eDreams ODIGEO Beats Market Estimates One Quarter Into Its Peak Investment Year and Further Grows Subscribers to 8.1 Million

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• Prime subscriptions, eDO’s main engine of growth, continue to build strongly with 173,000 net additions in the quarter taking Prime to 8.1 million members; fully on track to reach the year-end target of 8.5 million.

• Strategic investment on plan, evolving Prime into an all-travel, truly global subscription across more geographies and product verticals, toward 13 million members and more than €270 million in profitability¹ by March 2030.

• Successful geographic expansion is building and contributing at an encouraging rate. Markets outside eDO's core European base rose 5% in the quarter, and increased to 27% of total revenue², from 24%.

• Product diversification is showing early results, particularly in rail: in Spain, eDO's most advanced rollout and one of Europe's most liberalised rail markets, rail already represents a double-digit share of new Prime members in this market; adoption will vary by market as rollout maturity and deregulation differ.

• Profitability ahead of market estimates, Cash EBITDA of €23 million meets guidance reflecting investment phase. Cash EBITDA growth is set to resume from the fourth quarter this fiscal year.

• Strong, growing operating cash generation continues to fully fund the investment phase, with cash and cash equivalents closing at €73.0 million from €51.3 million a year earlier, and a solid total liquidity position of €237.1 million.

• Shareholder remuneration continues as planned, with €38 million repurchased under the €100 million programme and €62 million still committed by September 2027, targeting a further 11% of market capitalisation; 12.6% of share capital has already been amortised, with up to 9 million more shares authorised driving shareholder returns.

BARCELONA, Spain--(BUSINESS WIRE)-- eDreams ODIGEO (the "Company" or "eDO") (BME: EDR) (OTC: EDDRF), the world's leading travel subscription platform, today reported results for the first quarter of fiscal year 2027, the three months ended 30 June 2026. Performance was ahead of market estimates just as eDO entered the peak investment year of its multi-year roadmap. Set out in November 2025, this strategy is turning the business into a truly multi-product, global and diversified travel subscription platform servicing 13 million subscribers by March 2030.

Prime, eDO's subscription business, remained the main engine of growth. It added 173,000 net members in the quarter to reach 8.1 million, an 8% increase year-on-year, and now generates nine out of every ten euros of the Company's Cash Marginal Profit and 77% of its revenues³. Prime revenues grew 1% to €128.4 million, with total revenues at €165.5 million⁴.

The quarter delivered against plan. The key growth drivers in the roadmap, geographic and product expansion, are showing encouraging progress already contributing in the period. Revenues from markets outside eDO's core European base grew 5%, lifting their share of the total to 27% from 24% a year earlier.

Rail, the most recent vertical eDO has entered, is seeing pleasing adoption in line with plan. In Spain, the Company's most advanced rollout and one of Europe's most liberalised rail markets, rail already accounts for a double-digit share of new Prime members in this market. Adoption will vary as rollout maturity and deregulation differ across Europe, and eDO's long-term guidance, reaffirmed today, already assumes this.

Adjusted EBITDA of €28.9 million and Cash EBITDA of €23.0 million were both ahead of market estimates and consistent with the investment phase financials guided in November 2025. The difference between the two measures reflects the move from single upfront subscription payment to monthly installments. This is a temporary effect on when cash is collected, not on what is earned: the subscription remains a twelve-month commitment at the same price and unlocks greater customer lifetime value, lowering the barrier to joining Prime, and fitting the lower-ticket products eDO is expanding into. At €5.8 million in the quarter against €10.2 million a year earlier, the impact of the change is reducing rapidly. Even with these planned expansion investments, eDO remained profitable, reporting Net Income of €0.2 million and Adjusted Net Income of €4.7 million.

eDO is funding its growth phase from its own resources. Cash and cash equivalents closed at €73.0 million against €51.3 million a year earlier, net financial debt was €14.6 million lower year-on-year, and total liquidity stood at €237.1 million.

That same cash generation allows eDO to continue returning capital to shareholders while investing in growth. €5.3 million was deployed in the quarter, taking repurchases to €38 million since October 2025, with €62 million still committed through September 2027, a further 11% of market capitalisation⁵. Nearly 15 million shares, 12.6% of share capital, have been cancelled, with up to 9 million more authorised through July 2027: a growing profit pool across a contracting share base.

A year of guided investment for accelerated long-term growth and enhanced shareholder returns

Prime began as a flight-led proposition in a handful of European markets. It is now an AI-led, market leading subscription proposition being extended across the whole of travel, entering new adjacent verticals and a widening set of geographies.

In a subscription business, the cost of acquiring a member is incurred upfront while the revenue is earned across the membership and beyond. Fiscal year 2027 is carrying the bulk of the spending behind the March 2030 targets. As guided in late 2025, eDO is deliberately accepting higher acquisition costs and a short-term trade-off in profitability this year, to unlock significantly greater long-term value from April 2027 onwards.

The roadmap sets a clear trajectory from here. In the current year eDO expects 8.5 million Prime members and 600,000 net additions, with €167.0 million of Adjusted EBITDA before investments and €115.0 million of Cash EBITDA after, and expects to deliver year-on-year Cash EBITDA growth from the fourth quarter this year. Between April 2027 and March 2030 it expects record net additions of 1.5 to 2 million members a year, reaching 13 million Prime members and more than €270 million in Cash EBITDA, a compound annual growth rate of 33% from the current year.

Dana Dunne, Chief Executive Officer at eDreams ODIGEO said: "In November 2025, we said we would invest this year to unlock substantial long-term growth, and we are delivering exactly, coming in ahead of expectations. The underlying business is growing: more subscribers, in more geographies, adopting an expanded travel subscription offering, which de-risks and diversifies the business. This is what we promised we would do, and this is exactly what we are delivering.

“Our results reflect a deliberate, announced and time-bound investment phase, and we are on track to deliver year-on-year growth in profitability within two quarters. Conviction in our roadmap, 13 million Prime members and more than €270 million in Cash EBITDA by March 2030, is strengthened by this early delivery, and we continue to return capital to shareholders while we build the foundations for the growth ahead”.

-ENDS-

About eDreams ODIGEO
eDreams ODIGEO is the world’s leading travel subscription platform and one of the largest e-commerce businesses in Europe. Under its four renowned online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it serves millions of customers every year across 44 markets. Listed on the Spanish Stock Market, eDreams ODIGEO works with nearly 700 airlines. The business launched Prime, the first subscription product in the travel sector which has topped over 8.1 million members since launching in 2017. The brand offers the best quality products in regular flights, low-cost airlines, hotels, dynamic packages, car rental and travel insurance to make travel easier, more accessible, and better value for consumers across the globe.

¹ Based on Cash EBITDA.
² Based on Revenue Margin.
³ Based on Cash Revenue Margin.
⁴ Based on Revenue Margin.
⁵ As of June 30th

View source version on businesswire.com: https://www.businesswire.com/news/home/20260901908671/en/

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Source: eDreams ODIGEO