Slides
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Q3 & 9M 2025 financial results Q32025
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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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Agenda Q3 & 9M 2025 ResultsAlessandro Petazzi & Diego Fiorentini01 03 023-Year OutlookAlessandro Petazzi Financial Calendar 2025/2026Julia Weinhart
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Q3 & 9M 2025 performance 55(*) 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. +28% vs. Q3 2024 Packages +6% Flights +79% +14% vs. 9M 2024 Packages +2% Flights +41% GTV +17% vs. Q3 2024 Packages +11% Flights +39% +13% vs. 9M 2024 Packages +10% Flights +26% REVENUES* GROSS PROFITQ3 Adj. EBITDA €17.2m +35% vs. Q3 2024 9M Adj. EBITDA €46.1m +29% vs. 9M 2024 Q3 Adj. EBITDA - CAPEX €12.1m +68% vs. Q3 2024 9M Adj. EBITDA - CAPEX €30.6m +80% vs. 9M 2024 +9% vs. Q3 2024 Packages +10% Flights +14% +9% vs. 9M 2024 Packages +7% Flights +21%
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+17% Revenues€m 6 Q3 Revenues momentum acceleration, driving nine-month growth to 13% 2025 vs 2024 +11% +39% +24% (20%) +13% 2025 vs 2024 +10% +26% +20% (13%) Q3 9M
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Gross Profit€m 7 All main categories achieved double-digit growth in Q3 2025 vs 2024 +10% +14% +10% (29%) 2025 vs 2024 +7% +21% +16% (15%) Q3 9M +9% +9% Gross Margin 37.3% 39.9% 40.1% 41.7%
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Cost Structure Strong operating leverage, with fixed costs incidence over total costs decreasing from 29% to 24% in Q3. 8 Q3 2025 Q3 2024 24% 29% Fixed Costs Q3 25Q3 24Delta %9M 259M 24Delta % (84.1)(73.9)14%(238.0)(215.6)10% (63.5)(52.1)22%(170.1)(146.5)16% (47.2)(36.8)28%(122.7)(100.7)22% (16.3)(15.3)7% (47.4)(45.8)3% (20.6)(21.8)(6%)(67.9)(69.1)(2%) (14.2)(13.7)4% (47.2)(45.6)4% (18.6)(18.3)1% (60.5)(60.0)1% 4.4 4.7 (6%)13.3 14.4 (8%) (6.4)(8.1)(21%)(20.7)(23.5)(12%) Total Costs Variable Costs Marketing and Sales costs Other variable costs Fixed Costs HR Costs HR Costs Gross Capex HR Capex Operating Costs €m % on Revenues Q3 25Q3 24Delta pp9M 259M 24Delta pp 83%85%(2)pp84%86%(2)pp 63%60% 3pp 60%58% 2pp 47% 42% 5pp 43% 40% 3pp 16% 18%(2)pp17% 18%(1)pp 20%25%(5)pp24%27%(3)pp 14% 16%(2)pp17% 18%(1)pp 18% 21%(3)pp21% 24%(3)pp (4%)(5%) 1pp (5%)(6%) 1pp 6% 9% (3)pp 7% 9% (2)pp
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One-offs impact: €6.8m €m Net Result Net Result adjusted for one-off items arising from the discontinuation of the Cruise business in Q3 Without considering one-offs impact, Net Result would have been +42% YoY (vs €5.7m in Q3 24). In the nine months, Net Result adjusted would be €19.4m vs €15.7m of 2024. +42% 9M 46.1 9.7 8.2 3.3 (1.8) 19.4 15.7
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Profit and Loss €m 10 Revenues grew for the third quarter in the high teens YoY, led by Packages, with Flights and Hotels maintaining strong double-digit growth. 9M growth of 13%. Adjusted EBITDA for 9M reached €46.1m vs €35.7m in 9M 2024, with Q3 2025 benefiting from the reorganisation in Q2 and fixed costs down 2% YoY. EBITDA of €13.5m, broadly in line with Q3 2024 (+1%), including non-recurring items from the Cruise business discontinuation. The EBITDA for the 9M has been stable vs last year (+1%), despite H1 non recurring items. EBIT at €4.0m in the quarter (-55% vs Q3 2024), highly impacted by the impairment of intangible assets related to the extraordinary effect of the discontinuation of the Cruise business. Net Result for the quarter reached €1.9m (-67%), notwithstanding the impact of non recurring items, and €9.7m in the 9M (-38%). EPS stood at €0.18, compared to €0.53 in Q3 2024, reflecting a lower EBIT contribution, while in 9M the EPS reached €0.91 vs €1.47 of last year. Significant cash conversion from operations, with Adjusted EBITDA - Capex growing +68% in Q3 at €12.1m (vs. €7.2m in Q3 2024) and +80% in 9M at €30.6m (vs. €17.0m in 9M 2024). Q3 2025 Q3 2024 Delta % 9M 2025 9M 2024 Delta % GTV 1,01379028%2,6962,36614% Revenues 101.386.717%284.1251.313% Variable Costs (63.5)(52.1)22%(170.1)(146.5)16% Gross Profit 37.834.69%114.0104.89% % on Revenues 37.3%39.9%(2.6)pp40.1%41.7%(1.6)pp Fixed Costs (20.6)(21.8)(6%)(67.9)(69.1)(2%) Adjusted EBITDA 17.212.835%46.135.729% % on Revenues 17.0%14.7%2.3pp16.2%14.2%2.0pp EBITDA 13.513.41%37.737.51% EBIT 4.0 8.8(55%)17.324.4(29%) Net Result 1.9 5.7(67%)9.715.7(38%) Earnings /(loss) per share0.180.53(66%)0.911.47(38%) Adjusted EBITDA - Capex12.17.268%30.617.080%
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€m 11 Change in net working capital stable compared to last year. Capex is mainly linked to capitalised HR costs and other tech assets. Equity movements include dividends and SBB. Net Financial Position impacted by lease renewal (accounting effect only). NFP BridgeNFP / Gross Cash 98% 61% Free Cash Flow: +€16.4m NFP Bridge 12 months rolling - September 2024 to September 2025 Free cash flow increased to €16.4m over the last twelve months (from €0.4m in the prior period), with improving EBITDA-to-cash conversion. Excluding lease renewals, NFP would be €77.7m, an improvement of €10.6m.
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Key Takeaways Delivering on commitments: strategic focus (exiting cruises), Revenues growth, disciplined cost management, effective marketing, and strong cash generation. Growth across all core categories, with improving unit economics and continued fixed-cost discipline driving stronger cash conversion. Solid nine-month performance with strong Q1, timing-impacted Q2, and robust Q3 momentum. 12 Revenues growth at low double digit. Adj. EBITDA guidance for 2025 raised to around 20% growth.2025 Guidance
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Agenda Q3 & 9M 2025 ResultsAlessandro Petazzi & Diego Fiorentini01 03 023-Year OutlookAlessandro Petazzi Financial Calendar 2025/2026Julia Weinhart
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3-Year Outlook lastminute.com
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Strategic foundation to deliver our FY28 outlook 15 Embracing AI Scalability 2 enablers + 4 core drivers Dynamic Packages Evolution Travel companionBrand portfolio focus Strengthening market presence
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Dynamic Packages Evolution 16 ↑ CVR - ↑ Attach Rate - ↑ ABV GO! 2028 Curated selection & targeted inspiration ●Expertly crafted packages, featuring the most relevant and high-quality inventory to build loyalty and trust. leading to… ●Booking simplified, with personalised bundles designed around customers leisure time. (flights, hotels and extras chosen with care) ●Offering audience-driven bespoke offers powered by our expertise and intelligence. leading to… ●Holidaymakers discovering the world through our lastminute.com themed collections. Tailored experiences & signature collections
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17 Travel Companion ↑ Repeat Rate - ↑ App Adoption ↑ NPS - ↓ Cost-To-Serve 2028 GO! ●Launching a new multi-tier loyalty program and enabling the App to become a one-stop travel hub. ●Turn data insights via human, and AI, expertise into experiences that make every trip feel personal and valuable. From one-off bookings to long-term relationships Being with customers every step of the way ●Empowering customer service teams with AI support to devote the human-touch where it’s most effective. ●All in-destination needs (and ones customer’s haven’t thought of) delivered seamlessly via our App. ●The App is the customers’ first port of call for inspiration, booking, support and rewards.
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18 ↑ Brand Association Recall Brand Portfolio Focus GO! ●Define distinct brand strategies & target audiences to ensure optimal market-product fit and reduce overlap with lastminute.com - the flagship. ●Develop compelling, unique brand value propositions to accelerate demand and penetrate new segments. Clearly defined brand architecture Building memorable trusted brands ●Efficiently scale brand building investment to increase top-of-mind brand recall. ●Diversify channel mix to reach new audiences, building long term brand affinity to boost retention, loyalty and reduce marketing acquisition costs. 2028
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19 Strengthening market presence ↑ Business Resilience GO! ●Launch & grow a new B2B hotel distribution channel. ●Strengthen EU presence by developing markets where we can lead and win. ●Targeted expansion in new, high-potential markets. Deepen our presence and expand our reach Attract more customers through more ways ●Evolving from performance marketing to brand-led growth driving stronger unit economics across new and existing markets. ●Building awareness and preference through a broader marketing mix, including paid social, B2B2C, and Generative Engine Optimisation. 2028
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FY28 outlook REVENUES Adj. EBITDA FY28 outlook ~ €450m > €70m 20
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Agenda Q3 & 9M 2025 ResultsAlessandro Petazzi & Diego Fiorentini01 03 023-Year OutlookAlessandro Petazzi Financial Calendar 2025/2026Julia Weinhart
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Financial Calendar 2025 / 2026 12 February 2026Announcement of preliminary unaudited FY 2025 results 2 April 2026 Publication of the Annual Report 2025 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 Daniel Buerki- ZKB 6 May 2026 Publication of Q1 2026 Trading Update 24 June 2026 Annual General Meeting 30 July 2026 Publication of H1 2026 Report 15 January 2026 Baader Swiss Equities Conference - Bad Ragaz 25 November 2025Deutsches Eigenkapitalforum - Frankfurt Publication of Q3 2026 Trading Update29 October 2026
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investor.relations@lastminute.com www.lastminute.com Thank you Q3 2025 financial results