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 gross profit increased 17% year on year, and full-year gross profit grew 10%. Q4 adjusted EBITDA was EUR 8.8 million, up 62%, and Q4 EPS was EUR 0.18 versus a small loss a year ago. Full-year adjusted EBITDA increased 33% to EUR 55 million, and full-year net result was EUR 11.6 million, slightly below last year due to one-off costs. Adjusted EBITDA minus CapEx doubled from EUR 16.2 million to EUR 32.4 million, free cash flow was EUR 27 million versus negative EUR 4.7 million in 2024, and net financial position was almost EUR 32 million versus EUR 19 million at end-2024. For 2026, management guided to about 10% revenue growth and said EBITDA growth should be around revenue growth because of heavier brand investment, while reported EBITDA should benefit from fewer one-off charges and cash flow should improve further as CapEx is expected to stay roughly flat.

Alessandro Petazzi said 2025 marked a step change in both operating performance and cash generation, with the company outperforming the market, gaining share in core and expansion markets, and delivering double-digit revenue and EBITDA growth. He emphasized that holiday packages remain the strategic core, but the company is also building a more product-led model, investing in loyalty, app usage, and AI-enabled distribution and customer service. His tone was strongly upbeat and confident, but he framed 2026 as a year to keep investing in the brand and product while sustaining momentum rather than maximizing short-term EBITDA.

Diego Fiorentini highlighted the hard numbers behind the quarter: revenue of EUR 77 million, gross profit up 17%, adjusted EBITDA of EUR 8.8 million, and EPS of EUR 0.18. For the full year, he cited revenue of EUR 361 million, adjusted EBITDA of EUR 55 million, net result of EUR 11.6 million, adjusted EBITDA minus CapEx of EUR 32.4 million, and free cash flow of EUR 27 million, versus negative EUR 4.7 million in 2024. He also noted net financial position of almost EUR 32 million and that all short-term debt outstanding at year-end had already been repaid; for 2026, he said one-off charges should be lower, net profit should be higher, and cash generation should improve further with stable CapEx and working-capital support.

Analysts focused on why flights and hotels outgrew packages, how 2026 marketing would be spent, and whether market conditions are weakening. Management said flights were boosted by better pricing, ancillaries, improved meta-channel economics, and better kickbacks from debit card payments, while hotels and packages also benefited from stronger execution; they expect more balanced growth across segments in 2026. On marketing, management distinguished between performance marketing, which remains ROI-driven and accretive, and brand investment, which will be increased through digital channels like YouTube, TikTok, and Instagram to build awareness and loyalty. They also addressed cash allocation, saying they will keep a dividend policy, invest in strategic initiatives and AI, and preserve flexibility for selective capital investments, while stressing that net profit should improve in 2026 because one-off charges should fall.