eDreams ODIGEO S.A.

For the first 9 months of FY26, adjusted EBITDA was EUR 138.4 million, up 74% year over year, versus EUR 79.7 million in the prior-year period. Cash EBITDA was EUR 126.7 million, up 2% year over year, and adjusted net income was EUR 63.8 million. Revenue margin excluding adjusted revenue items increased 3% year over year to EUR 502.8 million. Cash flow from operating activities rose by EUR 31.1 million to EUR 79.1 million, while financing activities used EUR 96.3 million, including EUR 55.9 million of treasury share purchases. Prime membership reached 7.7 million, up 13% year over year, and the company said it hit 7.8 million in January, reaffirming its FY26 target of 7.9 million. Management reiterated FY26 guidance for EUR 155 million cash EBITDA. They also guided to 13 million Prime members and EUR 270 million cash EBITDA by FY30, with cash EBITDA margins expected to dip to roughly 15% in FY27 and recover to 23% by FY30.

Dana Dunne framed the quarter as evidence that the company is executing from a position of strength and that the new strategy is deliberately conservative and de-risked. He emphasized that lower assumptions for Ryanair content and the shift to annual commitment with monthly installments reduce risk while supporting a larger, more diversified business. His tone was highly confident on execution, valuation, and shareholder returns, repeatedly saying the company is significantly undervalued and pointing to the ongoing buyback program as proof of commitment.

David Corrales focused on the mechanics of profitability, margin expansion, and cash generation. He said Prime now drives 75% of cash revenue margin and 89% of cash marginal profit, with Prime cash marginal profit up 18% and overall cash marginal profit margin up 5 percentage points to 42%; overall cash EBITDA margin improved from 23% to 26% over the 9-month periods. He also highlighted cash flow from operating activities of EUR 79.1 million, a working-capital outflow of EUR 42.9 million driven mainly by a EUR 55 million decrease in prime deferred revenue variations, and EUR 55.9 million of treasury-share purchases within EUR 96.3 million of financing cash outflows.

Analysts focused on Ryanair access, Prime growth momentum, ARPU softness under the new payment model, churn/bad debt, and whether buybacks should be paused or redirected to debt repurchases. Management said Ryanair access remains volatile and significantly below historical levels, but no longer affects guidance because the plan was de-risked; they also said January Prime net adds were strong but in line with seasonality and the target path to 7.9 million members. On ARPU, they said softness should persist through FY27 because annual-with-monthly-installments means cash is collected over time rather than upfront, while churn and bad debt were said to be in line with the two-year test and not showing deterioration.