eDreams ODIGEO hits record adjusted net income of €72.9 million (+42%) and exceeds full-year guidance

eDreams ODIGEO hits record adjusted net income of €72.9 million (+42%) and exceeds full-year guidance

• Prime membership and profitability¹ targets exceeded, marking successful start to the new long-term roadmap with a goal of 13 million subscribers by 2030.
• Prime expanded by 643,000 new subscribers in the fiscal year, surpassing annual guidance of 600,000 by 7.2%.
• Subscriber growth has continued into the current fiscal year, with Prime now reaching 8 million members.
• Cash EBITDA reached €157 million, exceeding guidance of €155 million. Adjusted EBITDA grew 29% to €172.3 million.
• Adjusted Net Income reached an all-time high of €72.9 million from €51.2 million (+42%) and Net Income rose to a record €52.2 million from €45.1 million (+17%).
• Financial strength supports continued shareholder returns and capital structure optimisation; €64.4 million already returned to shareholders through share buy-backs during fiscal year 2026, with €67 million remaining to be deployed under the €100 million programme running through September 2027.
• The initial phase of eDO's new 3.5-year transformational strategic roadmap is already delivering tangible results.

eDreams ODIGEO (the "Company" or "eDO") (BME: EDR) (OTC: EDDRF) the world's leading travel subscription company, today reported strong results for its fiscal year 2026, ended 31 March 2026. The period was marked by a successful balance of operational excellence and high-conviction strategic investments. Driven by the continuing expansion of its pioneering travel Prime subscription programme, the business continued to de-risk its model and accelerate its growth into a fully diversified, global all-travel ecosystem.

Dana Dunne, Chief Executive Officer at eDreams ODIGEO said: "We are executing a high-conviction strategy to accelerate growth and maximise long-term value for our stakeholders. The execution of this plan to date demonstrates again, as we have in the past, our ability to successfully deliver and balance targeted investments with continued operational excellence. Performance metrics are already meeting our strategic objectives.

"Our subscription platform fosters strong customer relationships and generates predictable, recurring revenue, which protects us from market volatility and supports sustained growth. Robust cash generation and an optimised capital structure uniquely equip us to expand our product and international footprint while maintaining our commitment to shareholder returns. Leveraging our decade-long leadership in AI, which is embedded into eDO's DNA, we are transforming the business into a diversified, global travel platform designed for future growth. We have the team, the technology, and the strategy to reach farther and further, and we are excited for the immense opportunities that lie ahead."

A Year of Financial and Operational Delivery

November 2025 marked the launch of eDO's new 3.5-year strategic roadmap, following the successful achievement of all previous long-term objectives. Launched from a position of strength, eDO's high-conviction roadmap is designed to accelerate growth as a diversified, global all-travel platform, building an even more successful business to maximise value for all stakeholders.

This initial phase of transformation is already delivering tangible results, successfully balancing strategic investments for future growth with continued operational excellence. Financial and operational delivery remains the focus, with final audited figures confirming the Prime membership base expanded by 643,000 net additions in fiscal year 2026. This represents a 7.2% outperformance above the annual guidance of 600,000 net adds and lands slightly ahead of the preliminary pre-audit metric announced in April.

This strong trajectory has continued into the current fiscal year 2027, with the subscriber base now reaching 8 million members. The continuous growth and increasing maturity of the membership base is a result of rising consumer satisfaction and endorses the Company's confidence in delivering on its long-term target of 13 million members by March 2030.

Reflecting planned investments and the transition to an annual subscription with monthly and quarterly payments, rather than a single upfront fee, eDO reached a Cash EBITDA of €157 million, exceeding its target of €155 million. The new monthly and quarterly payment model enhances lifetime value and acts as a key enabler for even higher growth rates as the Company scales Prime members into new geographies and product areas. While the timing of cash inflows naturally shifts under this model, eDO is guaranteed to receive these funds over the course of the annual subscription.

Consequently, in the transitionary fiscal year 2026, the underlying operational momentum is best demonstrated by Adjusted EBITDA, which strips out these short-term cash timing effects. Adjusted EBITDA, notably driven by increased maturity of subscribers, grew significantly to €172.3 million, representing a remarkable 29% increase year on year.

eDO's strong profit performance further demonstrates the success of exemplary execution, with Adjusted Net Income (which better reflects true operational performance) reaching an all-time high in eDO's history of €72.9 million, and representing a significant 42% increase compared to the €51.2 million achieved in the previous year. Net Income also hit a record high of €52.2 million.

The Prime model remains the primary driver of structural profitability, representing 75% of Cash Revenue Margin and 90% of total Cash Marginal Profit. To augment this, variable costs decreased by 11%, reflecting increasing subscriber maturity reducing marketing and customer acquisition costs.

Reaffirmed Long-Term Outlook and Shareholder Remuneration

The Company's balance sheet and cash generation are very strong, enabling it to invest to drive and accelerate future growth while simultaneously returning value to its shareholders through an active remuneration framework. During the fiscal year, eDO invested €64.4 million in share buy-backs and has a total €67 million remaining to be deployed under the €100 million programme running through September 2027.

As eDO delivers the Company's planned investments, it expects Adjusted EBITDA (pre-investments) of €167 million by the close of the current fiscal year, in March 2027. Beyond that, eDO's outlook remains strong: profitability² is projected to grow by more than 33% per annum from April 2027 onwards as member cohorts mature and margins return to the 23% range by FY30. Over the longer term, eDO's roadmap is designed to substantially increase subscriber growth to between 1.5 million and 2 million net adds per year between April 2027 and March 2030, steering the Company toward its goal of more than 13 million Prime members and over €270 million in Cash EBITDA by March 2030.

About eDreams ODIGEO

eDreams ODIGEO is the world's leading travel subscription platform. It pioneered Prime, the first and largest travel subscription programme, which has topped over 8 million members since launching in 2017. Prime members are subscribed to global travel, gaining access to a comprehensive multi-product offering for all their travel needs-including hotels, rail, flights, dynamic packages and car rental, among others, compounded by industry-leading flexibility features and exclusive, member-only benefits. This entire Prime experience is powered by a proprietary, industry-leading AI platform that delivers a hyper-personalised service to its members. Listed on the Spanish Stock Market, the Company operates in 44 markets through its renowned brands eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo to deliver a smarter, hyper-personalised, and comprehensive travel experience globally.

(*) GLOSSARY OF TERMS

Reconcilable to GAAP measures

• Adjusted EBITDA means operating profit/loss before depreciation and amortisation, impairment and profit/loss on disposals of non-current assets, as well as adjusted items corresponding to certain share-based compensation, restructuring expenses and other income and expense items which are considered by Management to not be reflective of the Group's ongoing operations. Adjusted EBITDA provides to the reader a better view about the ongoing EBITDA generated by the Group.
• Adjusted Net Income means the IFRS net income less certain share-based compensation, restructuring expenses and other income and expense items which are considered by Management to not be reflective of the Group's ongoing operations. Adjusted Net Income provides to the reader a better view about the ongoing results generated by the Group.
• Cash Marginal Profit means "Marginal Profit" plus the variation of the Prime deferred revenue corresponding to the Prime fees that have been collected and that are pending to be accrued. The Prime fees pending to be accrued are non-refundable and will be booked as revenue based on a gradual method. Cash Marginal Profit provides a measure of the sum of the Marginal Profit and the full Prime fees generated in the period.
• Cash Marginal Profit Margin means Cash Marginal Profit divided by Cash Revenue Margin.
• Revenue Margin means the IFRS revenue less cost of supplies. The Group's Management uses Revenue Margin to provide a measure of its revenue after reflecting the deduction of amounts payable to suppliers in connection with the revenue recognition criteria used for products sold under the principal model (gross value basis). Accordingly, Revenue Margin provides a comparable revenue measure for products, whether sold under the agency or principal model. The Group used to act under the principal model in regards to the supply of hotel accommodation. Currently, the Group only offers hotel intermediation services, therefore no cost of supply is registered and Revenue and Revenue Margin are of equal amounts. Prime Revenue Margin refers to the Revenue Margin of the Prime segment.

Revenue Margin is split into the following categories:

• Gradual: represents revenue which is recognised gradually over the period of the service agreement and mostly relates to recognised subscription fees, the service of Cancellation for any reason and Flexiticket and airlines overcommissions.
• Transaction Date: represents revenue which is recognised at booking date and mostly relates to service fees, ancillaries, insurance, incentives (other than airlines overcommissions) and other fees.
• Other: is a residual category and mainly relates to advertising and metasearch revenue, tax refunds and other fees.

Other Defined Terms

• Prime members means the total number of customers that benefit from a paid Prime subscription in a given period.

1. Cash EBITA ↩︎
2. Cash EBITA ↩︎