eDreams ODIGEO S.A.

Good afternoon, everyone, and thank you all for joining us today for the Q3 fiscal year 2026 resource presentation for the nine months ending 31st of December 2025. I'm David de la Roth, the Director of Investor Relations at IDIM Sodillo. As always, you can find the resource materials, including the presentation and our resource report, in the Investor Relations section 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, David. And good afternoon, everyone. Thank you for joining us today. We're going to discuss three things. The first is, I'll do a brief update of our first nine-month results of FY26 and the outlook, which we're on track. Second, Debbie Lillithagar of CFO will take you through the prime model and how it continues to drive very strong growth. Third, I will then share some closing remarks on why we think we are significantly undervalued. Please turn to slide four, which is a summary of our performance for the first nine months of fiscal year 2026. We're firmly on track to deliver on our new guidance. In the first nine months, adjusted EBITDA increased 74% year-on-year 138.4 million euros. Adjusted EBITDA isolates operational performance from cash timing effects of the move from annual subscription to annual subscription with monthly installments. So this 74% increase of adjusted EBITDA shows the strength of the underlying business absent the cash timing effects. Prime Membership, we reached 7.7 million members, up 13% year-on-year. As of January, we hit 7.8 million subscribers and reaffirm our FY26 target of 7.9 million. Cash even improved by 2% to 126.7 million euros compared to the nine months of FY25. which was partially impacted by the investments we are making in the new businesses, the temporary instability in our Ryanair content, and the timing impact of the move from annual subscription to annual subscription with monthly installments. Despite this, growth resulted in the substantial expansion of our profit margins and is also on track to meet our FY26 target of 155 million euros cash EBITDA. In terms of revenue mix, prime related revenue now accounts for 75% of cash revenue margin and grew 7% year on year. I will cover this in my closing remarks, but it's important to briefly highlight that our strategy review update back in November, 2026 was done from a position of strength and is a high conviction move based on solid data from extensive log operations. All in all, we will deliver a much better business, faster growing, more profitable, and more diversified, and we are significantly undervalued. Moreover, we are committed to shareholders' returns, and a proof of this is that we've repurchased 23 million in shares this quarter, with 100 million euros committed through September 2027. We've already amortized 12 million shares which is 9.4% of the share capital. And at today's prices, 24% share of Edo's market capitalization is pending to be repurchased between January 2026 and September 2027. And this represents a yield to our shareholders of around 33%. And very few companies out there are doing the same. Now I'll pass this over to David, who will take you through our prime model strong growth.

Thank you, Dana. If you could all please turn to slide six of the presentation, I will take you through the prime model. In the last 12 months, prime cash revenue margin grew 7%, with prime now representing 75% of the total. Even more impressive is the prime cash marginal profit, which grew 18%. with Prime contributing a dominant 89% of our total cash marginal profit. This reiterates the fact that EDU is a subscription business focused on travel, and that the strong growth of Prime more than offsets the anticipated decline in the non-Prime side of the business. If you could all please turn to slide 7 of the presentation, I will take you through the key highlights of our Prime P&L. Looking at the nine-month P&L, our cash EBITDA reached €126.7 million. That's a 2% increase. This was achieved despite headwinds, including investments in new products, temporary instability in writer content, and the timing impact of moving to annual subscription with monthly installments. Notably, our cash margin or profit margin expanded by 5 percentage points to 42%. 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 3%, reaching 207.8 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 member base. As members stay with us longer, their profitability grows, which is evident in the 7% increase in cash marginal profit for Prime and its margin increasing by 4 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 three percentage points, from 23% in the nine months of fiscal 25 to 26% in the nine months of fiscal 26. Cash EBITDA for the nine months reached 126.7 million, marking a 2% year-on-year increase. Adjusted EBITDA, which isolates operational performance from cash timing effects of the move from annual subscription to annual with monthly installments, increased 74% to €138.4 million. Looking at revenue performance, in the nine months of fiscal 26, we have observed a few key changes in our revenue margin. Cash revenue margin for prime decreased by 1% versus the nine months of fiscal 25. While member growth was a positive factor, it was offset by an enlarged test in the first quarter of fiscal 26 and the move from the second quarter of fiscal 26 to the annual with monthly installment subscription fees and the progressive implementation of this option in the current quarter. Please turn to slide eight of the presentation. Revenue margin, excluding the adjusted revenue items, increased by 3% versus the nine months of fiscal 25 to 502.8 million euros. This improvement was driven by a substantial 16% increase in revenue margin for Prime, resulting from expansion of our Prime member base. The growth in revenue margin for prime as anticipated was partly offset by the revenue margin for non-prime, which decreased 24% versus the nine months of fiscal 25 due to the switch of our customers from non-prime to prime and more generally to the focus on the prime side of the business. Variable costs decreased by 15%. despite revenue margin is 3% above the nine months of fiscal 25, as the increasing maturity of the prime members reduces acquisition costs. Fixed costs increased by 3.3 million euros, driven primarily by an increase in provisions, and higher external fees costs. As a result, adjusted EBITDA, which isolates the operational performance from the cash timing effects of the move from annual subscription to annual with monthly installments, increased 74% to €138.4 million from €79.7 million in the nine months of fiscal 25. Adjusted net income stood at €63.8 million in the nine months of fiscal 26. Turning now to slide nine, I will take you through the cash flow statement. Our cash generation remains robust despite the decision, the annual with monthly installment subscription program. In terms of the operations, the cash flow from operating activities rose by 31.1 million euros to 79.1 million euros. In the working capital, we saw an outflow of 42.9 million compared to an outflow of 27.3 million in the nine months of fiscal 25, primarily driven by a decrease of 55 million euros in the variations of the prime deferred revenue. This variance is largely attributable to the timing impact of transition in the subscription model from upfront annual payments to an annual subscription with non-fee installments. This impact was partially offset by an improved working capital performance, notably driven by the hotel segment. In financing, we used 96.3 million euros in financing activities, which includes significant acquisition of treasury shares as part of our buyback. of 55.9 million for the nine-month period. I will now turn the presentation back to Dana to do some closing remarks.