Q1 2027 eDreams ODIGEO SA Earnings Call

September 1, 2026

Speaker #1: Good afternoon, everyone, and thank you for joining us today. Sorry for the minor delay; we had a technical issue. We are here to review our financial and operational results for the first quarter of fiscal year 2027.

David Larrea: Good afternoon, everyone, and thank you for joining us today. Sorry for the minor delay. We have a technical issue to review our financial operational results for the first quarter of fiscal year 2027, covering the three-month period ending 30 June 2026. I am David Larrea, Director of Investor Relations. Before we begin, I would like to remind you that all supporting materials, including today's presentation and our results report, are fully available on the Investor Relations section of our website. I now pass you to our CEO, Dana Dunne, who will take you through the first part of today's presentation.

David Larrea: Good afternoon, everyone, and thank you for joining us today. Sorry for the minor delay. We have a technical issue to review our Financial Operational Results for the Q1 of Fiscal Year 2027, covering the three-month period ending June, 30th 2026. I am David Larrea, Director of Investor Relations. Before we begin, I would like to remind you that all supporting materials, including today's presentation and our results report, are fully available on the Investor Relations section of our website. I now pass you to our CEO, Dana Dunne, who will take you through the first part of today's presentation.

Speaker #1: Covering the three-month period ending June 30, 2026. I'm David de la Roz, Director of Investor Relations. Before we begin, I would like to remind you that all supporting materials, including today's presentation and our resource report, are fully available on the Investor Relations section of our website.

Speaker #1: I'll now pass you to our CEO, Dina Lam, who will take you through the first part of today's presentation.

Speaker #2: Thank you, David. Good afternoon, everyone, and thank you for joining us today. We have a compelling agenda, structured around the following key areas: First, I'm going to provide a high-level overview of our first quarter FY27 performance.

Dana Dunne: Thank you, David. Good afternoon, everyone, and thank you for joining us today. We have a compelling agenda today. It is structured around the following key areas. First, I am going to provide a high-level review of our first quarter FY27 performance, where we continue to deliver to plan and ahead of market expectations. Second, our CFO, Christoph Dieterle, will take you through a detailed view of our financial results for the quarter. Third, I will return to walk you through the mechanics of our long-term strategic roadmap. What we are building, why the returns are highly predictable, and how this quarter fits precisely into a trajectory we set out for you last November. I will then close on our capital returns and on the structurally stronger business this plan is delivering before we open the floor to your questions. With that, please turn to slide four.

Dana Dunne: Thank you, David. Good afternoon, everyone, and thank you for joining us today. We have a compelling agenda today. It is structured around the following key areas. First, I am going to provide a high-level review of our Q1 FY 2027 performance, where we continue to deliver to plan and ahead of market expectations. Second, our CFO, Christoph Dieterle, will take you through a detailed view of our financial results for the quarter. Third, I will return to walk you through the mechanics of our long-term strategic roadmap. What we are building, why the returns are highly predictable, and how this quarter fits precisely into a trajectory we set out for you last November. I will then close on our capital returns and on the structurally stronger business this plan is delivering before we open the floor to your questions. With that, please turn to slide four.

Speaker #2: Where we continue to deliver to plan and ahead of market expectations. Second, our CFO, Christoph Dietle, will take you through a detailed view of our financial results for the quarter.

Speaker #2: Third, I will return to walk you through the mechanics of our long-term strategic roadmap: what we're building, why the returns are highly predictable, and how this quarter fits precisely into the trajectory we set out for you last November.

Speaker #2: I'll then close on our capital returns, and on the structurally stronger business this plan is delivering, before we open the floor to your questions.

Speaker #2: With that, please turn to slide 4. I'm now going to take you through the core pillars of today's announcement. This quarter confirms our strategic roadmap is on track.

Dana Dunne: I am now going to take you through the core pillars of today's announcement. This quarter confirms our strategic roadmap is on track. We are delivering on plan with continued Prime momentum and profitability ahead of sell-side consensus. That is the key takeaway. Let me now be precise about why it matters. Q1, much like Q4, is one of our most important quarters seasonally because it is when customers search for and book their Easter and summer holidays. It is therefore a highly efficient window in which to acquire members who will generate future profits. We invest into this window by design. Delivering to plan during one of the largest investment quarters of a guided investment year is the clearest signal we can give you. The plan is working, and it is working on schedule. Looking at our core metric as a subscription business, i.e.

Speaker #2: We are delivering on plan, with continued prime momentum and profitability ahead of sell-side consensus. That's the key takeaway. But let me now be precise about why it matters.

Speaker #2: Q1, much like Q4, is one of our most important quarters seasonally, because it's when customers search for and book their Easter and summer holidays.

Speaker #2: It is, therefore, a highly efficient window in which to acquire members who will generate future profits. We invest into this window by design. Delivering to plan during one of the largest investment quarters of a guided investment year is the clearest signal we can give you.

Speaker #2: The plan is working, and it is working on schedule. Looking at our core metric as a subscription business, Prime numbers, we are exactly where we expect to be at this point in the year.

Dana Dunne: Prime members, we are exactly where we expected to be at this point in the year. Our subscriber base reached 8.1 million, and that is an 8% increase year on year. That means 173 million net adds in the quarter and 611,000 over the last 12 months. This is the base on which everything else in our model rests, and it is worth pausing on how dominant it has become. Our subscriber base now generates 77% of our last 12 months cash revenue margin. That is up from 75% at our full year-end results and 90% of our total cash marginal profit. Plainly speaking, 9 out of every EUR 10 of marginal profit eDO generates now comes from members who have chosen to subscribe to us. Our results confirm once again what we are, a subscription business.

Speaker #2: Our subscriber base reached 8.1 million, which is an 8% increase year on year. That means 173,000 net adds in the quarter, and 611,000 over the last 12 months.

Speaker #2: This is the base on which everything else in our model rests, and it is worth pausing to consider how dominant it has become. Our subscriber base now generates 77% of our last 12 months' cash revenue margin.

Speaker #2: That's up from 75% at our full year-end results, and 90% of our total cash marginal profit. Plainly speaking, 9 out of every 10 euros of marginal profit you generate now comes from members who have chosen to subscribe to us.

Speaker #2: Our results confirm, once again, what we own: eight subscription businesses. That means recurring revenue, it means predictability, and it means a direct relationship with the traveler.

Dana Dunne: That means recurring revenue, it means predictability, and it means a direct relationship with the traveler. That is one of our real competitive advantages, and it is why we can invest through a quarter like this one with complete confidence in what these members will deliver across their lifetime. Our profitability. We delivered cash EBITDA of EUR 23 million and Adjusted EBITDA of EUR 28.9 million. This performance aligns fully with our strategic plan. Q1 represents one of the largest investment windows for the year, where we deliberately deploy capital to capture high-margin member cohorts that compound over time. This target investment in new products and new geographies keeps us firmly on track for our full-year commitments. Christoph will walk you through the details of this. We have continued to deliver a strong cash flow, reflecting the strength of our subscription model.

Speaker #2: That is one of our real competitive advantages and is why we can invest through a quarter like this one with complete confidence in what these members will deliver across their lifetime.

Speaker #2: Our profitability: we delivered cash EBITDA of €23 million, and adjusted EBITDA of €28.9 million. This performance aligns fully with our strategic plan.

Speaker #2: Q1 represents one of the largest investment windows for the year, where we deliberately deployed capital to capture high-margin member cohorts that compound over time.

Speaker #2: This targeted investment in new products and new geographies keeps us firmly on track for our full-year commitments. Christoph will walk you through the details of this.

Speaker #2: We have continued to deliver strong cash flow, reflecting the strength of our subscription model. We closed the quarter with cash and cash equivalents of €73 million—that's net of bank overdrafts—compared to €51.3 million in the first quarter of the previous financial year, FY26.

Dana Dunne: We closed the quarter with cash and cash equivalents of EUR 73 million. That is net of bank overdrafts. That is against EUR 51.3 million in the first quarter of the previous financial year at FY26. This is due to having substantially reduced our year-on-year cash outflows. This is mostly driven by the absence of the refinancing costs we absorbed in the same period last financial year. Our long-term strategic roadmap, launched from a position of absolute strength, is progressing exactly as planned. The pivot to annual subscriptions with monthly installments is unlocking higher customer lifetime value and funding accelerated growth in new geographies and products. We are simultaneously strengthening the business model by broadening our geographic footprint and scaling into high-growth verticals such as rail. We are executing this roadmap with precisely the same discipline that delivered the objectives of our two previous long-term plans.

Dana Dunne: We closed the quarter with cash and cash equivalents of EUR 73 million. That is net of bank overdrafts. That is against EUR 51.3 million in the Q1 of the previous financial year at FY 2026. This is due to having substantially reduced our year-on-year cash outflows. This is mostly driven by the absence of the refinancing costs we absorbed in the same period last financial year. Our long-term strategic roadmap, launched from a position of absolute strength, is progressing exactly as planned. The pivot to annual subscriptions with monthly installments is unlocking higher customer lifetime value and funding accelerated growth in new geographies and products. We are simultaneously strengthening the business model by broadening our geographic footprint and scaling into high-growth verticals such as rail. We are executing this roadmap with precisely the same discipline that delivered the objectives of our two previous long-term plans.

Speaker #2: This is due to having substantially reduced our year-on-year cash outflows. This is mostly driven by the absence of the refinancing costs we absorbed in the same period last financial year.

Speaker #2: Our long-term strategic roadmap, launched from a position of absolute strength, is progressing exactly as planned. The pivot to annual subscriptions with monthly installments is unlocking higher customer lifetime value and funding accelerated growth in new geographies and products.

Speaker #2: We're simultaneously strengthening the business model by broadening our geographic footprint and scaling into a high-growth vertical such as rail. We're executing this roadmap with precisely the same discipline that delivered the objectives of our two previous long-term plans.

Speaker #2: Our track record shows we're a team that delivers, and our results today confirm that we are delivering on our plan once again. And we're doing this while returning capital to shareholders, and the velocity of that is worth noting.

Dana Dunne: Our track record shows we are a team that delivers, and our results today confirm that we are delivering on our plan once again. We are doing this while we are returning capital to shareholders, and the velocity of that is worth noting. Under our current EUR 100 million share buyback program, we have executed 38 million to date. That means another 62 million still committed by September 2027. Against our market capitalization of EUR 543 million as of 30 June. That pending amount alone targets a further 11% of the company. Between July 2025 and July 2026 alone, we permanently canceled close to 15 million shares. That is 12.6% of our share capital. Our recent AGM authorized the board to cancel up to 9 million more shares in the next 12 months. Both work in the same direction.

Speaker #2: Under our current €100 million share buyback program, we've executed €38 million to date. That means another €62 million is still committed by September 2027.

Speaker #2: Against our market capitalization of €543 million as of June 30th, that pending amount alone targets a further 11% of the company. Between July 2025 and July 2026 alone, we've permanently canceled close to 15 million shares.

Speaker #2: That's 12.6% of our share capital, and our recent AGM authorized the Board to cancel up to 9 million more shares in the next 12 months.

Speaker #2: Both work in the same direction: we're guiding to an excess of €270 million in cash EBITDA by FY30, across a share base that gets smaller every year we execute.

Dana Dunne: We are guiding to in excess of EUR 270 million in cash EBITDA for FY30, across a share base that gets smaller every year we execute. That is compounding on both sides of the per-share equation. We are funding the accelerated growth and buying back our own equity at scale at the same time and out of our own cash generation. We are not choosing between the two. Looking at our outlook for FY27. We are on track to reach 8.5 million Prime members with 600,000 net adds, and we expect to deliver EUR 167 million in Adjusted EBITDA, pre investments, and EUR 115 million in cash EBITDA post investments. We anticipate the inflection point back to positive year-on-year cash EBITDA growth from as soon as the fourth quarter of this financial year, and I will explain later in the presentation exactly why that inflection lands where it does.

Dana Dunne: We are guiding to in excess of EUR 270 million in cash EBITDA for FY 2030, across a share base that gets smaller every year we execute. That is compounding on both sides of the per-share equation. We are funding the accelerated growth and buying back our own equity at scale at the same time and out of our own cash generation. We are not choosing between the two. Looking at our outlook for FY 2027. We are on track to reach 8.5 million Prime members with 600,000 net adds, and we expect to deliver EUR 167 million in Adjusted EBITDA, pre investments, and EUR 115 million in cash EBITDA post investments. We anticipate the inflection point back to positive year-on-year cash EBITDA growth from as soon as the fourth quarter of this financial year, and I will explain later in the presentation exactly why that inflection lands where it does.

Speaker #2: That is compounding on both sides of the per-share equation. We're funding the accelerated growth and buying back our own equity at scale at the same time, and out of our own cash generation.

Speaker #2: We are not choosing between the two. Looking at our outlook for FY27, we are on track to reach 8.5 million Prime members, with 600,000 net adds.

Speaker #2: And we expect to deliver €167 million in adjusted EBITDA reinvestments and €115 million in cash EBITDA post-investments. We anticipate the inflection point back to positive year-on-year cash EBITDA growth from as soon as the fourth quarter of this financial year, and I will explain later in the presentation exactly why that inflection lands where it does.

Speaker #2: Looking further out, this positions us to deliver on our FY30 vision: to almost double our FY25 base—the year our previous roadmap concluded—to 13 million members, and to generate in excess of €270 million in cash EBITDA.

Dana Dunne: Looking further out, this positions us to deliver our FY30 vision. Almost double our FY25 base, the year our previous roadmap concluded with 13 million members and generating in excess of EUR 270 million in Cash EBITDA. That is a 33% compound annual growth rate from FY27. I will now hand it over to Christoph to take you through the detailed review of our Q1 FY27 financial results. For those of you who are joining us today for the first time, Christoph has been part of our eDO leadership for over 8 years, and he brings a proven executive track record as CFO and CEO across the travel and accommodation industries. Christoph, over to you.

Dana Dunne: Looking further out, this positions us to deliver our FY 2030 vision. Almost double our FY 2025 base, the year our previous roadmap concluded with 13 million members and generating in excess of EUR 270 million in Cash EBITDA. That is a 33% compound annual growth rate from FY 2027. I will now hand it over to Christoph to take you through the detailed review of our Q1 FY 2027 financial results. For those of you who are joining us today for the first time, Christoph has been part of our eDO leadership for over 8 years, and he brings a proven executive track record as CFO and CEO across the travel and accommodation industries. Christoph, over to you.

Speaker #2: Now, that's a 33% compound annual growth rate from FY27. I'll now hand it over to Christoph to take you through the detailed review of our first quarter FY27 financial results.

Speaker #2: For those of you who are joining us today for the first time, Christoph has been part of our EDU leadership for over eight years.

Speaker #2: And he brings a proven executive track record as CFO and CEO across the travel and accommodation industries. Christoph, over to you.

Speaker #3: Thank you, Dana, and good afternoon, everyone. Well, these are a really good set of results to start with. We are looking at a quarter that delivers exactly what we said it would.

Christoph Dieterle: Thank you, Dana, and good afternoon, everyone. Well, these are a really good set of results to start with. We are looking at a quarter that delivers exactly what we said it would. Before I go into the numbers, I want to frame the quarter for a moment because seasonality really matters here. As Dana just said, Q1 and Q4 are our 2 big seasonal quarters, and with that many travelers planning, it is also a very efficient window to reach new members with our expanded Prime proposition. We invest accordingly. With that in mind, please turn with me to slide 6 to dive right into the numbers. Here, let me first walk you through the Cash EBITDA bridge on this page.

Speaker #3: But before I go into the numbers, I want to frame the quarter for a moment, because seasonality really matters here. As Dana just said, Q1 and Q4 are our two big seasonal quarters, and with that many travelers planning, it is also a very efficient window to reach new members with our expanded Prime proposition.

Speaker #3: And so, we invest accordingly. So, with that in mind, please turn with me to slide 6 to dive right into the numbers. And here, let me first walk you through the cash EBITDA bridge on this page.

Speaker #3: We moved from €39 million in the first quarter of FY26 to €23 million—a variation of €16 million—and more than 80% of that is investment we chose to make.

Christoph Dieterle: We moved from EUR 39 million in the Q1 of FY26 to EUR 23 million, a variation of EUR 16 million, and more than 80% of that is investment we choose to make. The largest piece, EUR 13.3 million, is acquisition spend behind our new geographies and our new products, concentrated into the peak booking window together with a stronger tech workforce funded through efficiency gains across our cost base, including also from AI. I want to highlight that we invest against the 24 months LTV to CAC of 2 to 3 times. In general, we have run at scale for years and tested market by market. Basically, the spend lands now in this quarter, the revenue margin follows over the next 12 to 24 months. The second piece is cash revenue margin, down EUR 22.7 million.

Christoph Dieterle: We moved from EUR 39 million in the Q1 of FY 2026 to EUR 23 million, a variation of EUR 16 million, and more than 80% of that is investment we choose to make. The largest piece, EUR 13.3 million, is acquisition spend behind our new geographies and our new products, concentrated into the peak booking window together with a stronger tech workforce funded through efficiency gains across our cost base, including also from AI. I want to highlight that we invest against the 24 months LTV to CAC of 2 to 3 times. In general, we have run at scale for years and tested market by market. Basically, the spend lands now in this quarter, the revenue margin follows over the next 12 to 24 months. The second piece is cash revenue margin, down EUR 22.7 million.

Speaker #3: The largest piece, €13.3 million, is acquisition spend behind our new geographies and our new products, concentrated into the peak booking window, together with a stronger tech workforce, funded through efficiency gains across our cost base, including also from AI.

Speaker #3: And I want to highlight that we invest against a 24-month LTV to CAC of 2 to 3 times in channels we have run at scale for years, and tested market by market.

Speaker #3: So, basically, the spend lands now, in this quarter, and the revenue margin follows over the next 12 to 24 months. The second piece is cash revenue margin, down €2.7 million.

Speaker #3: And inside that, our Prime revenues are actually up, in particular our recurring subscription revenue, offset by our non-Prime revenue coming down as we deliberately deprioritize it, and Air Content excess was intermittent year on year.

Christoph Dieterle: Inside that, our Prime revenues are actually up, in particular, our recurring subscription revenue offset by our non-Prime revenue coming down as we deliberately deprioritize it, and air content access was intermittent year on year. I will take you through the full composition on the next slide. Within this line, you also have a smaller Prime deferred revenue unwind of EUR 5.8 million against EUR 10.2 million last year. The timing was EUR 4.4 million positive year on year. Basically in one sentence: more than 80% of the movement is investment with a measured return, timing worked in our favor, and recurring Prime revenue grew. This is in line with the plan we set out in November, and we expect the inflection to positive Cash EBITDA growth from the Q4, the January to March quarter onwards.

Speaker #3: I will take you through the full composition on the next slide. And within this line, you also have a smaller Prime deferred revenue unwind of €5.8 million, compared to €10.2 million last year.

Speaker #3: So the timing was 4.4 million euros positive year on year. So basically, in one sentence: more than 80% of the movement is investment, with a measured return, timing work in our favor, and recurring prime revenue grew, and this is the line—this is in line with the plan we set out in November, and we expect the inflection to positive cash EBITDA growth from the fourth quarter, the January to March quarter onwards.

Speaker #3: So, if you could please turn to slide 7, where we set out the P&L with a variation of Prime deferred revenue. Prime members reached 8.1 million at the end of the first quarter FY27, and that is an 8% increase versus Q1 FY26, with 173,000 net adds in the quarter. And let me remind you again that this is the quarter ending on the 30th of June in 2026.

Christoph Dieterle: So if you could please turn to slide 7, where we set out the P&L with the variation of Prime deferred revenue. Prime members reached 8.1 million at the end of Q1 FY27, and that is an 8% increase versus Q1 FY26, with 173,000 net adds in the quarter. Let me remind you again that this is the quarter ending on 30 June 2026. That means Prime now generates 77% of our cash revenue margin and 90% of our cash marginal profit on a last 12 months basis. Prime isn't just powering our growth, Prime is the business. On net additions, our full year guidance of 600,000 is unchanged, but the phasing is worth setting out because it is not even across the year. Our comparison base is at its highest in the first half.

Christoph Dieterle: So if you could please turn to slide 7, where we set out the P&L with the variation of Prime deferred revenue. Prime members reached 8.1 million at the end of Q1 FY 2027, and that is an 8% increase versus Q1 FY 2026, with 173,000 net adds in the quarter. Let me remind you again that this is the quarter ending on 30 June 2026. That means Prime now generates 77% of our cash revenue margin and 90% of our cash marginal profit on a last 12 months basis. Prime isn't just powering our growth, Prime is the business. On net additions, our full year guidance of 600,000 is unchanged, but the phasing is worth setting out because it is not even across the year. Our comparison base is at its highest in the first half.

Speaker #3: That means Prime now generates 77% of our cash revenue margin, and 90% of our cash marginal profit on the last 12 months' basis. So Prime isn't just powering our growth; Prime is the business.

Speaker #3: On net additions, our full-year guidance of 600,000 is unchanged, but the phasing is worth setting out because it is not even across the year.

Speaker #3: Our comparison base is at its highest in the first half. So, in H1, fiscal year '26, we added 457,000 members, and that was before the limitations on our access to Ryanair content took effect.

Christoph Dieterle: So in H1 FY26, we added 457,000 members, and that was before the limitations on our access to Ryanair content took effect. So our first half of this year, and Q2 in particular, is measured against an unusually high base. From the second half, that comparison normalizes because in the second half of last year already reflects the intermittent excess that continues today. So from there onwards, we will be comparing like for like. Now combine that with accelerating traction from monthly installments, rail, and our new geographies, and that is what underpins a stronger second half, keeping us firmly on track for the full year. Our decision to expand into high growth verticals like rail and new geographies was a deliberate strategic choice to capture more touch points in our Prime members' travel lives.

Christoph Dieterle: So in H1 FY 2026, we added 457,000 members, and that was before the limitations on our access to Ryanair content took effect. So our first half of this year, and Q2 in particular, is measured against an unusually high base. From the second half, that comparison normalizes because in the second half of last year already reflects the intermittent excess that continues today. So from there onwards, we will be comparing like for like. Now combine that with accelerating traction from monthly installments, rail, and our new geographies, and that is what underpins a stronger second half, keeping us firmly on track for the full year. Our decision to expand into high growth verticals like rail and new geographies was a deliberate strategic choice to capture more touch points in our Prime members' travel lives.

Speaker #3: So, our first half of this year, and Q2 in particular, is measured against an unusually high base. From the second half, that comparison normalizes, because in the second half of last year we already reflected the intermittent excess that continues today.

Speaker #3: So from there onwards, we will be comparing like-for-like. And our combined net, with accelerating traction from monthly installments rail and our new geographies—and that is what underpins a stronger second half—keeping us firmly on track for the full year.

Speaker #3: Our decision to expand into high-growth verticals like rail and new geographies was a deliberate strategic choice to capture more touchpoints in our Prime members' travel lives.

Speaker #3: So, prime revenue margin grew 1% in the quarter, and the composition is what really matters here. So, let me double-click on it. That 1% growth was delivered on the back of a 5% growth in gradual prime revenue margin, and that's basically mainly our recurring subscription revenue recognized evenly across the 12 months of each membership.

Christoph Dieterle: Prime revenue margin grew 1% in the quarter, and the composition is what really matters here, so let me double-click on it. That 1% growth was delivered on the back of 5% growth in gradual Prime revenue margin, and that's basically mainly our recurring subscription revenue recognized evenly across the 12 months of each membership. Recurring subscription revenue compounding at 5% while funding these new expansion initiatives is a clear proof that our diversification strategy is working precisely as planned, driving higher engagement and expanding our addressable market. So overall cash revenue margin was 2% lower year on year, and what sits behind that number is a value proposition that continues to hold. Member retention and acquisition offset the intermittent access to Ryanair, with the remainder coming from the non-member business we are deliberately running down.

Christoph Dieterle: Prime revenue margin grew 1% in the quarter, and the composition is what really matters here, so let me double-click on it. That 1% growth was delivered on the back of 5% growth in gradual Prime revenue margin, and that's basically mainly our recurring subscription revenue recognized evenly across the 12 months of each membership. Recurring subscriptio n revenue compounding at 5% while funding these new expansion initiatives is a clear proof that our diversification strategy is working precisely as planned, driving higher engagement and expanding our addressable market. So overall cash revenue margin was 2% lower year on year, and what sits behind that number is a value proposition that continues to hold. Member retention and acquisition offset the intermittent access to Ryanair, with the remainder coming from the non-member business we are deliberately running down.

Speaker #3: Recurring subscription revenue compounding at 5% while funding these new expansion initiatives is clear proof that our diversification strategy is working precisely as planned.

Speaker #3: Driving higher engagement and expanding our addressable market. So, overall cash revenue margin was 2% lower year-on-year, and what sits behind that number is a value proposition that continues to hold.

Speaker #3: Member retention and acquisition offset the intermittent excess to Ryanair, with the remainder coming from the non-member business we are deliberately running down. I took you through the tiny timing effect on the bridge earlier, so let me remind you here why we are making that shift at all.

Christoph Dieterle: I took you through the timing effect on the bridge earlier, so let me remind you here why we are making that shift at all. We are intentionally moving from a single upfront payment to monthly installments. Lowering that barrier to joining Prime unlocks higher customer lifetime value, it drives higher customer satisfaction, and it enables higher growth in the new geographies and product verticals that we are opening. But one thing I really want to stress: the subscription itself has not changed. It is still a 12-month contractual commitment. We simply capture that revenue across the full membership cycle rather than upfront on day one. The economics are identical, only the timing of when we recognize the revenue moves. Now on the cost lines, I have already covered both on the bridge, so very briefly.

Speaker #3: We are intentionally moving from a single upfront payment to monthly installments. Lowering that barrier to joining Prime unlocks higher customer lifetime value, it drives higher customer satisfaction, and it enables higher growth in the new geographies and product verticals that we are opening.

Speaker #3: But one thing I really want to stress: the subscription itself has not changed. It is still a 12-month contractual commitment. We simply capture that revenue across the full membership cycle rather than upfront on day one.

Speaker #3: The economics are identical; only the timing of when we recognize the revenue moves. Now, on the cost lines, I have already covered both on the bridge, so very briefly.

Speaker #3: Variable costs increased 13% year-on-year, to €110.4 million from €97.3 million, and that is fully planned and driven by the launch of our new products and geographies.

Christoph Dieterle: Variable costs increased 13% year-on-year to EUR 110.4 million from EUR 97.3 million, and that is fully planned and driven by the launch of our new products and geographies. Fixed costs remain tightly controlled, up just EUR 0.2 million to EUR 26.3 million, as we keep strengthening our tech workforce, partly offset by operational savings. That brings us to the Cash EBITDA of EUR 23 million, in line with our plan and ahead of consensus. The bridge behind it is the one I walked you through on the previous slide. Now let's turn to slide 8 from the consolidated income statement. Total revenue margin was EUR 165.5 million, down from EUR 172.6 million, and that's 4% lower year-on-year. That is our deliberate shift in mix. To be precise, non-Prime revenue reduced 19%, partly offset by the 1% growth in Prime I walked you through earlier.

Speaker #3: Fixed costs remain tightly controlled, up just €0.2 million to €26.3 million, as we keep strengthening our tech workforce, partly offset by operational savings.

Speaker #3: And that brings us to the cash EBITDA of €23 million, in line with our plan and ahead of consensus. The bridge behind it is the one I walked you through on the previous slide.

Speaker #3: So now, let's turn to slide 8 from the consolidated income statement. Total revenue margin was €165.5 million, down from €172.6 million, and that's 4% lower year on year.

Speaker #3: And that is our deliberate shift in mix. To be precise, non-prime revenue reduced 19%, partly offset by the 1% growth in prime I walked you through earlier.

Speaker #3: And we have been consistent for several years that we are deprioritizing transactional non-member volumes in favor of higher lifetime value subscribers. This is what that strategy looks like in the accounts, and it is working exactly as intended.

Christoph Dieterle: We have been consistent for several years that we are deprioritizing transactional non-member volumes in favor of higher lifetime value subscribers. This is what that strategy looks like in the accounts, and it is working exactly as intended. Adjusted EBITDA was EUR 28.9 million, and the adjusted items we exclude from that metric reduced by EUR 0.7 million year-on-year, reflecting lower long-term incentive expenses and lower adjusted operating expenses. Reported EBITDA was EUR 24.4 million against EUR 44.1 million last year. Again, due to the same guided investment reason I just described. Now, below the operating line, our financing position improved materially. The financial result improved by EUR 7.3 million to a net expense of EUR 5.8 million. There are a few things that drove that. Last year, we had early redemption costs on the 2027 Notes, and this year we don't.

Speaker #3: Adjusted EBITDA was €28.9 million, and the adjusted items we exclude from that metric reduced by €0.7 million year on year, reflecting lower long-term incentive expenses and lower adjusted operating expenses.

Speaker #3: Reported EBITDA was €24.4 million, compared to €44.1 million last year. And again, this is due to the same guided investment reason I just described. Now, below the operating line, our financing position improved materially.

Speaker #3: The financial result improved by €7.3 million to a net expense of €5.8 million. And there are a few things that drove that.

Speaker #3: Last year, we had early redemption costs on the 2027 notes, and this year we don't. We also get better terms on our 2030 notes, and that was partly offset by lower foreign exchange gains this year.

Christoph Dieterle: We also get better terms on our 2030 Notes, and that was partly offset by lower foreign exchange gains this year. Also, those improved terms on the 2030 Notes, they don't just help this quarter, they lower our cost of debt on an ongoing basis. Income tax was EUR 4.5 million, down by EUR 1 million year-on-year. On the bottom line, adjusted net income for the quarter was EUR 4.7 million, and we believe it is the measure that better reflects the real ongoing operational performance of the business. Net income was EUR 0.2 million against EUR 13.6 million in the first quarter of FY26. Again, that's reflecting the same deliberate evolution of revenue and cost choices I just explained earlier. Now let's move to slide 9 to review our cash flow performance.

Christoph Dieterle: We also get better terms on our 2030 Notes, and that was partly offset by lower foreign exchange gains this year. Also, those improved terms on the 2030 Notes, they don't just help this quarter, they lower our cost of debt on an ongoing basis. Income tax was EUR 4.5 million, down by EUR 1 million year-on-year. On the bottom line, adjusted net income for the quarter was EUR 4.7 million, and we believe it is the measure that better reflects the real ongoing operational performance of the business. Net income was EUR 0.2 million against EUR 13.6 million in the Q1 of FY 2026. Again, that's reflecting the same deliberate evolution of revenue and cost choices I just explained earlier. Now let's move to slide 9 to review our cash flow performance.

Speaker #3: And also, those improved terms on the 2030 notes—they don’t just help this quarter; they lower our cost of debt on an ongoing basis.

Speaker #3: Income tax was €4.5 million, down by €1 million year on year. And so, on the bottom line, adjusted net income for the quarter was €4.7 million, and we believe it is the measure that better reflects the real ongoing operational performance of the business.

Speaker #3: Net income was €0.2 million, compared to €13.6 million in the first quarter of fiscal year '26. Again, that's reflecting the same deliberate evolution of revenue and cost choices I just explained earlier.

Speaker #3: So now, let's move to slide 9 to review our cash flow performance. Here, actually, it's another reason a subscription model is a structurally stronger business, and it shows up right here.

Christoph Dieterle: Here, actually, it's another reason a subscription model is a structurally stronger business, and it shows up right here. Our members commit for 12 months, and they come back to us directly, and that gives us a recurring, highly predictable cash base that a transactional business simply does not have. Net cash from operating activities increased by EUR 1.1 million to EUR 25 million, and we had a working capital inflow of EUR 2.5 million against an outflow of EUR 15.3 million in the same period last year. That's a swing of nearly EUR 18 million. That's mostly driven by our increased hotel bookings and the year-on-year movement in Prime deferred revenue. The hotel contribution is worth pausing on. It shows our expansion beyond flight is already converting into meaningful cash today, and not just in future projections. Income tax paid fell EUR 7.2 million from EUR 11.6 million to EUR 4.3 million.

Speaker #3: Our members commit for 12 months, and they come back to us directly. That gives us a recurring, highly predictable cash base that a transactional business simply does not have.

Speaker #3: Net cash from operating activities increased by €1.1 million to €25 million, and we had a working capital inflow of €2.5 million, compared to an outflow of €15.3 million in the same period last year.

Speaker #3: And that's a swing of nearly €18 million, and that's mostly driven by our increased hotel bookings and the year-on-year movement in Prime deferred revenue.

Christoph Dieterle: That's a swing of nearly EUR 18 million. That's mostly driven by our increased hotel bookings and the year-on-year movement in Prime deferred revenue. The hotel contribution is worth pausing on. It shows our expansion beyond flight is already converting into meaningful cash today, and not just in future projections. Income tax paid fell EUR 7.2 million from EUR 11.6 million to EUR 4.3 million.

Speaker #3: The hotel contribution is worth pausing on. It shows our expansion beyond flight is already converting into meaningful cash today, and not just in future projections.

Speaker #3: Income tax paid fell €7.2 million, from €11.6 million to €4.3 million. We invested €18 million in capex, mostly in software capitalization, to support our platform's growth and scaling, and we are funding this growth entirely from our own cash generation.

Christoph Dieterle: We invested EUR 18 million in CapEx, mostly software capitalization, to support our platform's growth and scaling, and we are funding this growth entirely from our own cash generation. Net financial debt is down EUR 14.6 million, and we closed the quarter with a higher cash balance than a year ago. Cash used in financing was EUR 16.1 million, a substantial improvement on the EUR 33 million used in the first quarter of FY26. That variation of roughly EUR 17 million comes mostly from the absence of the heavy refinancing costs we absorbed last year, plus ongoing lower interest payments as a result of the refinancing. Now within that figure, we deployed EUR 5.3 million into the acquisition of treasury shares. So we closed the quarter with a strong cash and cash equivalence balance of EUR 73 million, net of bank overdrafts, up from EUR 51.3 million a year ago.

Christoph Dieterle: We invested EUR 18 million in CapEx, mostly software capitalization, to support our platform's growth and scaling, and we are funding this growth entirely from our own cash generation. Net financial debt is down EUR 14.6 million, and we closed the quarter with a higher cash balance than a year ago. Cash used in financing was EUR 16.1 million, a substantial improvement on the EUR 33 million used in the Q1 of FY 2026. That variation of roughly EUR 17 million comes mostly from the absence of the heavy refinancing costs we absorbed last year, plus ongoing lower interest payments as a result of the refinancing. Now within that figure, we deployed EUR 5.3 million into the acquisition of treasury shares. So we closed the quarter with a strong cash and cash equivalence balance of EUR 73 million, net of bank overdrafts, up from EUR 51.3 million a year ago.

Speaker #3: Net financial debt is down €14.6 million, and we closed the quarter with a higher cash balance than a year ago. Cash used in financing was €16.1 million, a substantial improvement on the €33 million used in the first quarter of FY26.

Speaker #3: And that variation of roughly €17 million comes mostly from the absence of the heavy refinancing costs we absorbed last year, plus ongoing lower interest payments as a result of the refinancing.

Speaker #3: And now, within that figure, we deployed €5.3 million into the acquisition of treasury shares. And so we closed the quarter with a strong cash and cash equivalents balance of €73 million, net of bank overdrafts, up from €51.3 million a year ago. And that's backed by a solid total liquidity position of €237.1 million.

Christoph Dieterle: That's backed by a solid total liquidity position of EUR 237.1 million. To sum up, in a single quarter, we funded our expansion, we invested in the platform behind it, we reduced our net financial debt. We returned capital to shareholders, and we still closed with more cash than we held a year ago. That is what a subscription balance sheet allows you to do. I will now hand it back to Dana to conclude.

Speaker #3: To sum up, in a single quarter, we funded our expansion, invested in the platform behind it, reduced our net financial debt, returned capital to shareholders, and still closed with more cash than we held a year ago.

Speaker #3: And that is what a subscription balance sheet allows you to do. I will now hand it back to Dana to conclude.

Speaker #1: Thanks, Chris. Before we turn to our closing section, let me do what I promised at the start and explain the mechanics of this year, so you can see clearly why we are confident in our guidance.

Dana Dunne: Thanks, Chris. Before we turn to our closing section, let me do what I promised at the start and explain the mechanics of this year so you can see clearly why we are confident in our guidance. We're one quarter into a deliberate, structured investment cycle, and FY27 is its peak phase. Our margins are tracking precisely where we said they would be before expanding as the cohorts we have been acquiring now mature. Our long-term shareholders have seen this exact pattern before. In the early years of FY22 to FY25 plan, our margins were in the teens, and that's because a large portion of our base were year 1 members. As those members became year 2 and beyond, margins expanded year after year, and we met the guidance we had set out for that plan. This mechanism is simple. It's arithmetic, not judgmental.

Dana Dunne: Thanks, Chris. Before we turn to our closing section, let me do what I promised at the start and explain the mechanics of this year so you can see clearly why we are confident in our guidance. We're one quarter into a deliberate, structured investment cycle, and FY 2027 is its peak phase. Our margins are tracking precisely where we said they would be before expanding as the cohorts we have been acquiring now mature. Our long-term shareholders have seen this exact pattern before. In the early years of FY 2022 to FY 2025 plan, our margins were in the teens, and that's because a large portion of our base were year 1 members. As those members became year 2 and beyond, margins expanded year after year, and we met the guidance we had set out for that plan. This mechanism is simple. It's arithmetic, not judgmental.

Speaker #1: We're one quarter into a deliberate, structured investment cycle, and FY27 is its peak phase. Our margins are tracking precisely where we said they would be.

Speaker #1: Before expanding, as the cohorts we have been acquiring now mature, our long-term shareholders have seen this exact pattern before. In the early years of the FY22 to FY25 plan, our margins were in the teens.

Speaker #1: And that's because a large portion of our base were year-one members. As those members became year-two and beyond, margins expanded year after year, and we met the guidance we had set out for that plan.

Speaker #1: This mechanism is simple. It’s arithmetic, not judgmental. But first, your member costs money to acquire, and a renewing member doesn’t. When you grow the base with a significant share of first-year members, the reported margin obviously compresses.

Dana Dunne: A first-year member costs money to acquire, and a renewing member doesn't. When you grow the base with a significant share of first-year members, the reported margin obviously compresses. When that base matures, margins obviously expand. Every member we acquire in this quarter is a margin tailwind in the quarters that follow. That is also why the inflection back to positive year-on-year cash EBITDA growth lands in Q4 rather than earlier. Acquisition spend goes in when we capture the demand. The revenue from those members arrives across their 12-month contracts. These two curves start to cross from the fourth quarter, and from that point, the compounding runs in our favor. So let me be clear on one point. The near-term shape of our margin is front-loaded investment in expansion and our unit economics, our retention, our value proposition are all intact underneath it.

Speaker #1: When that base matures, margins obviously expand. Every member we acquire in this quarter is a margin tailwind in the quarters that follow. That is also why the inflection back to positive year-on-year cash EBITDA growth lands in Q4 rather than earlier.

Speaker #1: Acquisition spend goes in when we capture the demand. The revenue from those members arrives across their 12-month contracts. These two curves start to cross from the fourth quarter, and from that point, the compounding runs in our favor.

Speaker #1: So let me be clear on one point. The near-term shape of our margin is front-loaded investment in expansion, and our unit economics, our retention, our value proposition are all intact underneath it.

Speaker #1: And just to be super clear, this is not an untested experiment. We have presented and executed two consecutive multi-year roadmaps before: from 2017 to 2019, and from 2021 to 2025.

Dana Dunne: And just to be super clear, this is not an untested experiment. We have presented and executed two consecutive multi-year roadmaps before from 2017 to 2019 and from 2021 to 2025, and we met our guidance both times. Now, there is a second question behind this quarter's numbers, which is not whether margins recover, but whether the money we are spending works. Let me tell you why we have such conviction. What makes this expansion secure is that the capability behind it is already built and already proven at scale. We are taking the same proprietary technology and leading AI, the same membership dynamics, the same data-driven insights that already made us highly successful in our core markets, and we are deploying them systematically into further territories and adjacent verticals.

Speaker #1: And we met our guidance four times. Now, there's a second question behind this quarter's numbers, which is not whether margins recover, but whether the money we are spending works.

Speaker #1: So let me tell you why we have such conviction. What makes this expansion secure is that the capability behind it is already built and already proven at scale.

Speaker #1: We are taking the same proprietary technology and leading AI, the same membership dynamics, and the same data-driven insights that have already made us highly successful in our core markets.

Speaker #1: And we're deploying them systematically into further territories and adjacent verticals. We know how these economics behave because we already run them at scale across 8.1 million members.

Dana Dunne: We know how these economics behave because we already run them at scale across 8.1 million members, which is why we can tell you what they will deliver over time. That is why our targets are built on conservative high certainty foundations. There is a further reason for our confidence in this guidance, which is what our early results are already showing. The key growth vectors behind our plan delivered in the quarter. On geography, revenues from markets outside our core European base grew 5%, taking their share of the total to 27% from 24% a year ago. On product, i.e., rail, the most recent vertical eDreams entered, is seeing early adoption in line with plan. In Spain, the company's most advanced rollout and one of Europe's most liberalized rail markets, rail already accounts for a double-digit share of new Prime members, again, in Spain.

Speaker #1: Which is why we can tell you what they will deliver over time. That is why our targets are built on conservative, high-certainty foundations. And there's a further reason for our confidence in this guidance, which is what our early results are already showing.

Speaker #1: The key growth vectors behind our plan delivered in the quarter. On geography, revenues from markets outside our core European base grew 5%, taking their share of the total to 27% from 24% a year ago.

Speaker #1: On product, Rail, the most recent vertical EDUs entered, is seeing early adoption in line with plan. In Spain, the company's most advanced rollout and one of Europe's most liberalized rail markets, Rail already accounts for a double-digit share of new Prime members again in Spain.

Speaker #1: Rollout in other markets will vary with regulation and maturity, and that's already reflected in our long-term guidance. But geography and product are telling us the same thing, and it is the thing that matters the most.

Dana Dunne: Rollout in other markets will vary with regulation and maturity, and that is already reflected in our long-term guidance. But geography and product are telling us the same thing, and it is the thing that matters the most. Strategy right and it is delivering as planned. With that, please now turn to slide 11, as I want to spend a moment talking about the pace of our capital returns, which is unusual. Up front, I gave you the headline figures. It was EUR 38 million already repurchased since October 2025 and EUR 62 million still committed by September 2027. At closing of the quarter, i.e., 30 June, this targets a further 11% of our market capitalization of EUR 543 million. At the annual general shareholder meeting earlier this summer, shareholders approved multi-stage capital reductions of up to 12 million shares.

Speaker #1: Strategy right, as delivering as planned. With that, please now turn to slide 11, because I want to spend a moment talking about the pace of our capital returns, which is unusual. Upfront, I gave you the headline figures.

Speaker #1: It was €38 million already repurchased since October 2025, and €62 million still committed by September 2027. At the closing of the quarter, i.e., June 30th, this targets a further 11% of our market capitalization of €543 million.

Speaker #1: At the annual general shareholder meeting earlier this summer, shareholders approved multi-stage capital reductions of up to 12 million shares. That included the immediate amortization of 3 million shares, which we executed in July, and authorization for the board to reduce up to 9 million more in future tranches.

Dana Dunne: That included the immediate amortization of 3 million shares, which we executed in July, and authorization for the board to reduce up to 9 million more in future tranches. That is 7.9% of shares outstanding. Our cash generation is what makes this possible. It gives us the ability to return capital aggressively, while funding our long-term growth vectors at the same time. We are not choosing between the two. I have to say, frankly, there are very few companies in any sector globally delivering this level of direct, sustained capital return to their investors today. Finally, turn to slide 12, which brings the whole plan together. Looking at the KPIs we track, our business model evolution is generating a powerful financial and commercial delta. First, higher growth. We are targeting 15% to 20% Prime membership CAGR between FY27 and FY30. Second, higher customer lifetime value.

Dana Dunne: That included the immediate amortization of 3 million shares, which we executed in July, and authorization for the board to reduce up to 9 million more in future tranches. That is 7.9% of shares outstanding. Our cash generation is what makes this possible. It gives us the ability to return capital aggressively, while funding our long-term growth vectors at the same time. We are not choosing between the two. I have to say, frankly, there are very few companies in any sector globally delivering this level of direct, sustained capital return to their investors today. Finally, turn to slide 12, which brings the whole plan together. Looking at the KPIs we track, our business model evolution is generating a powerful financial and commercial delta. First, higher growth. We are targeting 15% to 20% Prime membership CAGR between FY 2027 and FY 2030. Second, higher customer lifetime value.

Speaker #1: That's 7.9% of shares outstanding. Our cash generation is what makes this possible. It gives us the ability to return capital aggressively while funding our long-term growth vectors at the same time.

Speaker #1: We are not choosing between the two. I have to say, frankly, there are very few companies in any sector globally delivering this level of direct, sustained capital return to their investors today.

Speaker #1: And finally, turn to slide 12, which brings the whole plan together. Looking at the KPIs, we track our business model evolution is generating a powerful financial and commercial delta.

Speaker #1: First, higher growth. We are targeting 15% to 20% Prime membership CAGR between FY27 and FY30. Second, higher customer lifetime value. Members on the annual subscription with monthly installments deliver more than 13% higher lifetime value than those on a single annual period.

Dana Dunne: Members on the annual subscription with monthly installments deliver more than 13% higher lifetime value than those on single annual fee. Third, stronger loyalty. Those same members give us more than 10% high Net Promoter Scores. Fourth, more diversified business. By FY30, 66% of our volume will be driven by non-flight products and by flights outside our top five European markets. That is up from 43% in the H1 of FY26. And fifth, shareholder remuneration. With EUR 100 million of committed share buyback through to September 2027. Taken together with our long-term outlook, that is a structurally transformed business. We are confidently tracking towards record Prime net additions of 1.5 to 2 million members a year between next fiscal year and FY30.

Dana Dunne: Members on the annual subscription with monthly installments deliver more than 13% higher lifetime value than those on single annual fee. Third, stronger loyalty. Those same members give us more than 10% high Net Promoter Scores. Fourth, more diversified business. By FY 2030, 66% of our volume will be driven by non-flight products and by flights outside our top five European markets. That is up from 43% in the H1 of FY 2026. And fifth, shareholder remuneration. With EUR 100 million of committed share buyback through to September 2027. Taken together with our long-term outlook, that is a structurally transformed business. We are confidently tracking towards record Prime net additions of 1.5 to 2 million members a year between next fiscal year and FY 2030.

Speaker #1: Third, stronger loyalty: those same members give us more than 10% higher Net Promoter Scores. Fourth, more diversified business: by FY30, 66% of our volume will be driven by non-flight products and by flights outside our top five European markets.

Speaker #1: That's up from 43% in the first half of FY26. And fifth, shareholder remuneration. With €100 million of committed share buyback through to September 2027, taken together with our long-term outlook, that is a structurally transformed business.

Speaker #1: We are confidently tracking towards record Prime net additions of 1.5 to 2 million members a year between next fiscal year and FY30. That takes us to 13 million Prime members, which is almost double our FY25 base.

Dana Dunne: That takes us to 13 million Prime members, which is almost double our FY25 base, and it takes us to more than EUR 270 million in Cash EBITDA, which is a 33% CAGR from FY27. Let me finish where Christoph began. This was our peak seasonal quarter and guided investment year, and we delivered it to plan and ahead of consensus. Profitability is lower because we chose to put the money into growth, exactly where and when we said we would. In new products and in new geographies. Members grew, Prime revenue grew, our international markets grew, our net debt came down, and we closed the quarter with more cash than we held a year ago while continuing to buy back our own shares. We have the model, we have the technology, and we have the team that delivers.

Dana Dunne: That takes us to 13 million Prime members, which is almost double our FY 2025 base, and it takes us to more than EUR 270 million in Cash EBITDA, which is a 33% CAGR from FY 2027. Let me finish where Christoph began. This was our peak seasonal quarter and guided investment year, and we delivered it to plan and ahead of consensus. Profitability is lower because we chose to put the money into growth, exactly where and when we said we would. In new products and in new geographies. Members grew, Prime revenue grew, our international markets grew, our net debt came down, and we closed the quarter with more cash than we held a year ago while continuing to buy back our own shares. We have the model, we have the technology, and we have the team that delivers. I will now hand the call back to Christoph to open our live Q&A session.

Speaker #1: And it takes us to more than €270 million in cash EBITDA, which is a 33% CAGR from FY27. Let me finish where Christophe began.

Speaker #1: This was our peak seasonal quarter, and it guided investment year, and we delivered it to plan—and ahead of consensus. Profitability is lower because we chose to put the money into growth, exactly where and when we said we would.

Speaker #1: In new products and in new geographies, members grew, Prime revenue grew, our international markets grew, our net debt came down, and we closed the quarter with more cash than we held a year ago, while continuing to buy back our own shares.

Speaker #1: We have the model. We have the technology. And we have the team that delivers. I'll now hand the call back to Christophe to open our live Q&A session.

Dana Dunne: I will now hand the call back to Christoph to open our live Q&A session.

Speaker #2: All right, thank you, Dana. With that, we would now like to take your questions. We will answer the questions sent to us in writing in the webcast, and we will take questions on a first-come, first-served basis, but we will also try to group questions of a similar nature.

Christoph Dieterle: All right. Thank you, Dana. With that, we would now like to take your questions. We will answer the questions sent to us in writing in the webcast, and we will take questions on a first come, first served basis, but we will also try to group questions of similar nature. Should we not have time to respond to questions from the webcast, the investor relations team will make sure those are answered afterwards. Operator, if you could please open the conference for questions. Okay. Now, we have a set of questions here from Carlos Treviño from Santander. Let me read out the first question. "Could you provide any indication on which percentage of your net adds are coming from new Prime markets and which one from your traditional markets? Any comment on ramping up trends by market would be helpful.

Speaker #2: Should we not have time to respond to questions from the webcast, the Investor Relations team will make sure those are answered afterwards. Operator, if you could please open the conference for questions.

Speaker #2: Okay. Now, we have a set of questions here from Carlos Treviño from Santander. Let’s

Speaker #1: Read out the first question Could you provide any indication on which percentage of your net adds are coming from new prime markets , and which one from your traditional markets ?

Speaker #1: Any comment on ramping up trends by market would be helpful. Absolutely.

Dana Dunne: Absolutely. First of all, we do not disclose the exact split of net adds between new Prime markets and traditional Prime markets. However, let me just add a number of points here. First, on the geographic expansion, it is performing very well, and we have seen the revenue margin of rest of world. Let me just pause here. Rest of world is Mexico and Argentina, UAE, Poland, South Africa, et cetera. Our new geographies, and all of that rest of world grew 5% to EUR 43.9 million in Q4. Actually, we already start to see the shift from our top six markets to the rest of the world markets because the growth of those percentage of our revenues grew from 24% to 27% in this quarter.

Speaker #2: So first of all , we don't disclose the exact split of Net adds between new prime markets and traditional prime markets . However , let me just add a number of points here First , on the geographic expansion , it is performing very well and we've seen the revenue margin of rest and world .

Speaker #2: Let me just pause here . Rest of world is Mexico . Argentina , UAE , Poland , South Africa , etc. . Right .

Speaker #2: So, our new geographies and all of the rest of the world grew 5% to €43.9 million in the quarter. And actually, we are already starting to see the shift from our top six markets to the rest of the world markets, because the percentage of our revenues coming from those markets grew from 24% to 27% in this quarter. Second, one is about rail, and rail is growing very well.

Dana Dunne: Second one is about rail, and rail is growing very well and doing really well in our markets, our three markets that we are in, which is Spain, Italy, and France. The one that is the most mature for us is Spain, as we have announced. Already, rail for us in Spain is delivering a double-digit share of the Prime net adds that we have in Spain. We still have more to grow, and Spain is still ramping up, absolutely. Then with Italy and France at earlier stages and following the same type of path as Spain rail.

Speaker #2: And doing really well in our markets . Our three markets that we're in , which is Spain , Italy and France . Now , the one that's the most mature for us is Spain , as we've announced .

Speaker #2: And already rail for us in Spain , is delivering a double digit share of the prime net . Adds that we have in Spain Now , we still have more to grow and Spain is still ramping up .

Speaker #2: Absolutely. And then, with Italy and France at earlier stages and following the same type of path as Spain—rail, yeah.

Christoph Dieterle: Okay. Yeah. Okay. Let me read out the second question. How does the intermittent access to Ryanair's inventories continue to impact your business? How do you expect this to evolve moving forward?

Speaker #1: Okay. So let me read out the second question: How does the intermittent access to Ryanair's inventories continue to impact your business?

Speaker #1: How do you expect this to evolve, moving forward?

Speaker #2: Let me take that , Chris . So first of all , as we've said in the past , our access to Ryanair content remains intermittent .

Dana Dunne: Let me take that, Chris. First of all, as we have said in the past, our access to Ryanair content remains intermittent, and this has not changed. I think from an investor point of view, what is really critical and important is that we have de-risked our plan for this, and we have factored into our guidance not just for this year, but for subsequent years, i.e. the FY30 targets, about de-risking the plan so that Ryanair does not change our plan, and we are committed to absolutely deliver on it. I want to be clear, our results no longer depend upon Ryanair. Our focus is on executing our growth plan, and this is exactly what we are doing, and you have seen already in this quarter results. Chris.

Dana Dunne: Let me take that, Chris. First of all, as we have said in the past, our access to Ryanair content remains intermittent, and this has not changed. I think from an investor point of view, what is really critical and important is that we have de-risked our plan for this, and we have factored into our guidance not just for this year, but for subsequent years, i.e. the FY 2030 targets, about de-risking the plan so that Ryanair does not change our plan, and we are committed to absolutely deliver on it. I want to be clear, our results no longer depend upon Ryanair. Our focus is on executing our growth plan, and this is exactly what we are doing, and you have seen already in this quarter results. Chris.

Speaker #2: And this has not changed. I think from an investor point of view, what's really critical and important is that we have de-risked our plan for this, and we have factored into our guidance not just this year but for subsequent years.

Speaker #2: I.e., the FY30 targets are about de-risking the plan, so that Ryanair doesn't change our plan. And we are committed to absolutely deliver on it.

Speaker #2: I want to be clear, our results no longer depend upon Ryanair. Our focus is on executing our growth plan, and this is exactly what we're doing.

Speaker #2: And you've seen already in this quarter's results—not Chris.

Speaker #1: Okay. Let me read out the third question from Carlos: How is business developing in the first two months of the current quarter?

Christoph Dieterle: Okay. Let me read out the third question from Carlos. How is business developing in the first two months of the current quarter? Have you seen any change from previous business trends?

Speaker #1: Have you seen any change from previous business trends? I think so.

Speaker #2: Okay . Yeah , I'll take it . So I think the business is first is developing in line with our strategic roadmap I think since we announced that , we have not seen any significant changes in the trading , our performance is exactly as expected .

Dana Dunne: Okay. Yeah, I will take it. The business is developing in line with our strategic roadmap. Since we announced it, we have not seen any significant changes in the trading. Our performance is exactly as expected, be it on Prime in our core markets, be it in Prime in our new geographies, and be it obviously on Prime in our new products, i.e. rail, which I touched on before. We do not give a quarterly guidance, but we have given a yearly, and we have given multiple years as well, which is very unusual in the market. We see that we are exactly on track on both of those. We feel firmly committed to both our FY27 guidance and the FY30 targets, obviously.

Speaker #2: Be it on Prime and our core markets , be it in prime in our new geographies and be it obviously on prime in our new products , i.e. rail , which I touched on before I don't think we don't give a quarterly guidance , but we have given a yearly .

Speaker #2: And we've given multiple years as well, which is very unusual in the market. And we see that we're exactly on track on both of those.

Speaker #2: And so we feel firmly committed to both our FY27 guidance and the FY30 targets. Obviously,

Speaker #1: Okay. We're coming to the last question from Carlos, which is: Historically, Prime cash marginal profit margins have improved sequentially in Q2 versus Q1, with lower marketing costs driven by seasonality. Should be.

Christoph Dieterle: Okay. We are coming to the last question of Carlos, which is, historically, Prime cash marginal profit margins have improved sequentially in Q2 versus Q1, with lower marketing costs driven by seasonality. Should this be also the case this year, or additional marketing investments in your new markets could derail this historic trend? I think that one I will answer. Basically, for this special year of investment, I would in fact not apply the same historical seasonal pattern, and let me explain that a little bit. The shape of FY27 will be mainly driven by our investment schedule, not by the normal seasonality in our marketing investment that you have seen in the past. We are really investing into the significant growth in the new geographies, in the products such as rail, as also Dana just mentioned.

Christoph Dieterle: Okay. We are coming to the last question of Carlos, which is, historically, Prime cash marginal profit margins have improved sequentially in Q2 versus Q1, with lower marketing costs driven by seasonality. Should this be also the case this year, or additional marketing investments in your new markets could derail this historic trend? I think that one I will answer. Basically, for this special year of investment, I would in fact not apply the same historical seasonal pattern, and let me explain that a little bit. The shape of FY 2027 will be mainly driven by our investment schedule, not by the normal seasonality in our marketing investment that you have seen in the past. We are really investing into the significant growth in the new geographies, in the products such as rail, as also Dana just mentioned.

Speaker #1: Should this also be the case this year, or could additional marketing investments in your new markets derail this historic trend? I think I will answer that one.

Speaker #1: So basically, for this special year of investment, I would, in fact, not apply the same historical seasonal pattern. And let me explain that a little bit.

Speaker #1: The shape of FY27 will be mainly driven by our investment schedule, not by the normal seasonality in our marketing investment that you've seen in the past.

Speaker #1: We are really investing into the significant growth in the new geographies in the products , such as rails . Also , Dana , just mentioned And this is exactly in line with what we have planned and what we have communicated in the plan of last November .

Christoph Dieterle: This is exactly in line with what we have planned and what we have communicated in the plan of last November. It is the consequence of the investment plan. Therefore, our guidance remains, which is our cash EBITDA margins will bottom out in Q3 2027, and then we will turn into year-on-year growth in cash EBITDA in Q4 FY27. I would say you should not model a clean sequential margin recovery through the first half. Also as a reminder, the recovery drivers in then Q4 and onwards is really driven by basically the cohort maturity, as I also explained before, where we have the year one members are absorbing the CAC.

Christoph Dieterle: This is exactly in line with what we have planned and what we have communicated in the plan of last November. It is the consequence of the investment plan. Therefore, our guidance remains, which is our cash EBITDA margins will bottom out in Q3 2027, and then we will turn into year-on-year growth in cash EBITDA in Q4 FY 2027. I would say you should not model a clean sequential margin recovery through the first half. Also as a reminder, the recovery drivers in then Q4 and onwards is really driven by basically the cohort maturity, as I also explained before, where we have the year one members are absorbing the CAC.

Speaker #1: And so really, it's the consequence of the investment plan. And therefore, our guidance remains, which is that our cash EBITDA margins will bottom out in Q3 '27.

Speaker #1: And then we will turn into year on year growth in cash EBITDA in Q4 , FY 27 . So I would say you shouldn't model a clean sequential margin recovery through the first half .

Speaker #1: And also , as a reminder , the recovery drivers in then Q4 and onwards is really driven by basically the cohort maturity , as I also explained before , where we have the year one members are absorbing the cash .

Speaker #1: And as we're now starting in the later end of the year , getting year two members , those are coming in at a near zero , and a box of 50% cash , marginal profit .

Christoph Dieterle: As we are now starting in the later end of the year, getting year 2 members, those are coming in at a near zero CAC and above a 50% cash marginal profit, that really starts to show in Q4. All of it is inside our EUR 150 million full year guidance, which we reiterate and what Dana just said. Okay, with that, we move on to questions from Bharath Nagaraj from Cantor. Let me read out the first question. Could you please provide some color on how your top 6 markets are performing in terms of cash EBITDA, excluding the investments you are making? Okay, I think that one I am going to take. Basically, in the top 6 markets, we really have to look at the components. On the one side, you have the Prime performance, and that is performing well.

Speaker #1: And that's really starts to show in Q4 . And so all of it is inside our 150 million full year guidance , which we reiterate and , and what , would also , Dana just said , okay , with that , we move on to questions from Bharat Nagaraj from Cantor Let me read out the first question .

Speaker #1: Could you please provide some color on how your top six markets are performing in terms of cash and EBITDA, excluding the investments you are making?

Speaker #1: Okay . I think that one , I'm going to take and basically in the top six markets , we really have to look at at the components .

Speaker #1: So on the one side, you have the Prime performance, and that's performing well. We also saw overall our Prime gradual revenue growing 5%.

Christoph Dieterle: We also saw overall our Prime gradual revenue growing 5%, and the new product like rail is playing a role in here. You are also seeing then that within the top 6 markets, we have another effect, which is the negative unwinding of our non-Prime business, which is obviously a big portion of the top 6 markets, and we are still comparing versus the prior year in the quarter full access to Ryanair, which we know in this comparison period, where we are now looking at an intermittent access. If we exclude those impacts, we are actually seeing good levels of subscription revenues and engagement. Let me read out question 2 from Bharath. That is: as to your guidance of EUR 167 million of Adjusted EBITDA pre-investment, could you confirm the level of investments you are making in FY27? I remember it to be around EUR 34 million or so.

Christoph Dieterle: We also saw overall our Prime gradual revenue growing 5%, and the new product like rail is playing a role in here. You are also seeing then that within the top 6 markets, we have another effect, which is the negative unwinding of our non-Prime business, which is obviously a big portion of the top 6 markets, and we are still comparing versus the prior year in the quarter full access to Ryanair, which we know in this comparison period, where we are now looking at an intermittent access. If we exclude those impacts, we are actually seeing good levels of subscription revenues and engagement. Let me read out question 2 from Bharath. That is: as to your guidance of EUR 167 million of Adjusted EBITDA pre-investment, could you confirm the level of investments you are making in FY 2027? I remember it to be around EUR 34 million or so.

Speaker #1: And also the new products like rail is playing a role in here . And you are also seeing then that within the top six market , we have another effect , which is the negative unwinding of our non-prime business , which is obviously a big portion of the top market of the top six markets .

Speaker #1: And we are still comparing versus the prior year in the quarter, with full access to Ryanair, whereas in this comparison period where we are now, we are looking at intermittent access.

Speaker #1: But if we exclude those impacts, we are actually seeing good levels of subscription revenues and engagement. Let me read out question two from Bharat.

Speaker #1: That is , as to your guidance of 167 million of adjusted EBITDA pre investment , could you confirm the level of investments you're making in FY 27 ?

Speaker #1: I remember it to be around 34 million or so Well , actually more or less , yes . This is a really front loaded mid 30 million investment year .

Christoph Dieterle: Well, actually, more or less, yes. This is a really front-loaded mid EUR 30 million investment year, and the disclosed path is what I just mentioned, the cash EBITDA bottoming out in Q3 and then inflecting in Q4, where we are returning to growth levels and the margins are coming back. This front-loaded capital investment is really to secure the future market share and really take benefits of the growth opportunities we are seeing. This is where we are investing into rail, we are investing into the new markets. Let me read out the third question from Bharath. Has there been any impact from macro headwinds, and would your results have been better if not for them?

Speaker #1: And the disclosed path is what I just mentioned. The cash EBITDA is bottoming out in Q3, and then inflecting in Q4, where we are returning to growth levels, and also the margins are coming back.

Speaker #1: And this front-loaded capital investment is really to secure the future market share and really take, take, take benefits of the growth opportunities we're seeing.

Speaker #1: And so this is where we're investing into rail. We're investing into the new markets. Let me read out the third question from Bharat.

Christoph Dieterle: This is where we are investing into rail, we are investing into the new markets. Let me read out the third question from Bharath. Has there been any impact from macro headwinds, and would your results have been better if not for them? If the ROI from new customer acquisition turns out to be not high enough during the rest of the year, will you outperform on your cash EBITDA guidance for the year, or will you return more cash back to shareholders?

Speaker #1: Has there been any impact from macro headwinds? And would your results have been better if not for them? If the ROI from new customer acquisition turns out to be not high enough during the rest of the year, what then?

Christoph Dieterle: If the ROI from new customer acquisition turns out to be not high enough during the rest of the year, will you outperform on your cash EBITDA guidance for the year, or will you return more cash back to shareholders?

Speaker #1: Will you outperform on your cash EBITDA guidance for the year, or will you return more cash back to shareholders?

Dana Dunne: Mm-hmm. Absolutely. Chris, let me take that.

Speaker #2: Absolutely . Chris , let me take that . So let me let me cover into two parts . The first one is that the macro had headwinds .

Dana Dunne: Absolutely. Chris, let me take that.

Christoph Dieterle: Yeah.

Dana Dunne: Let me cover into two parts. The first one is about the macro headwinds. On this one, I just want for all investors to really stress a couple of key points. One is that we are a point of origin model, not a point of destination one, which some travel companies are. Implied in this, I am reading into it, is questions about, for example, the Middle East. The Middle East is a very small, non-material origin part for our market. What is important is that whether or not consumers want to travel as opposed to where do they want to travel, so to speak. The second one is that we are a subscription-based model, right? Therefore, our results are not driven really by, let us say, the amount of expenditure that a customer has on it, because we have a subscription-based model.

Speaker #2: And on this one , I just want for all investors to really stress a couple of key points . One is that we are a point of origin model , not a point of destination , on which some travel companies are .

Speaker #2: And so implied in this , I'm reading into it , is questions about , for example , the Middle East and the Middle East is a very small , non-material origin part for our markets .

Speaker #2: So what's important is that whether or not consumers want to travel as opposed to to where do they want to travel , so to speak The second one is , is that we are subscription based model , right .

Speaker #2: And therefore, we don't earn—our results are not driven really by, let's say, the amount of expenditure that a customer has on it.

Speaker #2: Because we have a subscription based model . So what we're really focused on is making sure is that the subscribe with us , that there really delighted and that they continue to travel to travel , to travel .

Dana Dunne: What we are really focused on is making sure is that they subscribe with us, that they are really delighted, and that they continue to travel, to travel, to travel, and then at the end of the 12 months, that they renew with us. That is really what drives our economics, unlike a transaction-based model business. Let me cover the second part, which is the ROI one about acquisition. A couple of very important points. One is we hold ourselves to the discipline of a 2x to 3x LTV to CAC, and that is on a 24-month basis at a group level. That is really the gateway of every euro that we spend has to actually clear that hurdle. In addition, our cost base is roughly about 80% variable. Again, this is a dial that we absolutely do control.

Speaker #2: And then at the end of the 12 months that they renew with us , and that's really what drives our economics . Unlike a transaction based model business for let me cover the second part , which is the ROI One about the acquisition and a couple of very important points .

Speaker #2: One is , is we hold ourselves to the discipline of 2 to 3 x LTV to cap , and that is on a 24 month basis at a group level .

Speaker #2: And so that's really the gateway of every euro that we spend has to actually clear that hurdle . In addition , our cost base is roughly about 80% variable .

Speaker #2: And so again, this is a dial that we absolutely do control. We see that we are doing very well in both our core markets and our new markets.

Dana Dunne: We see that we are doing very well in both our core markets, our new markets, and also, I would say our, if I can call it, our new product, i.e. rail, that is in our core markets as well for that. We feel very comfortable with the track we are on, feel very comfortable with our guidance that is out there, for both Prime members and for cash EBITDA for this year, and then obviously for the FY30 as well.

Speaker #2: And also I would say our our new product , i.e. rail . That's in our core markets as well for that . And we feel very comfortable with the track we're on , feel very comfortable with our guidance , that's out there for both Prime members and for cash EBITDA for this year .

Speaker #2: And then, obviously, for the FY20 as well.

Speaker #1: All right . Okay . So that takes us to the last question of you've reiterated positive year on year cash EBITDA growth from fourth quarter FY 27 .

Christoph Dieterle: All right. Okay. So that takes us to the last question of Bharath Nagaraj. You have reiterated positive year-on-year Cash EBITDA growth from Q4 FY27. What are the key building blocks behind that inflection? Low acquisition intensity, cohort maturity, revenue growth, or operating leverage? Which of those is doing most of the work? I guess I will take that one, and it is a great question. Actually, there are basically two key drivers in here, and you mentioned them as well. Basically, you have the cohort maturity and operating leverage. In here, as we now build up the cohorts, especially in the monthly models over the now future quarters, and as we are anniversarying those where we are moving customers into the year 2 cohort, that is where we now are getting our superior margins exceeding 50% on those cohorts with a year 2 plus membership. So that is the one key driver.

Christoph Dieterle: All right. Okay. So that takes us to the last question of Bharath Nagaraj. You have reiterated positive year-on-year Cash EBITDA growth from Q4 FY 2027. What are the key building blocks behind that inflection? Low acquisition intensity, cohort maturity, revenue growth, or operating leverage? Which of those is doing most of the work? I guess I will take that one, and it is a great question.

Speaker #1: What are the key building blocks behind that inflection? Low acquisition intensity, cohort maturity, revenue growth, or operating leverage? And which of those is doing most of the work?

Speaker #1: I guess I'll take that one . And it's a great question . Actually . There are basically two key drivers in here . And you mentioned them as well .

Christoph Dieterle: Actually, there are basically two key drivers in here, and you mentioned them as well. Basically, you have the cohort maturity and operating leverage. In here, as we now build up the cohorts, especially in the monthly models over the now future quarters, and as we are anniversarying those where we are moving customers into the year 2 cohort, that is where we now are getting our superior margins exceeding 50% on those cohorts with a year 2 plus membership. So that is the one key driver.

Speaker #1: Basically, you have the core maturity and the operating leverage in here. As we now build up the cohorts, especially in the monthly models over the future quarters.

Speaker #1: And as we are anniversary , those where we are moving customers into the year two cohort , that's where we now are getting our superior margins , exceeding the 50% on those cohorts With a year two plus membership .

Speaker #1: So that's the one key driver . And then on the second driver that does play a role is that towards the end of the year , we are on a more normal like for like comparison basis where if you remember in the first half year of FY 26 , we had full access .

Christoph Dieterle: On a second driver that does play a role is that towards the end of the year, we are on a more normal like-for-like comparison basis, where if you remember in the H1 of FY26, we had full Ryanair access, while in the H2, the intermittent access already started. So we are anniversarying that in the H2, and that is removing the year-on-year drag, and those are the two catalysts of the Q4 results where we are turning into positive Cash EBITDA growth. Okay. I will move on and take the next set of questions from Nizla from Deutsche Bank. We have first question: can you please take us through the phasing of net adds for the rest of the year? This one, I think we already partly answered earlier. So I think that question, I would say, we consider answered.

Christoph Dieterle: On a second driver that does play a role is that towards the end of the year, we are on a more normal like-for-like comparison basis, where if you remember in the H1 of FY 2026, we had full Ryanair access, while in the H2, the intermittent access already started. So we are anniversarying that in the H2, and that is removing the year-on-year drag, and those are the two catalysts of the Q4 results where we are turning into positive Cash EBITDA growth. Okay. I will move on and take the next set of questions from Nizla from Deutsche Bank.

Speaker #1: While in the second half , the intermittent access already started . So we are anniversary anniversary in that in the second half . And that is removing the year on year drag .

Speaker #1: And those are the two catalysts for the Q4 results, where we are turning into positive cash EBITDA growth. Okay, I will move on and take the next set of questions from Nyla from Deutsche Bank.

Speaker #1: We have a first question. Can you please take us through the phasing of net adds for the rest of the year? This one, I think, we already partly answered earlier.

Christoph Dieterle: We have first question: can you please take us through the phasing of net adds for the rest of the year? This one, I think we already partly answered earlier. So I think that question, I would say, we consider answered. Let me read out the second question. What was the traction being in the new markets you have launched, such as the newly announced Polish market?

Speaker #1: So, I think that that question, I would say, we consider answered. Then let me read out the second question. What was the traction between—the traction being in the new markets?

Christoph Dieterle: Let me read out the second question. What was the traction being in the new markets you have launched, such as the newly announced Polish market?

Speaker #1: You've launched, such as the newly announced Polish market?

Speaker #2: Okay , let me take that , Chris . Yeah . So we see good traction in our new markets and all the key metrics and variables that we track , such as for example , the , you know , percent of , of , of customers that actually take prime , the LTV to obviously NPS is extremely important to us .

Dana Dunne: Okay, let me take that, Chris. Yes. So we see good traction in our new markets on all the key metrics and variables that we track, such as, for example, the percent of customers that actually take Prime, the LTV to CAC, obviously. NPS is extremely important to us, and there is a number of other underlying metrics as well, and all of them continue to track very well on this. For Poland in particular, I know that you mentioned that one, we see a strong appetite for Prime. Also with the Polish market in particular, there are a number of subscription programs out there outside of travel. It is a, if I can call it, a very good subscription-oriented market. So we find that our results are actually very good in this market for this.

Speaker #2: And then there are a number of other underlying metrics as well. All of them continue to track very well on this. For Poland in particular, I know that you mentioned that one.

Speaker #2: We see a strong appetite for Prime, also with the Polish market in particular. There are a number of subscription programs out there outside of travel.

Speaker #2: It is, if I can call it, a very good subscription-oriented market. And so we find that our results are actually very good in this market for this.

Speaker #1: Okay. All right. So that takes me to the third question, which is: How would the phasing of investments be for the rest of the year?

Christoph Dieterle: Okay. All right. That takes me to the third question, which is: how would the phasing of investments be for the rest of the year? I think that one I will take. Basically, if you look at the rest of the year, we will continue to invest throughout the year. It is not following a specific phasing between the quarters. We just continue to invest throughout the year. However, as I just also walked you through, in Q4 of the fiscal year 2027, we expect that those investments we are now front-loading are starting to fully pay off, where we bring in members from the monthly plan, as well as members are transitioning into the year two-plus membership, where we then are getting the benefits of the higher margin.

Speaker #1: I think that one , I will take . So basically , if you look at the the rest of the year , we will continue to invest throughout the year .

Speaker #1: So it's not following a specific phasing between the quarters . We just continue to invest throughout the year . However , as I just also walked you through in the fourth quarter of the fiscal year 27 , we expect that those investments will now front loading are starting to fully pay off where we bring in members from the monthly plan , as well as members are transitioning into the year two plus membership , where we then are getting the benefits of the higher margin .

Speaker #1: And that's why, in the fourth quarter of the fiscal year, we are confident we will return to positive cash EBITDA growth. But the investment is happening throughout the year. Let me move to another set of questions from Gwilym, from Bank.

Christoph Dieterle: That is why in Q4 of the fiscal year, we are confident to return to positive cash EBITDA growth. But the investment is happening throughout the year. Let me move to another set of questions from Guilherme from CaixaBank. First question: could you provide more details regarding fixed costs evolution in Q1 and the phasing expectations for the remainder of the year? Yeah, obviously, I think that one I will take as well. Basically, I think as we mentioned, we are investing into our talent, and so we have a workforce expansion in the year. However, this was offset in this quarter by operational discipline. We generated some savings. So you had the total personal expenses rose by EUR 2 million, and that is mainly driven by the recruitment growth in the tech space.

Speaker #1: First question: Could you provide more details regarding fixed costs? Specifically, can you discuss their evolution in Q1 and the phasing expectations for the remainder of the year?

Speaker #1: Yeah , obviously , I think that one , I will take as well . So basically , I think as we mentioned , we we are investing into our talent .

Speaker #1: And so we have a workforce expansion in the year . However , this was offset in this quarter by operational discipline . We we generated some savings .

Speaker #1: And so you have the total personnel expenses rose by $2 million. And that is mainly driven by the recruitment growth in the tech space.

Speaker #1: And that is really to support our FY30 roadmap and all the platform investments we are making for the new geographies and the new products.

Christoph Dieterle: That is really to support our FY30 roadmap and all the platform investments we are doing for the new geographies and the new products. But the phasing, I think you can expect that to rise as the hiring is annualizing throughout the year. So the fixed costs, we are anticipating to run higher than in the previous year as per our plan and our guidance. Again, we remain on track with that and manage our fixed costs. So we stick to our guidance of the EUR 150 million of the cash EBITDA for this year.

Christoph Dieterle: That is really to support our FY 2030 roadmap and all the platform investments we are doing for the new geographies and the new products. But the phasing, I think you can expect that to rise as the hiring is annualizing throughout the year. So the fixed costs, we are anticipating to run higher than in the previous year as per our plan and our guidance. Again, we remain on track with that and manage our fixed costs. So we stick to our guidance of the EUR 150 million of the cash EBITDA for this year.

Speaker #1: But the phasing—I think you can expect that to rise as the hiring is annualized throughout the year. So the fixed costs we are anticipating will run higher than in the previous year, as per our plan and our guidance.

Speaker #1: And again , we remain on track with that . And and manage our fixed costs . And so we stick to our guidance of the 150 million of the cash EBITDA for this year .

Speaker #2: And , Chris , let me just interject also about our AI capabilities , since we've invested and started investing in AI , it's actually been now 12 years .

Dana Dunne: Chris, let me just interject also about our AI capabilities. Since we have started investing in AI, it has actually been now 12 years. We are also heavily invested and really at leading edge in terms of how AI is used internally for both productivity and for, let us say, quality as well. As a result of that, it is allowing us to do, in a sense, a lot more with the same amount of headcount, so to speak. As we think about growing into new product categories, new geographies, et cetera, we need a lot less number of people to be able to do those new expansions than what we would have needed, let us just say, three or even five years ago in the past. You are seeing that already in our guidance. You are seeing that in our numbers as well.

Speaker #2: We are also heavily invested and really at the leading edge in terms of how AI is used internally, for both productivity and for, let's say, quality as well.

Speaker #2: And as a result of that, it is allowing us to do, in a sense, a lot more with the same amount of headcount.

Speaker #2: So to speak . So as we think about growing into new product categories , new geographies , etc. , we need a lot less number of people to be able to do those new expansions than what we would have needed .

Speaker #2: Let's just say three or even five years ago . In the past . And you're seeing that already in our guidance . You've seen that in our numbers as well .

Speaker #2: Okay . Yeah .

Christoph Dieterle: Okay. Yep, absolutely. We have a second question, which was around the Prime member net add seasonality. Again, also here, we have answered that, I think, at the beginning. We are not answering that or reading it out again. Let me move to another set of questions. Those are from Chet Garcia from Ave Maria Mutual Funds. The first question from Chet is: your variable cost for Prime is 61% of revenue versus 47% last year. I would assume this is attributed to the investment in new markets and new products. Can you confirm and discuss the types of investment these new markets require and how long the elevated period should last? I think this one I will also answer. Basically, Chet, yes, you are right. The Prime variable cost as a percentage of Prime revenue margin rose from the 47 to the 61.

Speaker #1: Absolutely . So we have a second question , which was around the prime number Prime member net ad seasonality . But again , also here , we've answered that I think at the beginning .

Speaker #1: So we're not answering that or reading it out again. Let me move to another set of questions. Those are from Chad Garcia from Ave Maria.

Speaker #1: Mutual funds. The first question from Chad: your variable cost for Prime is 61% of revenue versus 47% last year. I would assume this is attributed to the investment in new markets and new products.

Speaker #1: Can you confirm and discuss the types of investment these new markets require and how long the elevated period should last I think this one I will also answer and basically , Chad , yes , you're right , the primary costs as a percentage of prime revenue margin rose from 47 to 61 .

Speaker #1: And, as you point out, that's really driven almost entirely by the acquisition costs and our investments into the new geographies and into the new products.

Christoph Dieterle: As you point out, that is really driven almost entirely by the acquisition costs and our investments into the new geographies and into the new products. As we have explained in the past as well, in those new markets or in new product verticals, we are lacking an organic base, so to speak. That is referrals, et cetera. We are relying much more heavily on paid acquisition than we do in our core markets for the traditional product. This is therefore where most of our investment goes to really drive those new geographies and those new products, especially as we pointed out, in a very strong seasonal booking and search window by the customers.

Speaker #1: And as we've explained in the past as well , in those new markets or in new product verticals , we are lacking an organic base , so to speak , that referrals , etc.

Speaker #1: And so, we are relying much more heavily on paid acquisition than we do in our core markets for the traditional products.

Speaker #1: And this is therefore where most of our investment goes—to really drive those new geographies and those new products. Especially, as we pointed out, in a very strong seasonal booking and search window by the customers.

Speaker #1: But let me also remind you that this investment is totally per plan. And it does sit within our group-level guidance of an LTV to CAC boundary, where we are aiming at the 2 to 3 LTV to CAC.

Christoph Dieterle: Let me also remind you that this investment is totally per plan, and it does fit within our group level guidance of an LTV to CAC boundary, where we are aiming at the two to three LTV to CAC. So it is highly profitable and value-driving on the long term. We expect to continue investing along the period for the new plan. As I mentioned earlier, as of Q4 2027, however, we will return into positive cash EBITDA growth. Okay, let me read out the question two, from Chet. I noticed Uber has entered the rail market in certain European markets. Can you compare and contrast the Prime rail offering versus Uber? Dana?

Speaker #1: So it's highly profitable and value-driving in the long term. And so we expect to continue investing throughout the period for the new plan.

Speaker #1: And as I mentioned earlier , as of Q4 27 , however , we will return into positive cash EBITDA growth . Okay . Let me read out the question to from Chad .

Speaker #1: I noticed Uber has entered the rail market in certain European markets. Can you compare and contrast the Prime rail offering versus Uber?

Speaker #1: Dana . Absolutely .

Dana Dunne: Absolutely. Let me just start by saying, we are fundamentally a subscription-led business, so therefore our proposition to the customer is going to be within that line item, right? It is not just a product offering, but it is very much about the entire amount of the travel offering. Beyond that, because again, it is subscription lead, there are different and proprietary features, functionalities that we offer that others do not offer. One, for example, Cancel for Any Reason or Price Freeze or a number of other things at different. At either, free as part of the package or at a very low cost that you do not find any place else. Then lastly is on the customer satisfaction, sorry, customer servicing as well, is entirely different also.

Speaker #2: So let me let me just start with saying We are fundamentally a subscription led business . So therefore , our proposition to the customer is going to be within that limelight , right ?

Speaker #2: It's not just a product offering, but it is very much about, you know, the entire scope of the travel offering.

Speaker #2: And beyond that , because again , it is subscription led . There are different and proprietary features , functionalities that we offer that others don't offer .

Speaker #2: Like , for example , cancel for any reason or price freeze or a number of other things at different at , at either , free as part of the package or at a very low cost that you don't find any place else .

Speaker #2: And then lastly is on the customer satisfaction . Sorry , customer service as well . Is entirely different . Also . And you see that , you know , we get , you know , repeatedly , very high reviews and ratings customers for the overall level of satisfaction that then gets translated into an NPS score that is extremely high .

Dana Dunne: You see that we get repeatedly very high reviews and ratings by our customers for the overall level of satisfaction that then gets translated into an NPS score that is extremely high. So it is a fundamentally different proposition. What we are doing is, and what we have seen is, that we are being able to compete extremely well in that market offering from a customer point of view. Then also if I couple that from our unit economics and i.e. our LTV to CAC, is extremely good and attractive, particularly, let us say, in a rail type of market as well, that the combination of the two is making it to be a very powerful winning model. That is why you see already that we are growing very well in Spain, extremely well. We are growing well in Italy and in France, as well.

Speaker #2: So it's a fundamentally different proposition . And what we're doing is , and what we've seen is , is that we're being able to compete extremely well in that market offering from a customer point of view , and then also , if I couple that from our unit economics and in our LTV to Kak is extremely good and attractive , particularly , let's say in a rail type of market as well , that the combination of the two is making it to be a very powerful winning model .

Speaker #2: And that is why you see already that we're growing very , very well in Spain , extremely well . And we're growing well in Italy and in France as well .

Speaker #1: Okay , perfect . Dana . So we have a third question from Chad . Even though also this one , we've already addressed , it was around the fixed cost growth and the headcount growth .

Christoph Dieterle: Okay. Perfect, Dana. So we have a third question from chat, even though also this one we have already addressed. It was around the fixed cost growth and the headcount growth. I think we discussed that already. So I will move on to the next set of questions. Those are coming from Terence T from Mutzenich and Co Limited. Here, the first question. In the light of the recovery in your share price from the lows, can you comment on the pace of share buybacks going forward and thoughts on potentially redirecting focus towards deleveraging? I think I will take this one. First, on the pace here, nothing changed. Our capital allocation framework aligns with the buybacks. They are directly really related to our operations and our cash inflows, and that is fully compliant with the regulatory limits.

Speaker #1: I think we discussed that already, so I'll move on to the next set of questions. Those are coming from Terence T. from Mützenich & Co. Limited here.

Speaker #1: The first question, in light of the recovery in your share price from the lows, can you comment on the pace of share buybacks going forward, and share your thoughts on potentially redirecting focus towards deleveraging?

Speaker #1: I think I will take this one first on the pace here. Nothing changed. Our capital allocation framework aligns with the buybacks, and they are directly really related to our operations and our cash inflows.

Speaker #1: And that's fully compliant with the regulatory limits . And at our just recent AGM on the 22nd of July , our shareholders overwhelmingly approved a capital reduction .

Christoph Dieterle: At our just recent AGM on 22 July, our shareholders overwhelmingly approved the capital reduction. That was immediately amortizing 3 million shares and reducing the outstanding shares to 112.6 million. That corporate action also clears the path to execute our remaining share buyback. Under the current EUR 100 million program that is running through to September 2027, we have executed EUR 38 million to date, and still EUR 62 million are committed. The board also was authorized at the AGM to amortize up to an additional 9 million shares over the following 12 months. Now about your question about the redirection focus towards the deleveraging. Basically, from a capital efficiency perspective, our repurchasing the equity is structurally far more accretive than paying down the debt.

Speaker #1: And that was immediately amortizing 3 million shares and reducing the outstanding shares to 112.6 million. That corporate action also clears the path to execute our remaining share buyback.

Speaker #1: And under the current €100 million program that is running through to September 2027, we have executed €38 million to date, and still €62 million are committed.

Speaker #1: And the board also was authorized at the AGM to amortize up to an additional 9 million shares over the following 12 months . And now , about your question about the redirection focus towards the deleveraging deleveraging , basically , from a capital efficiency perspective , our repurchasing the equity is structurally far more aggressive than paying down the debt .

Speaker #1: As you know, our $375 million senior notes are locked in at a highly attractive fixed coupon of 4.875%. And we have no maturities until December 2030.

Christoph Dieterle: As you know, our EUR 375 million senior notes are locked in at a highly attractive fixed coupon of 4.875%, and we have no maturities until December 2030. So that is really where we think we are returning the shareholder value and that is where we are focusing on. We are very comfortable with the leverage and also the increase that is planned, given that it is a purely mathematically outcome of our cash EBITDA transition. As we have invest, as we are investing, and as we are returning back into cash EBITDA growth on the Q4 2027, also the leverage will peak and then it will start coming down, and we are very comfortable about that.

Speaker #1: So that is really where we think we are returning the , the , the shareholder value and that's where we are focusing on .

Speaker #1: We are very comfortable with the leverage and also the increase that is planned . Given that it's a purely mathematical outcome of our cash EBITDA transition , as we've invest , as we are investing and as we are returning back into cash EBITDA growth on the Q4 27 .

Speaker #1: Also, the leverage will peak and then it will start coming down. And we're very comfortable about that.

Speaker #2: Maybe , Chris , if I can just interject to summarize . Look , we see our share prices significantly undervalued . We have the cash and cash generation that we do .

Dana Dunne: Maybe, Chris, if I can just interject and just summarize. Look, we see our share price is significantly undervalued. We have the cash and cash generation that we do. We are very conservative, in terms of the way in which we manage the company financially and from a capital structure point of view. It clearly makes sense for as we generate cash to buy back our shares at these share prices.

Speaker #2: We are very conservative in terms of the way in which we manage the company financially, and from a capital structure point of view.

Speaker #2: And it clearly makes sense for us, as we generate cash, to buy back our shares at the share prices.

Speaker #1: Perfect . Thank you , Dana , for for that , let me continue with the second question here . Can you comment on your key customer demographics in existing and new markets and how AI use from these customers changes their perspective on what Edreams offers ?

Christoph Dieterle: Perfect. Thank you, Dana, for that. Let me continue with the second question here. Can you comment on your key customer demographics in existing and new markets, and how AI use from these customers changes their perspective on what eDreams offers? Are you seeing any thematic turns towards or away from eDreams offering as the market evolves through AI?

Speaker #1: Are you seeing any thematic churns towards or away from eDreams' offering as the market evolves through AI?

Speaker #2: Let me take that , Chris . So I think I've touched on this several times about our new markets and new products that we're doing very well in them That I've also touched on the AI in terms of our leadership , and it allows us to do features , functionality , and products that either speed your pace or slightly different than what others do in the ingestion of massive amounts of , of , let's say , datas and , and then turning that into a much more individualized experience for a consumer .

Dana Dunne: Let me take that, Chris.

Christoph Dieterle: Yeah.

Dana Dunne: I think I've touched on this several times about our new markets and new products that we're doing very well in now. I've also touched on the AI in terms of our leadership. It allows us to do features, functionality, and products at either a speedier pace or slightly different than what others do in the ingestion of massive amounts of, let's say, datas, and then turning that into a much more individualized experience for a consumer. All of this plays towards our advantage. I think, again, that's one of the many reasons why our Net Promoter Score is so high on this. And in terms of our discoverability out in the market through agentic search and whatnot, again, this plays towards our advantage as being an AI first and AI-led company, that it increasingly allows us to be more discoverable, coupled with a very good LTV to CAC.

Speaker #2: So all of this plays towards our advantage . And I think again , that's one of the many reasons why our net promoter score is so high on this and that as and in terms of our discoverability on the market through , you know , Agentic search and whatnot , again , this plays towards our advantage as being an AI first and AI led company that increasingly allows us to be more discoverable , coupled with a very good LTV to CEC .

Dana Dunne: And in terms of our discoverability out in the market through agentic search and whatnot, again, this plays towards our advantage as being an AI first and AI-led company, that it increasingly allows us to be more discoverable, coupled with a very good LTV to CAC.

Christoph Dieterle: Okay. Very good. Thank you. We are moving on to the next set of questions. This one is from Ricardo Chinchilla from Deutsche Bank. Here is the question one. Since the end of June, how have Prime net additions, booking frequency, average basket value evolved, and are you seeing any change in consumer behavior across the core European markets? I think I will take that one. Let me first start with the consumer behavior in Europe. There basically, we are not really seeing any change in the underlying demand picture. Basically, yes, there are some destination shifts, but the demand doesn't really move. And our model is also structurally much more insulated, given that our profitability sits within the Prime model, within the recurring fee. So as consumer grading down or destination mix changes, that doesn't move our mechanics. Yeah.

Speaker #1: Very good. Thank you. We're moving on to the next set of questions. These ones are from Ricardo Chinchilla from Deutsche Bank.

Speaker #1: Here, the question one: Since the end of June, how have Prime net additions, booking frequency, and average basket value evolved?

Speaker #1: And are you seeing any change in consumer behavior across the core European markets? I think I will take that one. Let me first start with the consumer behavior in Europe.

Speaker #1: They're basically we're not really seeing any change in the underlying demand picture . Basically . Yes . There are some destination shifts , but the demand doesn't really move .

Speaker #1: And our model is also structurally much more insulated, given that our profitability sits within the Prime model, within the recurring fee.

Speaker #1: So as consumer grading down or destination mix changes , that doesn't move our mechanics . Yeah . Now on your other part of the question on the Prime Net adds here , what I can tell you that we are reaffirming our full year guidance today for 600,000 net adds of the year .

Christoph Dieterle: Now, on your other part of the question on the Prime net adds, here, what I can tell you that we are reaffirming our full year guidance today, for 600,000 net adds of the year. And we are very comfortable about that net adds guidance we are giving for this year. And lastly, your part around the average basket value. Here, as you know, we are not disclosing the exact number, but yes, it is fair to say that it is slightly down, more in the low single digits, and it is mostly driven by mix. As we move into rail, those tickets are naturally cheaper than long-haul flights, for example. Okay. Then we have another set of questions also here, around the Prime net additions. We have already answered that. We also here have another question that variable costs increased 13% and EUR 13.3 million of the cash EBITDA decline reflected additional acquisition investment.

Speaker #1: And we are seeing—we are very comfortable with that net adds guidance we're giving for this year. And lastly, regarding your point about the average basket value here.

Speaker #1: You know, we're not disclosing the exact number, but yes, it's fair to say that it's slightly down, more in the low single digits.

Speaker #1: And it's mostly driven by mix as we move into rail. Those tickets are naturally cheaper than long-haul flights, for example.

Christoph Dieterle: As we move into rail, those tickets are naturally cheaper than long-haul flights, for example. Okay. Then we have another set of questions also here, around the Prime net additions. We have already answered that. We also here have another question that variable costs increased 13% and EUR 13.3 million of the cash EBITDA decline reflected additional acquisition investment.

Speaker #1: Okay . Then we have another set of questions . Also here around the prime net additions . We've already answered that we also here have another question that's variable costs increased 13% and 13.3 million of the cash EBITDA decline reflected additional acquisition investment .

Speaker #1: How did payback and 24 month LTV to cut differ between established markets and new geographies , or rail cohorts ? Here , I would say I'll take that one as well .

Christoph Dieterle: How did CAC payback and 24 months LTV to CAC differ between established markets and new geographies or rail cohorts? Here, I would say I will take that one as well. But basically, the blended CAC on the new categories is indeed higher, and that is also what I already just mentioned earlier, given that the vast majority of the traffic in those new geographies, in those new product verticals, is driven by paid search, given that we have less benefit of an organic base, such as referrals or so. And hence, our 24 months LTV to CAC still remains strong and remains within our boundaries that we are setting up. And as you know, the year one cohorts are running at a much lower margin, and so as they move into year two and as they mature, we know that our profitability is following. Okay.

Speaker #1: Well , basically the blended cup on the new categories is indeed higher . And that is also what I already just mentioned earlier , given that the vast majority of the traffic in those new geographies , in those new product verticals is driven by paid search , given that we have less benefit of an organic base such as referrals or so , and hence our 24 month LTV to Kak still remain strong and remains within our boundaries that we are setting up .

Speaker #1: And as you know, the year one cohorts are running at a much lower margin. And so, as they move into year two and as they mature, we know that our profitability is following. Okay.

Speaker #1: The fourth question , how are current trends in European airline capacity , fare level fare levels and the increasing preference for shorter haul travel , influencing customer booking frequency and basket value ?

Christoph Dieterle: The fourth question, how are current trends in European airline capacity fare levels and the increasing preference for shorter-haul travel influencing customer booking frequency and basket value? Additionally, what impact are these dynamics having on supplier economics, particularly around GDS incentives, NDC adoption, and airline over-commissions?

Speaker #1: Additionally , what impact are these dynamics having on supplier economics , particularly around GDS incentive and DC adoption ? And airline over commissions ?

Speaker #2: Let me take that, Chris. So, the question isn't exactly the same, but it's very similar. The concepts are similar to a couple of other questions here.

Dana Dunne: Let me take that, Chris. The question's not exactly the same, but it's very similar, the concepts, to a couple of other questions here. I think it's worth covering some of the fundamentals underlying this. The most important one is that we're a subscription business, not a transaction business. That means that our engine is really what's driving us is the number of Prime subscribers, and then it's their maturity, the lifetime value, and not the value of any individual transactions. i.e., what fare levels are happening, what short haul versus long haul, basket size, et cetera. In addition, it's whether the Prime member flies from Barcelona to London to Sydney. It's Sydney to Istanbul, et cetera, that's not a really big driver of our economics. Whereas if you're a transaction business, it absolutely is a big driver of your economics.

Speaker #2: I think it's worth , you know , covering some of the fundamentals of the blindness from the most important one is that we're a subscription business , not a transaction business .

Speaker #2: And that means that our engine is , you know , really what's driving us is a number of Prime subscribers . And then it's their maturity , the lifetime value , and not the value of any individual transactions .

Speaker #2: So I , with fare levels are happening . What short haul versus long haul baskets ? You know , size , etc. . Right .

Speaker #2: And in addition , it's whether the Prime member flies from Barcelona to London , London to Sydney , you know , it's it's Sydney to Istanbul , etc.

Speaker #2: That's not a really big driver of our economics. Whereas if you're a transaction business, it absolutely is a big driver of your economics, right?

Speaker #2: And so what really matters to us is our long-term relationship with the customer. What matters is the recurring touchpoints. We have these customers.

Dana Dunne: What really matters to us is our long-term relationship with the customer. What matters is the recurring touch points we have with these customers. It really matters the value we provide them. It really matters then ultimately therefore, the number of subscribers that we have. Right now it's at 8.1 million. You can see the similar thing in terms of supplier economics, GDS incentives, et cetera. This is not what our economics rest on. Our unit economics are not highly dependent on this. They're on what we've been talking about it. That's really what drives our results. We have a unique space in the travel ecosystem as being a leader in a subscription-based business that has a very healthy model, and we're now getting towards the last part of our high investment phase before these recurring revenues start kicking in again.

Speaker #2: It really matters . The the value we provide them . And it really matters . To ultimately , therefore , the number of subscribers that we have , you know , right now it's at 8.1 million .

Speaker #2: You can see the similar thing in terms of supplier economics , GDS incentives , etc. , et cetera . This is not what our economics rest on .

Speaker #2: Our unit economics are not highly dependent upon this, or on what we've been talking about. And so that's really what drives our results.

Speaker #2: We have a unique space in the travel ecosystem, being a leader in a subscription-based business that has a very healthy model.

Dana Dunne: We have a unique space in the travel ecosystem as being a leader in a subscription-based business that has a very healthy model, and we're now getting towards the last part of our high investment phase before these recurring revenues start kicking in again. Q4 will be the start of this, where we'll start to see the year-on-year cash EBITDA start to grow again. Our Prime members are growing and are going to be growing at a much higher rate as well. Let me just end there, and pass this back to you, Chris.

Speaker #2: And we're now getting towards the last part of our investment . Hi . I investment phase before these recurring revenues start kicking in again .

Speaker #2: And so Q4 will be the start of this, where we'll start to see the year-on-year cash EBITDA start to grow again.

Dana Dunne: Q4 will be the start of this, where we'll start to see the year-on-year cash EBITDA start to grow again. Our Prime members are growing and are going to be growing at a much higher rate as well. Let me just end there, and pass this back to you, Chris.

Speaker #2: And our Prime members are growing, and are going to be growing at a much higher rate as well. Let me just end there and pass this back to you, Chris.

Speaker #1: Thank you, Dana. And it's actually also the end of our call here, given that we have no more incoming questions.

Christoph Dieterle: Thank you, Dana, and it is actually also the end of our call here, given that we have no more incoming questions. With this, I want to thank everybody for joining our webcast today. Before we conclude the call, I would also like to inform you that we will be back on Tuesday, 17 November 2026, hosting our webcast for the H1 FY27 results presentation. In the meantime, we will be happy to receive your question via our IR team and/or the investor email address, which is investors@edreamsodigeo.com. Thank you and goodbye.

Christoph Dieterle: Thank you, Dana, and it is actually also the end of our call here, given that we have no more incoming questions. With this, I want to thank everybody for joining our webcast today. Before we conclude the call, I would also like to inform you that we will be back on Tuesday, 17 November 2026, hosting our webcast for the H1 FY 2027 results presentation. In the meantime, we will be happy to receive your question via our IR team and/or the investor email address, which is investors@edreamsodigeo.com. Thank you and goodbye.

Speaker #1: And with this , I want to thank everybody for joining our webcast today . And before we conclude the call , I would also like to inform you that we will be back on Tuesday , 17th of November , 26 , hosting our webcast for the first half of FY 27 results presentation .

Speaker #1: And in the meantime , we will be happy to receive your question . We are our IR team and all the investor email address , which is investors at eDreams ODIGEO SA/ADR dot com .