lastminute.com N.V.

Q4 revenue was EUR 77 million, up 23% year on year; full-year revenue was EUR 361 million, up 15%. Q4 adjusted EBITDA reached EUR 8.8 million, up 62%, and full-year adjusted EBITDA increased 33% to EUR 55 million. Q4 earnings per share were EUR 0.18, versus a small loss a year earlier, and full-year net result was EUR 11.6 million. Gross profit rose 17% in Q4 and 10% for the year; management said gross profit growth trailed revenue growth because of higher performance marketing investment. For 2026, management expects revenue growth of about 10%, says adjusted EBITDA growth should be roughly in line with sales because of heavier brand spending, and expects no significant one-off charges, stable CapEx, and higher net profit than 2025.

Alessandro Petazzi framed 2025 as a turning point, saying the company outperformed the market, gained share in core and expansion markets, and delivered double-digit growth in revenue, adjusted EBITDA and cash flow. His tone was confident and strategic, emphasizing stronger operating discipline, a reorganized internal structure, and a three-year plan focused on scaling the business. He also spent much of the call explaining how AI, the new loyalty program, and the app are intended to deepen customer engagement and help the company stay relevant as travel discovery shifts toward chat-based tools.

Diego Fiorentini highlighted that the quarter was seasonally the weakest for the industry but still produced EUR 77 million of revenue, EUR 8.8 million of adjusted EBITDA, and EUR 0.18 EPS. He said full-year gross profit grew 10%, adjusted EBITDA grew 33% to EUR 55 million, net result was EUR 11.6 million, and adjusted EBITDA minus CapEx doubled from EUR 16.2 million to EUR 32.4 million. He also pointed to free cash flow of EUR 27 million versus negative EUR 4.7 million in 2024, a net financial position of almost EUR 32 million, and the fact that short-term debt outstanding at year-end had already been repaid; for 2026, he said the company expects no significant one-offs and higher net profit, with more detail to come later in the year.

Analysts asked why flights and hotels grew faster than dynamic packages, and management said 2025 reflected better pricing, improved ancillary monetization, stronger meta-channel economics, and a catch-up after those products had been underinvested. They also asked about 2026 marketing plans, and management clarified that it will increase both performance marketing and brand-building spend, with the latter focused on digital channels such as YouTube, TikTok and Instagram rather than necessarily offline media. Other questions covered pay-by-installment working capital impact, dividends, capital allocation and the revenue outlook; management said installment partners like Klarna, Scalapay and PayPal pay upfront without credit risk, the board will propose the dividend after audit completion, and cash will be used for reinvestment, discipline on shareholder returns, and optionality for strategic investments rather than a transformational acquisition.