eDreams ODIGEO S.A.

today to review our financial and operational results for fiscal year 2026, covering the 12-month period ending March 31st, 2026. I'm David Alaroff, Director of Investor Relations. Before we begin, I would like to remind you that all supporting materials, including today's presentation and our integrated annual report, are fully available on the Investor Relations section of our website. For those who were unable to attend our 35th AI session last week, The full presentation and webcast replay have also been posted on our website. Given the integral role technology plays in our business model, we welcome questions on today's Q&A session on both our financial performance and our broader AI strategy. I will now pass you to our CEO, Dean Aran, who will take you through the first part of today's presentation.

Thank you, David. Good afternoon, everyone, and thank you for joining us today. We have a compelling agenda today structured around four key areas. The first area, we will provide a high-level overview of our FY26 performance, where I'm pleased to say we have exceeded our full-year guidance and outpaced market expectations. Second area, that we will take you through a detailed view of our financial results. Third area, I will return to share a strategic update on our progress and the momentum we are seeing under our newly launched long-term strategic roadmap. In the fourth area, we will highlight the core takeaways from our dedicated AI session that we held last week, ensuring those who could not attend get a clear view on how our AI-first capabilities are driving our subscription model forward. And then finally, I will then close with some brief concluding remarks before we open the floor to your questions. If you could all please turn to slide four of the presentation, I will take you through the core pillars of today's announcement and provide an executive summary of our performance, the strategic trajectory, and long-term outlook of eDreams Adidio. First, our fiscal year, 2026, results have comfortably exceeded expectations, making a highly successful launch to our new long-term roadmap. In terms of subscriber growth, our prime membership expanded to 7.9 million members. This represents an 8.9% year-on-year increase driven by 643,000 net additions, outperforming our formal full-year guidance of 600,000. In fact, this strong momentum has continued into the current fiscal year, with Prime now reaching the 8 million member milestone. Financially, our cash EBITDA reached 157 million euros. This beats our target of 155 million euros. Moreover, our adjusted EBITDA grew 29% to a record 172.3 million euros. This particular metric is highly indicative this year as it cleanly isolates our true underlying operational strength from the planned Temporary cash timing effects of migrating our prime payment model from an annual upfront fee to flexible monthly and quarterly installments. Furthermore, over the last 12 months, fund-driven revenue grew 10%, and now it constitutes 75% of our total cash revenue margin. This cements our complete transformation into a subscription business. Second, our new long-term strategic roadmap is a high-conviction pivot executed from a position of absolute operational strength and backed by robust data. We are firmly on track to build a superior, highly resilient business designed to unlock substantial, unrealized shareholder value. As previously communicated, our roadmap through FY30 is designed to accelerate growth. targeting a 78% increase in prime membership and a 50% increase in cash EBITDA. Between FY28 and FY30 specifically, we expect to achieve record-breaking momentum, which means we'll be adding between 1.5 million and 2 million net new numbers annually. This guidance is built on a highly de-risk model with conservative, high-certainty foundations. Most importantly, our management team has a proven track record of execution. We've set ambitious three-year roadmaps twice before, and we met our objectives and guidance each time. Third, we are uniquely positioned to win in an AI-driven travel ecosystem. EDU is not a newcomer to this space. In fact, we've operated as an AI-first company for over a decade. This has allowed us to build a powerful proprietary remote that combines our advanced technological infrastructure with the deep customer relationships inherent in Prime. AI is unlocking massive new frontiers for us, allowing us to deploy agentic AI as an entirely new customer acquisition channel, enhancing the customer experience, and rapidly accelerating our innovation capabilities. Finally, let me outline our clear outlook. For the current fiscal year, FY27, we project 600,000 net additions, which will bring our base to 8.5 million prime members. Financially, we are targeting $167 million in adjusted EBITDA reinvestments and a cash EBITDA of 115 million post-investments, with positive year-on-year cash EBITDA growth expected to kick in by the fourth quarter of this fiscal year. Looking ahead to FY30, we plan to nearly double our subscriber base to 13 million members. Following this near-term investment and transition phase, we project profitability to scale rapidly, growing by more than 33% per annum from FY27 to reach an excess of 270 million euros in cash EBITDA by FY30. With that overview of our strategic direction, I will now hand it over to David to guide you through the detailed review of our FY26 financial results. So with that, David, over to you.

Thank you, Lena. If you could all please turn to slide five of the presentation. I will take you through our fiscal 26 financial results. The successful execution of our strategic roadmap and the deliberate evolution of our business model demonstrate that EDU is no longer a traditional transactional agency. We are now a world-leading travel-centric subscription platform. Over the last 12 months, Prime-driven revenue has continued its strong momentum, growing to constitute a record 75% of our total cash revenue margin. This proves that the predictable, recurring high margin streams of a subscription business are now the dominant force driving our financial engine. To see how this powerful structural change is translating directly into our financial performance, here's Central Flight 7, where I will take you through the key highlights of our Prime P&L. Throughout fiscal 26, despite a challenging macroeconomic environment, Prime continued to serve as a primary engine of growth and profitability. As you look at the P&L, it is essential to understand the parallel dynamics at play, which reflect a deliberate pivot to flexible installment options, moving from a single upfront annual fee to an annual membership with monthly and quarterly payments. As planned, this transition creates a temporary shift in the timing of our cash inflows. While cash we got consequently adjusted to 157 million euros, I want to emphasize that this is purely a timing effect. The contractual structure of the prime subscription remains a 12-month commitment, meaning EDU is positioned to fully capture these revenues over the course of the membership cycle, distributed via installments, rather than as a single annual upfront payment. For this reason, our true operational performance this year is best captured by our adjusted EBITDA, which isolates this temporary cash timing effect. On an adjusted basis, EBITDA surged 29% year-on-year to a record 172.3 million euros. This outstanding result provides definitive proof that our core business is escaping with intense profitability, even as we optimize our payment models. This underlying strength is supported by robust operational KPIs across the board. Our membership expanded by 8.9% to 7.9 million subscribers. The 643,000 net additions not only did our guidance, but actively pushed crime's contribution to a dominant 75% of our total cash revenue margin. Even more impressively, crime members now generate 90% of our total cash margin of profit, cementing the profitability of our subscriber base. While the transition to installments drove a technical 9% decrease in reported cash revenue margin, the underlying economic revenue margin for the prime segment actually expanded by 10%. This confirms that consumer demand and our core value proposition remain exceptionally strong, with member retention and acquisition costs offsetting temporary headwinds in air content and timing of payment of subscription fees. Finally, our variable costs improved by 11%, dropping to 388.4 million euros. As our subscriber base matures, our customer acquisition costs decrease, and our margins expand. In short, our business is structurally more efficient, deeply embedded with recurring revenue, and highly profitable. If you could please turn now to slide eight, let's examine the broader cost-related income statement. Total revenue margin remained stable at 668.5 million euros. This steady performance is the direct result of our deliberate strategic focus. Our high margin prime revenue margin grew by a strong 10%, which fully offset a planned 23% decline in non-prime revenue. As we have consistently stated over the last several years, we are purposefully deprioritizing traditional transactional non-lenders to focus our resources entirely on expanding our high lifetime value prime ecosystem. Looking at our cost lines, we achieved excellent deficiency gains. Despite our overall revenue margin remaining in line with last year, our variable cost improved by 11%, dropping to 388.4 million euros. This is a very clear illustration of the economic leverage built into our model. As our prime member base continues to renew and grows more mature, our reliance on paid acquisition channels decreases, which in turn allows more revenue to flow directly to our bottom line. Moving to fixed costs, this saw a modest increase of 6.6 million euros. This was primarily driven by an increase in provisions and higher external fees. The combined effect of these dynamics highlights our immense operational efficiency. Our adjusted EBITDA increased by 29% to a record $172.3 million, up from $133.7 million in fiscal 2025. As a reminder, this metric perfectly isolates our core operational performance from the temporary cash timing adjustments associated with our new installment payment option. Ultimately, this operational strength translated directly into exceptional bottom-line profitability for our shareholders. Reported net income rose 16% to €52.2 million, while our adjusted net income surged by a remarkable 42% to an all-time high of €72.9 million. Let us move on to slide 9 to review our cash flow performance. I am very pleased to report but our cash generative capacity remains robust. Even as we successfully transition our prime members to the annual with monthly installment options, our cash engine continues to perform ahead of expectations. We concluded fiscal 26 with a very strong total liquidity position of 246 million euros, an 11% increase compared to the same period of last year. Breaking down the components of our cash performance, Relating activities, net cash generated from those delivered a solid performance, increasing by 28.7 million year-on-year. In terms of working capital, we achieved a substantial working capital inflow of 24.2 million euros, up from 15.4 million in fiscal 25. This strong performance was primarily driven by a proactive optimization of supplier finance agreements and the acceleration of a higher margin holdable. These positive inflows comfortably absorbed the planned temporary reductions in prime deferred revenue, stemming from a shift to installment collections, as well as a lower average basket size. In the financing activities, the cash flow saw a net use of €107.4 million. Crucially, a significant portion of this outflow reflects our deep commitment to shareholder returns. During the fiscal year, we deployed 64.4 million euros into the strategic acquisition of treasury shares as part of our ongoing share buyback program. In summary, our balance sheet is healthy, our liquidity is secure, and our capital allocation strategy continues to drive tangible value for our shareholders. I will now hand it back to Dana to provide an exciting update on our new long-term strategic growth. Dana, back over to you.