lastminute.com N.V.

Good morning and welcome to the lastminute.com full year 2025 financial results conference call. Today's call will be hosted by Julia Weinhardt, Head of Investor Relations, and joined by Alessandro Petazzi, Chief Executive Officer, and Diego Fiorentini, Chief Financial Officer. All participants are currently in listen-only mode. There will be an opportunity to ask live or webcast questions following the presentation. Please note that this call is being recorded. At this time, I'd like to turn the call over to Julia, Head of Investor Relations. Please go ahead.

Thank you, Mathilde. Good morning, everyone, and thank you for joining us today for our second call of the year. Today, we will present the final 2025 audited results as previewed in February. We have also this morning published our annual report and sustainability report 2025. These are now available on our corporate website. Along the results, we will share our latest development, and after the presentation, we will be happy to address your questions. With this, I will hand over to Diego now to start the presentation.

Thank you, Giulia, and good morning to everybody. Today, we released our full year 2025 audited results, fully aligned with the preliminary figures we shared earlier this year. This resulted in a solid supply and profitability growth. Gross travel value grew 19% across the board. Revenue rose 15% to $361 million, exceeding our guidance. Gross profit improved 10% even as we scaled up our marketing investments. At the same time, we saw a manifold acceleration in profitability. Adjusted EBITDA increased 33% to $54.9 million, well ahead of our upgraded guidance, highlighting strong operating leverage. And importantly, this performance converted into cash, with adjusted EBITDA less capex, doubling to $32.4 million. Overall, 2025 was a turnaround year, marked by strong growth, improved profitability, disciplined cost management, and robust cash generation. With that in mind, let's turn to the proposed dividend. The Board is proposing a dividend of 41 cents per share for approval at the AGM in June, consistent with last year's payout. While reported net profit was lower, this was mainly driven by one-off and non-cash items related to the disposal of the Grease business, which has been normalized. On this basis, the proposed dividend is fully aligned with our 30 to 35% payout policy and reflects the strength of our underlying cash generation. As Julia mentioned at the start of the call, our latest sustainability report is now also available and 2025 marks an important step forward in structuring our ESG approach. We have launched a new three-year sustainability strategy based around four key pillars, each closely linked to our business model. and long-term value creation. Ethical and transparent governance now extended across our value chain. Climate and environment protection, which includes our road map to net zero by 2050. People and community impact, focus on culture and local engagement. Our customer experience and responsibility to tourism, supporting better and more conscious travel choice. Overall, we are embedding ESG into how we operate, serve customers, and grow the business, strengthening resilience and long-term value creation. In the sustainability report, we are highlighting some important external recognition. In January 2026, lasmino.com received an MCI ESG rating of AAA, positioning us as a leader in managing ESG risk and opportunities within our industry. In addition, our inaugural disclosure of the Carbon Disclosure Project also saw the group achieve this score. This is a strong debate for our commitment to transparency and high-quality environment data disclosure. Together, this recognition validates the robustness of our ESG framework and are fully consistent with the discipline and quality reflected in our audited results. Overall, this demonstrates that we are not only managing risk effectively, but also positioning the business to capture some term opportunities. Let me now wrap up the key takeaways. We delivered strong 2025 results, fully in line with the preliminary figures shared in February. It was a turnaround year. We achieved double-digit revenue growth with profitability accelerating in second half and exceeding our full year guidance. Cash conversion was strong, supporting disciplined capital allocation and dividend distribution. Rigorous execution and focused effort drove these results, leaving us well positioned for 2026. With this in mind, I now hand over to Alessandro. Thank you.