Slides
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Q2 & H1 2025 financial results H1 2025
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Chief Financial Officer Diego FiorentiniAlessandro Petazzi Chief Executive Officer Presenters
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Safe Harbour Statement The material in this presentation contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements involve certain risks and uncertainties that could cause actual results, performance, or events to differ materially from those anticipated in this presentation. The forward-looking statements contained in this presentation are based on the current views and assumptions of lastminute.com N.V. lastminute.com N.V. does not assume any obligation to update or supplement this presentation. lastminute.com N.V. doesn’t make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein. This presentation does not constitute an advertisement, offer, recommendation or invitation to purchase securities in any jurisdiction. It is for information purposes only and does not constitute a prospectus within the meaning of Art. 35 et seq. of the Federal Act on Financial Services (FinSA) or similar legislation in other jurisdictions. lastminute.com N.V has not taken any actions to allow the distribution of this presentation in any jurisdiction where action would be required for such purposes. 3
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Strategic direction Alessandro Petazzi Q2 & H1 2025 results Alessandro Petazzi & Diego Fiorentini 01 02 04 03 Key takeaways & guidance Alessandro Petazzi Financial Calendar 2025 Julia Weinhart Agenda
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Strategic direction: leveraging our assets to grow even stronger Strengthening market presence 5 Brand portfolio focus Travel companion Dynamic Packages Evolution PRODUCT BUSINESS 4 core drivers
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Strategic direction: leveraging our assets to grow even stronger Strengthening market presence 6 Brand portfolio focus Travel companion Dynamic Packages Evolution PRODUCT BUSINESS 4 core drivers
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7 Data-driven approach to grow in Tier 2 European markets Boosting marketing investment to deliver growth Strengthening market presence Tier 1 markets Tier 2 markets
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Strategic direction: leveraging our assets to grow even stronger Strengthening market presence 8 Brand portfolio focus Travel companion Dynamic Packages Evolution PRODUCT BUSINESS 4 core drivers
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9 Curating holiday components to compliment flights + accommodation + transfer + luggage Dynamic Packages Evolution + + The more components the better value for money Our selected Hotels +
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Evolving our structure for scalability and growth Strengthening our organisation to accelerate execution across all four core drivers. Alignment Leadership closely engaged with core business areas. Proximity Data and Automation capabilities established to enable AI-driven scalability. Capabilities Leaner operating model and more cross- functionality. Agility 1010
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Strategic direction Alessandro Petazzi Q2 & H1 2025 results Alessandro Petazzi & Diego Fiorentini 01 02 04 03 Key takeaways & guidance Alessandro Petazzi Financial Calendar 2025 Julia Weinhart Agenda
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Q2 & H1 2025 performance 12 +7% vs. Q2 2024 Packages -8% Flights +39% +7% vs. H1 2024 Packages -1% Flights +23% GTV +9% vs. Q2 2024 Packages +1% Flights +34% +11% vs. H1 2024 Packages +9% Flights +21% REVENUES* GROSS PROFIT Q2 Adj. EBITDA €14.5M +6% vs. Q2 2024 H1 Adj. EBITDA €28.9M +26% vs. H1 2024 NET RESULT Q2 €1.3M vs. €7.4M Q2 2024 H1 €7.8M vs. €10.0M H1 2024 12(*) REVENUES, defined as the ordinary margins generated through the sale of travel services (together with ancillaries, over commissions, kickback and other indirect revenue), including the negative effects coming from the cancellation of bookings and the other income from the voucher misredemption. They are also defined as managerial revenues. +3% vs. Q2 2024 Packages -5% Flights +47% +9% vs. H1 2024 Packages +5% Flights +29%
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+9% Revenues €m 13 Topline gains with mixed contribution by segments 2025 vs 2024 +1% +34% +23% (20%) +11% 2025 vs 2024 +9% +21% +18% (12%) Q2 H1
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Gross Profit €m 14 Q2 Gross Profit impacted by Packages; Flights & Hotels remain strong 2025 vs 2024 (5%) +47% +22% (29%) 2025 vs 2024 +5% +29% +21% (21%) Q2 H1 +3% +9% Gross Margin 40.1% 42.3% 41.6% 42.6%
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Cost Structure Cost discipline maintained, with targeted marketing investment to drive growth Q2 2025 €m Q2 2024 15 71% Variable Costs 69% Q2 2025 Q2 2024 Delta % H1 2025 H1 2024 Delta % Total Costs (79.1) (72.5) 9% (153.9) (141.6) 9% Variable Costs (56.0) (49.8) 12% (106.6) (94.4) 13% Marketing and Sales costs (40.2) (34.1) 18% (75.5) (63.8) 18% Other variable costs (15.8) (15.7) 1% (31.1) (30.6) 2% Fixed Costs (23.1) (22.7) 2% (47.3) (47.2) 0% HR Costs (16.7) (16.3) 2% (33.0) (31.9) 3% Operating Costs (6.4) (6.4) - (14.3) (15.3) (7%)
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Q2 2025 Q2 2024 Delta % H1 2025 H1 2024 Delta % GTV 851 796 7% 1,683 1,576 7% Revenues 93.6 86.2 9% 182.8 164.6 11% Variable Costs (56.0) (49.8) 12% (106.6) (94.4) 13% Gross Profit 37.6 36.4 3% 76.2 70.2 9% % on Revenues 40.1% 42.2% -2.1pp 41.7% 42.6% -1.0pp Fixed Costs (23.1) (22.7) 2% (47.3) (47.2) 0% Adjusted EBITDA 14.5 13.7 6% 28.9 23.0 26% % on Revenues 15.5% 15.9% -0.4pp 15.8% 13.9% 1.9pp EBITDA 9.8 14.4 (32%) 24.1 24.2 (0%) EBIT 3.9 10.2 (62%) 13.3 15.5 (15%) Net result 1.3 7.4 (82%) 7.8 10.0 (22%) Earnings /(loss) per share 0.12 0.69 (82%) 0.73 0.94 (22%) Profit and Loss €m 16 Revenue growth fueled by higher marketing spend, driving deeper Tier‑2 market penetration and stronger brand awareness, while maintaining positive margins in Q2 and H1. Adjusted EBITDA for Q2 reached €14.5m, up +6%, with operational leverage amplifying profitability despite marketing pressure. H1 growth remains solid at +26% YoY. EBITDA reached €24.1m compared to €24.2m in H1 2024, with Q2 2025 impacted by non-recurring items for €4.7m, reflecting an organisational change which will result in €1m savings per quarter going forward. EBIT totalled €13.3m (-15% vs. H1 2024), or €18.1m (+26%) excluding non-recurring items. Net Result reached €7.8m (-22% vs. H1 2024), despite non-recurring items and negative financial effects particularly in Q2 for the devaluation of the British pound. EPS at €0.73 per share for the first semester despite a softer result in Q2 due to non-recurring items.
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Change in net working capital is driven by our decision to adopt a different mix of payment methods. Capex is mainly linked to capitalised HR costs and other tech assets. Equity movements include Share buy back. Net Financial Position impacted by €14.1m lease renewal (accounting effect only). €m NFP BridgeNFP / Gross Cash 93% 89% Free Cash Flow: €(13.8)m 17 Bridge NFP rolling 12 months - June 2024 to June 2025 Free Cash Flow impacted by different mix of payment methods Without the different mix of payment methods, FCF would have been positive.
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Strategic direction Alessandro Petazzi Q2 & H1 2025 results Alessandro Petazzi & Diego Fiorentini 01 02 04 03 Key takeaways & guidance Alessandro Petazzi Financial Calendar 2025 Julia Weinhart Agenda
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1919 Key Takeaways H1 2025 results delivered solid performance. All core financial metrics show growth. Adjusted EBITDA increase. Strategic roadmap execution backed by a stronger organisation, including a new Automation function and an enhanced Data team. Packages drove H1 growth, while Flights delivered robust results supported by pricing strategy and ancillary expansion.
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Guidance Revenues Adj. EBITDA Guidance FY 2025 2020 Management expects Revenues and Adjusted EBITDA to reach low double-digit growth in 2025 vs. 2024
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Strategic direction Alessandro Petazzi Q2 & H1 2025 results Alessandro Petazzi & Diego Fiorentini 01 02 04 03 Key takeaways & 2025 guidance Alessandro Petazzi Financial Calendar 2025 Julia Weinhart Agenda
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Financial Calendar 2025 13 February 2025 Announcement of preliminary unaudited FY2024 results 27 March 2025 Publication of the Annual Report 2024 Investor information: lastminute.com N.V. Listing: SIX Swiss Exchange Trading currency: CHF Ticker symbol: LMN ISIN: NL0010733960 Contact Information: Julia Weinhart Head of Investor Relations investor.relations@lastminute.com 22 Our coverage: Volker Bosse - Baader Bank Baptiste de Leudeville - Kepler Cheuvreux Ausano Crivelli Cajrati - ZKB 15 May 2025 Publication of Q1 2025 Trading Update 25 June 2025 Annual General Meeting 7 August 2025 Publication of H1 2025 Report 17 September 2025 Investora Conference- Zurich 22 September 2025 Baader Investment Conference - Munich 6 November 2025 Publication of Q3 2025 Trading Update 25 November 2025 Deutsches Eigenkapitalforum - Frankfurt
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investor.relations@lastminute.com www.lastminute.com Thank you Q2 & H1 2025 financial results