at the same time delivered on our long-term guidances. For instance, in our last 3.5-year plan, we set very ambitious plans, and we delivered. One, we grew our prime numbers from less than 2 million in 2021 to 7.25 million in 2025. We improved our cash EBITDA from 3 million to 180 million. We deleveraged the company from 8.6X to 1.7X. We transformed our business from transaction to subscription business with now 74% of revenues and 88% of cash marginal profit from subscribers, whereas it used to be 38% and 50% respectively. And we created a stronger consumer business. In sum, we have a team that delivers. Please turn to slide 27. In closing, despite the negative headwind, we are building a much better, much stronger business. We will deliver higher growth. We will deliver 40% more prime members than market consensus by FY30. We will deliver higher customer LTV. The new payment model results in a 13% higher lifetime value for Prime. We will deliver stronger customer loyalty. The new payment model delivers over 10% increase in MPS scores and increased customer stickiness. We will deliver more diversified business. 66% of EDU's volume will be driven by non-flight products and flight outside of the top five European markets in FY30. This transforms us from a fundamentally European flights business to a global travel business. And we will continue with our share buyback. We have committed 100 million euros for the next two years to continue our share buyback program. Over the years, we have demonstrated resilience, transformation, and an unwavering commitment to delivering shareholder value. Today, we are strengthening our foundations, not just for the next quarter, but the next decade. Transforming from a mainly European flights to a global travel business. Trust in our track record and our vision. Securing a sustainable and highly rewarding future for all of us. Now let me pass it back to David. Thank you, Dana.

With that, we would now like to take your questions on the webcast. We will answer the questions that have been sent in writing. That means we're going to take questions on a first-come-first-served basis. We would also try to group questions of similar nature. Should we not have time to respond to questions on the webcast, the investor relations team will make sure those are answered Now, let me go to the first set of questions that comes from Francisco Ruiz, the analyst of BNP Paribas. The first one says, can you put an example on monthly payments similar to what you did with the 55 euro annual payment? If I book a flight to New York from Madrid and previously I get a discount of 30 euros, will I get this discount as well under the monthly one?

Good question. Absolutely. And the answer is yes. It is exactly the same value proposition to the customer. The only thing that is changing is that in yearly, you collect the subscription fees in one time. That's the past. And at the beginning of the program, while on a monthly model and the same for quarterly, we collect the monthly subscription fees with a lower price than the yearly one, of course, every month during the course of that year. But in terms of the benefits now, not just in a sense the cost to the customer, the benefits to the customer stay exactly the same. And in fact, if I just highlight, this opens up a lot of new customer segments that we can go into by doing this. And by doing that, we're going to enter into Rail. And so all of our existing customers will get Rail within their subscription fee as well. So it's a win-win.

Okay. The second question that comes from Francisco Ruiz as well is, What is your opinion on the Google AI tool canvas in your business? If this is not a threat, could you help us to understand why?

Absolutely. So, first of all, as all of you know, we're one of the leading AI companies across any industry within Europe. Many of you also know that we have a small business in the U.S., and there are far larger travel companies in the U.S. than us. Google's announced these partnerships with the largest travel companies in the U.S., and we look forward to participating in these opportunities from a European point of view. As you can see in the new plan, we're also investing in AI to keep this leadership, and we view AI search results as a potential new channel or variation of existing channels through which we can acquire customers. In fact, if you look at the new announcement, the new model being out, Google stated explicitly that they're not becoming a transactional company, but passing off the customer to its partners. So we absolutely welcome this and welcome it from a European point of view.

Okay. The next set of questions come from Carlos Trevino from Santander. The first question is, could you elaborate on the nature of the investments in the second half of fiscal 26 and fiscal 27? Could you provide the breakdown between fixed costs and variable costs? Let me take that one, and let me actually start from the second half of it, which is the one about the fixed cost and variable cost. I can tell you the fixed cost, and you can actually go to the variable by difference. The amount of fixed costs that you should expect towards the end of the forecast period, so by fiscal year 30, is about 140 million euros, starting from the level that you have seen today, which we're doing now approximately 25, 26 million per quarter in the first two quarters of this year. We're going to increase somewhat the number of members. There's a lot of new developments to actually pursue in the business. and going into all of those new verticals going into new countries going into new products like rail going into small ticket items so if we you know like we've said other times if we enlarge the size of the factory we believe that that coupled with the enhanced productivity that we are seeing from ai like we have shown you earlier today More than 30% of our code is right now generated already. We feel that we can deliver at speed in the number of new things that need to be produced. Now, about the other size of the nature of the investments, that is some of the investment that is also on the variable cost nature. When you go into, again, new verticals, you don't have the advantage of an established customer base there. which results in higher CAC than otherwise, right? At the end of the day, the cost of acquisition in one of our established countries is the blended mix of how many people come to you direct, and those are either former transactional customers of you in the past, or friends and family referrals of the existing crime members. So when you go to a new country in which you don't have a, you know, meaningfully established base, and you go or you go into a new vertical in which you're acquiring customers, the CAC is system higher. And then over time, it will decrease to more normal levels of CAC that you see in a more established business in the more established protocols. That's the nature of the investment streaming. But because you asked about those, you know, and with the labeling that we have done in this learning, which we run you through the cash a bit now, Let's just, you know, remind everyone that the biggest impact by far is the one-time timing difference of collecting monthly from a large portion of our customers from collecting yearly. The next question from Carlos as well is, will there be any kind of commitment to those subscribers choosing monthly, quarterly payments? Yes, let me take that one as well. The monthly subscription program that we have is one of installments of 12 months. So, when the customers join the monthly program, they actually join a yearly program with monthly payments, but they have a commitment to continue to pay for the 12 months. And last question from is, apart from the Ryanair no impact. Have you seen an increase in your churn rate over the last months?

The simple answer is no. I compare from the capital markets day to today, churn rates are stable. Moreover, just want to make the point again, because it's a really important one for all investors, is that if we look at customers that had a Predilection towards Ryanair have joined our program. We do not see a change in the churn rate of them at all over the past year, over the past two years, et cetera. And what in fact happens is many of these customers simply take another airline.

The next set of questions comes from Andrew Ross, who is the analyst at Barclays. It says, what percentage of Prime subscribers on annual versus monthly subscriptions in fiscal 26 and fiscal year 13 year assumptions will you shift everyone to monthly? I want to refer you again to slide 12 of the presentation where we have a chart that talks explicitly about that. That is a very important question indeed. We will go with monthly on the new markets, and we will go with monthly on The new products are 100%. So rail will be monthly from the beginning, and we will not have customers that join via rail being annual payments. And then in the existing market, existing products, it's approximately 50% that will be on monthly versus annual. And that is a very large part of our customer base, of course. The next question says, Will it be possible to cancel a subscription midway through the year and pay only, say, a few months? Is that not a risk given relatively low annual frequency on the flight side and amongst prime subscribers in general?

So we've tested a number of models over the past number of years, and the model that works really well, that you see the results there, that you see the NPS increase, that you see the LTV, et cetera, is a monthly program with an annual commitment to it. So, therefore, no, there isn't a risk, and everything is baked in within our numbers based upon the long duration that we've been running this program and the tests.

The next question from Andrew is, what percentage of gross bookings from non-flights within the top five Euro countries by fiscal year 30? Well, that's, we don't tend to break down the gross bookings even in the actual data. So, therefore, there's no point in breaking it down for the forecast data. But you can take as a proxy that, you know, the majority of the non-fines, i.e., particularly in the part of new products, goes into monthly. So at least the subscription fee, the subscription fee again, will be on a monthly basis. But the gross bookings themselves come with every transaction. So they go along the year depending on the transaction. The next question says, what does this mean for shareholder returns in the next couple of years, giving leverage will step up? Well, gross leverage is going to stay the same. Net leverage is going to go up from the level of about 1.8 that we have just published today to something in the surrounding of, you know, just under 3 or around 3, more or less. I think we start this, let's say, new cycle of growth from a very solid financial position with the lowest leverage that we have ever had. That's one of the things that help us to maintain a very solid, I would say, path of return of cash to shareholders with a commitment from us that it will be $100 million in the next two years. The next question says, will you sign a strategic partnership with Ryanair given the impact on bookings recently? And why haven't you done this?

Absolutely. So let me explain how our situation is different. And then also let me explain to you what our criteria is for deal with any partner. First one is what our situation is. As many of you know, we're absolutely leading in technology. And so, therefore, we have had access to Ryanair, albeit at limited. And today, we still have access to Ryanair, but it is dramatically less than what we had before. We've been very open and transparent with you. But it's not zero. Whereas most of the other competitors of us have had zero because they don't have the platform, they don't have the technology that we have. And so if you have zero, then signing a deal gives you more than zero. So that's an upside. For us, though, that's one starting point that's slightly different. The second one is also in terms of prime. that we are not a transaction-based business unlike the other players out in the marketplace. We are the only subscription one. And that model drives us to certain different behaviors, different decision makings than others. We are very focused not just on getting the business, but that making sure that the customer has a whole good trip that they do another trip, another trip, another trip, and when day 365 comes up, that they renew with us. And that is fundamental about our model and our business. It's unlike a non-subscription-based business. So therefore, we're very, very focused on the end-to-end customer experience. So that is our two fundamental things that are different when we evaluate deals versus someone else in it. Now come to our criteria. Our criteria is threefold. The first one is obviously shareholder value, right? What are our options and which one creates the most amount of shareholder value versus the next option, right? And so we simply dispassionately compare that. The second criteria is around the customer experience, and I think I explained to you a little bit more about why that is so important to us. And the third one is about compliance in terms of regulation. regulation, laws, rules, etc. from Europe. And so we make dispassionately that situation. And any deal, not just this one, but with any partner, that is how we'll make them in the best interest of those three criteria.

The next question from Andrew is which markets are the focus for rail in particular?

Absolutely. So we're focusing first on continental Europe, and within continental Europe, the markets that are really opening up the soonest, which is Spain, Italy, and France. And by the way, then at later stages, and we can go to other ones as well.

Yes. Excellent. Seems to me the last question from Andrew says Expedia and Skyscanner. I've tried out trains in Europe in the past with limited success, whereas a single product focus from train line seems to be working. What are your thoughts on this? So let me take it, David.

So first of all, the obvious thing is I can't speak for Expedia and Skyscanner. Really important to point out Skyscanner is a meta, which is an absolutely entirely different business model, not just from us, but from other OTAs. Now, Expedia as an OTA is a different business than ours, and I'm not, was not privy to their results, so I can't comment on them. But I can comment on them. We are unique. We have Prime. We have a technology leadership. We have a really strong transport brand. And we have been running this for a while and are basing our plan on our actual results. This is not about ideas, but on actual results that we have been doing well in.

The next set of questions come from , the analyst from . The first one says, when you say you're planning to enter the railway market, is that by building partnerships with rail travel suppliers directly, or what is the plan? And similarly, with regards to hotels, remind us again as to how you're growing supply of hotels. Is that via direct relationships?

Absolutely. So great question. So the first one, if I take the rail market, absolutely. We are signing partnerships with a number of rail providers on that, and we're going market by market. We also have our platform as well that allows us to get rail content from other parties, from third-party providers as well that would have that content. In terms of for hotels, we have – Similarly, with hotels, you're talking about we have almost 2 million hotels on our platform. The hotels market is fundamentally different in terms of, let's say, content and the amount or the number of, let's say, content sources that you need to in order to have a robust business. Now, within that, we've built a platform that is a multi-provider platform. So we get some by going direct to hotels, but then we get a lot from, let's say, third parties. And we have relationships with a number of really key third parties that allows us to get it. And then we've built on top of this a layer that allows us to de-duplicate because we'll have, meaning having so many different providers, we're getting duplicity of content. So we need to de-duplicate it and we need to figure out which is the best one in order to offer and close that hotel booking for it.

The next question is, what was the churn when it came to monthly payments? It would have ticked up as well, right, versus annual payments. Let me take this one. We are rolling out, I'm going back again to the page 12 and the page 11 before that. We are rolling out the monthly instead of annual in those places where the LTV is positive versus yearly, which means that when we do it, the balance between new members that you get or extra members that you get and the churn evolution is positive overall. The next question says, What's the results of the monthly payment model for just air, not including rail? They're both positive. They're positive for rail and they're positive for flights. In rail, it is a precondition, like we have said. Rail is part of those type of, let's say, products in which you have lower average basket value, and you have more frequency of consumption. And it ties a lot better with monthly installment cadence. And on the case of air is, of course, the vast majority of the sample, because that's the one that we were able to test more extensively over a period of two years. The next question says, Given Ryanair was always against OTAs, what have they done exactly since mid-September? Remind us again, how much of your group was still Ryanair-driven prior to mid-September? The relationship with Ryanair from a technological point of view has been for a number of years, if you will, kind of like a cat and mouse game. They try for us not to access the content and we go around the hurdles that they put. What they have taken are increased anti-scraping measures that preclude us from giving a good customer experience to our members. And that has increased from September. The possibility that we go around those hurdles is a good possibility like in the past, but we have decided for this forecast to box select. So that this forecast that we have shared with you today are not dependent on us going over the hurdles like we have done in the past. The next question is from Nisla, the analyst from Deutsche Bank. Can the economics of prime still work if the subscription is shorter? Yes, yes, absolutely. And that is demonstrated by the data that we have shown today, that the LTV is 30% higher in the use cases in which it is higher, of course. In the ones in which it is lower is those cases where we're not running out monthly and we're keeping only the annual payment option. And then the Well, the next one is actually a repeat from the previous. The following one is, I think that one's repeated as well. Let me just go up here. We have questions from from Schwartz Investment Council. says most of the decline in cash EBITDA estimates in 26 look to be coming from a decrease in deferred revenue given the new non-annual prime programs. Just looking at EBITDA and taking the working capital component of cash EBITDA out of it, what does the change in EBITDA estimate look like, if any? I think the easiest way to do that is to look at the adjusted EBITDA as opposed to the cash EBITDA. Now, you can put together two data points that we provided today. The first one would be the expectation of cash EBITDA by the end of fiscal 26 of 155 million. And the second one is that in the aggregate of the year, we expect to have negative 18 million in the change in deferred revenue. If you put the two together, you get to an adjusted EBITDA of 173 million. 173 million is almost a 30% increase in adjusted EBITDA versus the adjusted EBITDA that we reported of about 134 million in fiscal 25. And that evolution is net of all of these timing effects one time of the change to monthly for a good portion of our members. The next question comes from David Capital. What efforts are being made to reconcile with Ryanair and what would the financial impact be if the issues with Ryanair can be resolved? Let me take the second part, which is more of a financial question, and then I can go on. First of all, there's not a lot to say because we've talked enough, I think, about the three elements that would potentially underpin our deal with Ryanair. On the financial, it would, of course, be positive, right? We just don't want to venture out. how much positive because there is a range of options, right? You could go back to the levels that we had just before September. You could go to more. And we prefer to talk about our forecast absolutely boxing in right now so that it's not an impact. If there is an impact, it will be positive versus what we're showing today. The next question comes from Paul from BNP Paribas. Are there other players that may seek to do what Ryan had tried to do that create further downside risk to EBITDA guidance?

Let me take that one. So, first of all, Ryanair has been consistent about this, that they have been going after this for a minimum of 15. It's actually been over 15, more like probably 20 years consistently. So, in that time, you've been able to see everybody, been able to see the market and that approach to it. In fact, what they're doing is really counter to the basic fundamentals of fixed asset owners. When you look at fixed asset owners and what they do, not just in travel, right, like other airlines or hoteliers, but look at theme parks, look outside of even, you know, the kind of travel, entertainment, leisure industry. There's lots of other fixed asset industries. And what you're fundamentally doing is running an auction. And you want to bring as many people as possible to the auction, particularly when you have a perishable asset, like a seat in an airplane that's expiring at a certain date. You want to bring as many people as possible. It's not just to sell that seat. It's not just to fill that kind of theme park. It would be actually to be able to yield manage and push it up and up and up. And the more people you bring to your auction, the more likely you are to be able to close out at a higher and higher price. This is exactly what other fixed asset businesses owners do. This is exactly what you see, for example, Disney with its theme parks, where you see even a semi-fixed asset owner. Apple does this by using so many other types of companies as well on this front. When you look at us, such as us, we not just as a potential point to bring people, to an auction, there is uniqueness in us. And there's uniqueness in primarily because we have Prime. And if you look at our customer base, if you look at our disclosure that we've shared before, is that only 5% of our Prime customers actually go to an airline website. That's 5%. go to an airline website so 95 don't and that is what we bring to the auction that's what we bring to an airline that's what we bring to other fixed asset partners now if you look at another fact is that um airlines that participate in our prime days have seen a hundred and seventy three percent growth in their bookings versus airlines that don't uh participate in that prime date so again it just shows the amount of kind of value that we can bring and the collaboration that we do bring to other fixed asset providers.

The next question that we have comes from Guillermo Macedo, the analyst at CaixaBank. Could you comment on how do you expect the different parts of the LTV on a single customer basis to change with the movement to monthly payments? In most subscription models, there is a churn spike around the payment date. Do you see that in your numbers? Well, actually, we define churn as when people don't pay. So, yes, it comes around more precisely on the payment date is when we know if we have a churn number or not, because up until that payment date, they can use the service, you know, however many times they want. On the parts of the LTV, it's a little bit of what we said earlier to a different question. You have an increase in conversion that we have shown a particular slide in which, you know, from visit to number of time members have finally joined, there's an 8% increase. On the other hand, there are certainly different behaviors around the churn, but net-net of the two things, which are the two most important things, you have a 13% increase in LTV for those use cases, again, in which the LTV is positive, and we're only rolling out monthly or quarterly payment installments in those use cases in which the LTV is positive. That is the That is the last question that we have now in the webcast. So with that, I'm going to thank everyone for joining the webcast today. Dana wants to share a closing remark.

Absolutely. So, look, I know that some of you are long- or short-term-oriented shareholders. Investors with a short-term horizon would – I acknowledge would prefer that we postpone doing these investments. But let me be clear. As a shareholder, I'm telling you that it is not in the best interest of the long-term growth of the company and of overall shareholders. For the analysts that cover us, we look forward to working with you and helping you understand in more detail the implications for your models. Again, as a significant shareholder, I can say this is absolutely the right thing to do. It makes our company far more diversified. It turns us into a global travel company as opposed to a European flights business, which in turn makes us more valuable and attractive to different types of stakeholders. It gives us stickier customers, which in turn makes us more valuable. it gives us much greater growth profile in the coming year for investors that's 40 higher than the analyst consensus which again is very valuable and we will execute this plan while we buy back a hundred million euros of our stock over the next two years with that let me pass it back to david thank you dana i

Echo your words. I'm a significant shareholder as well, a significant and proud shareholder. Before we conclude the call, I would like to inform you that on Thursday, the 26th of February, we will be hosting our conference call for the nine-month results presentation. And in the meantime, we will be happy to receive your questions via the investor relations team or the investor email address, which is investors.edriensolidio.com. Have a nice evening. Thank you very much for your