eDreams ODIGEO S.A.

For Q1 FY27, Prime members reached 8.1 million, up 8% year over year, with 173,000 net adds in the quarter. Total revenue margin was EUR 165.5 million, down from EUR 172.6 million, a 4% decline year over year; Prime revenue margin grew 1% while non-Prime revenue declined 19%. Cash EBITDA was EUR 23 million versus EUR 39 million a year ago, adjusted EBITDA was EUR 28.9 million, reported EBITDA was EUR 24.4 million versus EUR 44.1 million, adjusted net income was EUR 4.7 million, and net income was EUR 0.2 million versus EUR 13.6 million. Cash and cash equivalents ended at EUR 73 million, up from EUR 51.3 million a year ago, with total liquidity of EUR 237.1 million. For FY27, management reiterated guidance for 8.5 million Prime members, 600,000 net adds, EUR 167 million adjusted EBITDA pre-investments, and EUR 115 million cash EBITDA post-investments; they said cash EBITDA should inflect back to positive year-over-year growth from Q4 FY27.

Dana Dunne framed the quarter as evidence that the long-term roadmap is working on schedule, with the company deliberately spending into the seasonally important Q1 booking window to acquire higher-value members. He emphasized that Prime is now the core of the business, that the model is structurally stronger because revenue is recurring and predictable, and that the shift to monthly installments within annual commitments is expanding lifetime value. His tone was confident and repetitive on discipline, saying the business is delivering “to plan,” ahead of consensus, and that the company has executed similar multiyear roadmaps before.

Christoph Dieterle focused on the mechanics behind the year-over-year EBITDA decline, saying more than 80% of the EUR 16 million drop in cash EBITDA was deliberate investment, mainly EUR 13.3 million of acquisition spend in new geographies and products. He noted variable costs rose 13% to EUR 110.4 million, fixed costs were nearly flat at EUR 26.3 million, and financing improved by EUR 7.3 million to a net expense of EUR 5.8 million thanks to the absence of prior-year refinancing costs and better 2030 note terms. He also highlighted operating cash flow of EUR 25 million, CapEx of EUR 18 million, net financial debt down EUR 14.6 million, and EUR 5.3 million used for treasury share purchases, while reiterating the EUR 115 million cash EBITDA full-year target.

Analysts pressed management on the mix of net adds between new and legacy markets, the impact of intermittent Ryanair access, the pacing of investments and margins through the year, and whether macro conditions or lower basket values were affecting demand. Management said they do not disclose the net-add split, but new geographies were performing well, rest-of-world revenue grew 5% to EUR 43.9 million, and rail is already contributing a double-digit share of Prime net adds in Spain. On Ryanair, they said access remains intermittent but the plan has been de-risked and does not rely on Ryanair for FY27 or FY30 guidance. They also said the usual Q2 seasonal margin pattern should not be expected this year because FY27 is a special investment year, with cash EBITDA bottoming in Q3 and turning to year-over-year growth in Q4.