Slides
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Financial Results
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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 Q2 & H1 2026 performance Alessandro Petazzi + Diego Fiorentini 02 03 Strategic Developments Alessandro Petazzi lastminute.com at a Glance: Q2 & H1 Highlights Alessandro Petazzi 01 04 Financial Calendar 2026 Julia Weinhart
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lastminute.com at a glance Pan-European footprint International brands 5 Core Markets 14 Expansion Markets* MULTI-PRODUCT, MULTI-BRAND STRONG REGULATORY MOAT ASSET-LIGHT DP ENGINE PROPRIETARY BED BANK Notes: * 5 Core markets: IT, FR, UK, ES, DE and 14 high potential expansion markets PAN-EUROPEAN FOOTPRINT Competitive Edge 1 Customer searches destination + dates LM engine selects best flight + hotel in real time LM fulfils packages one transaction, licensed operator Principal model - 445 Air & Rail providers. 26,000+ directly contracted hotels Agency model - Sell each product independently Flights Transportation Accommodation Hotels & vacation rentals Vacation packages Tour Operator Experiences 30+ Licensed countries Adventure & more 2 3 Strategic Dynamic Package Engine 5
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Q2 & H1 Update & Revised FY Outlook Setting the scene Revenues grew despite a difficult Q2 for the industry. Revised FY Outlook: Revenues: Mid-single-digit growth Adj. EBITDA: Mid-single-digit to approx. 10% growth. June & July were already improving. We enter H2 with confidence. Our operational transformation via AI is on track. 6
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Agenda Q2 & H1 2026 performance Alessandro Petazzi + Diego Fiorentini 02 03 Strategic Developments Alessandro Petazzi lastminute.com at a Glance: Q2 & H1 Highlights Alessandro Petazzi 01 04 Financial Calendar 2026 Julia Weinhart
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Q2 & H1 2026 performance 8 (2%) vs. Q2 2025 Packages (5%) Flights +5% +4% vs. H1 2025 Packages (0%) Flights +19% REVENUES* GROSS PROFIT €11.2m (23%) vs. Q2 2025 H1 Adj. EBITDA €28.4m (2%) vs. H1 2025 €6.9m (29%) vs. Q2 2025 H1 Adj. EBITDA - CAPEX €19.4m +5% vs. H1 2025 (8%) vs. Q2 2025 Packages (7%) Flights (13%) (2%) vs. H1 2025 Packages (2%) Flights +5% +7% vs. Q2 2025 Packages (5%) Flights +25% +14% vs. H1 2025 Packages (5%) Flights +47% GTV Q2 Adj. EBITDA Q2 Adj. EBITDA - CAPEX *Revenues refers to ‘Managerial Revenues’ which differ from revenue normally presented in the consolidated statement of profit or loss, as they do not include non-recurring revenue and other income not business-related. All revenue figures in this document refer exclusively to ‘Managerial Revenues’.
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Revenues €m 9 Revenues 2026 vs 2025 (0%) +19% +13% (52%) Q2 H1 +4%(2%) 2026 vs 2025 (5%) +5% +11% (41%) Despite Q2 Softening H1 Revenues Increased Cruise ACT25: €1.2m - Rev L4L: 91.4 vs 92.4 (1%) YoY Cruise ACT25: €2.6m - Rev L4L: 189.7 vs 180.2 +5% YoY
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Gross Profit €m 10 Gross Profit Q2 H1 (2%) Gross Margin 37.9%40.2% 39.2% 41.7% (8%) 2026 vs 2025 (2%) +5% (11%) (25%) 2026 vs 2025 (7%) (6%) +10% (13%) Resilient overall performance despite macro headwinds
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Q2 26 Q2 25 Delta pp H1 26 H1 25 Delta pp 88% 85% 3pp 85% 84% 1pp 62% 60% 2pp 61% 58% 3pp 44% 43% 1pp 44% 41% 3pp 18% 17% 1pp 17% 17% - 26% 25% 1pp 24% 26% (2)pp 18% 18% - 17% 18% (1)pp 22% 22% - 21% 23% (2)pp (4%) (4%) - (4%) (5%) 1pp 8% 7% 1pp 7% 8% (1)pp Q2 26 Q2 25 Delta % H1 26 H1 25 Delta % (80.2) (79.1) 1% (161.3) (153.9) 5% (56.8) (56.0) 1% (115.3) (106.6) 8% (40.5) (40.1) 1% (82.6) (75.5) 9% (16.3) (15.9) 3% (32.7) (31.1) 5% (23.4) (23.1) 1% (46.0) (47.3) (3%) (16.5) (16.6) (1%) (32.3) (33.0) (2%) (20.0) (20.7) (3%) (39.8) (42.0) (5%) 3.5 4.1 (15%) 7.5 9.0 (17%) (6.9) (6.5) 6% (13.7) (14.3) (4%) Cost Structure Enhancing Efficiency & Cost Base Position 11H1 2026 H1 2025 24% Fixed Costs 26% Total Costs Variable Costs Marketing and Sales costs Other variable costs Fixed Costs HR Costs HR Costs Gross Capex HR Capex Operating Costs % on Revenues€m
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Profit and Loss €m 12 Revenues: Q2 Revenues: €91.4m (-2% YoY), reflecting softer market dynamics and a temporary product mix shift. H1 Revenues: €189.7m (+4% YoY). Gross Profit: €34.6m (vs. €37.6m in Q2 2025); margin compression was primarily driven by elevated marketing investments during a period of softer booking demand. H1 Gross Profit: €74.4m (vs. €76.2m in H1 2025). Adj. EBITDA: reached €11.2m (-23% YoY), reflecting lower top-line flow-through from the temporary product mix shift, while H1 Adj. EBITDA held steady at €28.4m (-2% YoY; vs. €28.9m in H1 2025). Other non recurring items: Q2 total amounts to €2.5m. This includes €2.1m in non-recurring cancellations driven by the Middle East conflict (H1 total: €4.1m). EBITDA: in Q2 it decreased from €9.8m to -€2.1m. In H1 2026 EBITDA was €13.1m compared to €24.1m in H1 2025. As of 30 June 2026, the Group incurred €11.0m of restructuring costs, of which €10.1m not yet paid. EBIT: decreased to -€9.3m compared to €3.9m in Q2 2025, whereas for the H1 2026 it stood at €-0.6 vs. €13.3m in the same period last year. Net Result: Q2 declined to -€7m (vs +€1.3m in Q2 25), bringing H1 26 to -€0.5m (vs +€7.8m in H1 25) primarily driven by non-recurring items. EPS for the quarter stood at €-0.66 compared to €0.12 in Q2 2025 and for the H1 2026 €-0.04 vs. €0.73 the same period last year. Adj. EBITDA less Capex: Q2 at €6.9m (vs. €9.7m in Q2 2025), reflecting lower EBITDA flow-through while Capex remained stable YoY. H1 up to €19.4m (vs. €18.5m in H1 2025), demonstrating positive first-half cash generation. Q2 2026 Q2 2025 Delta % H1 2026 H1 2025 Delta % GTV 910 851 7% 1,913 1,683 14% Revenues * 91.4 93.6 (2%) 189.7 182.8 4% Variable Costs (56.8) (56.0) 1% (115.3) (106.6) 8% Gross Profit 34.6 37.6 (8%) 74.4 76.2 (2%) % on Revenues 37.9% 40.2% (2.3)pp 39.2% 41.7% (1.6)pp Fixed Costs (23.4) (23.1) 1% (46.0) (47.3) (3%) Adjusted EBITDA 11.2 14.5 (23%) 28.4 28.9 (2%) % on Revenues 12.3% 15.5% (3.2)pp 15.0% 15.8% (0.8)pp Restructuring costs (10.8) (4.7) >100% (11.0) (4.7) >100% Other non recurring items (2.5) 0.0 n.a. (4.3) (0.1) >100% EBITDA (2.1) 9.8 n.a. 13.1 24.1 (46%) EBIT (9.3) 3.9 n.a. (0.6) 13.3 n.a. Net Result (7.0) 1.3 n.a. (0.5) 7.8 n.a. Earnings /(loss) per share (0.66) 0.12 n.a. (0.04) 0.73 n.a.
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13 Free Cash Flow Trajectory: FCF improved vs. 2025 to €(13.3)m, reflecting enhanced working capital management and reduced NWC absorption. Net Financial Position (NFP) Bridge 12 months rolling Strong Adj. Ebitda with €7.2m higher contribution vs. the prior 12 months. Working Capital Efficiency: Lower NWC absorption, despite an earlier seasonal shift to prepaid card settlements driven by higher H1 transaction volumes. Capex is mainly linked to capitalised HR costs and other tech assets. Equity movements include dividend payment for €0.41 per share. Net Financial Position impacted by lease renewals (accounting effect only). Free Cash Flow: €(13.3)m Free Cash Flow (pre NWC): +€10.2m 142.9 47.2 (22.0) (4.8) (1.9) (28.4) (9.2) (1.6) 113.4 Free Cash Flow: €(18.7)m Free Cash Flow (pre NWC): +€9.7m (4.9) NFP Jun 2024 NFP Jun 2025 (3.9) Including €(10.1)m of restructuring costs not yet paid (vs €(4.7)m of PY) Change in NWC would be +€3.5m considering the same usage of credit cards.
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Agenda Q2 & H1 2026 performance Alessandro Petazzi + Diego Fiorentini 02 03 Strategic Developments Alessandro Petazzi lastminute.com at a Glance: Q2 & H1 Highlights Alessandro Petazzi 01 04 Financial Calendar 2026 Julia Weinhart
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Strategic direction 15 Embracing AI Scalability 2 enablers + 4 core drivers Dynamic Packages Evolution Travel CompanionBrand Portfolio Focus Strengthening Market Presence
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The early days of booking travel online 1990s 2010 Mobile-first booking becomes the norm We chose to lead the change 2026 The AI-driven era and we are leading the way 16 “AI is reshaping how travel is discovered, planned and booked and how a travel company has to operate to deliver. Its happening now, and we’re moving first, from a position of strength.” 25+ years adapting to every major shift in travel. AI is the next one.
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Shared company context enabling scalable, governed AI across multiple use cases. Shared intelligence layer AI Transformation already underway Real capabilities already live…and scaling across the business Governed AI at scale Enabling teams to build and deploy AI agents safely across the organisation. AI Automation company wide Empowering teams to create workflows, apps with vibe coding and agents faster across the business. 17
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AI Transformation: Early Results Delivering Measurable Impact MCP Server inventory bookable in Claude & ChatGPT. Internal tools built in days with Claude, not months. 50–90% written by Claude Code depending on context. 2–3× Backlog tasks completed vs. pre-AI. Workflow Automation platform in production live. 18
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B2B hotel partner backoffice done by the business team (vibe coding) A full back office and B2B partner portal, front end included, built with no designers and no front-end engineers within 15 days. 19
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The vibe data apps: empowering autonomous insights Vibe Data Apps is an intuitive platform designed for teams and employees to autonomously build, publish, and share interactive reports. By bypassing traditional development bottlenecks, anyone can turn raw data into shareable dashboard applications. App 1 App 2 App 3 App 4 App 5 App 6 20
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Local payment methods, built with the support of AI automation An end-to-end AI-powered automation orchestrated changes across seven separate systems and three engineering teams. Work that would normally take weeks of manual coding and cross-functional alignment. 80% faster time to market Before: 10 days Engineering + manual coding + pull request reviews. After: 2 days Minutes to generate + pull request reviews. 80% Reduction Time to market Already live New payment provider - launched with AI assisted flow 21
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Operational Flexibility: Asset-light model and proactive cost discipline protected Q2 profitability. Rapid adaptation to shorter booking window. 22 + Operational Resilience: Diversified European footprint and offering absorbed market headwinds. Able to capturing shifting consumer demand. Executing the AI Transition: Proactive operating shift on track: Delivers €16m annual savings from 2027 (~€6.5m in H2 2026) with accelerated payback vs. previous investments. Key Takeaways
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Revised FY26 outlook REVENUES Adj. EBITDA 23 Mid-single digits to approximately 10% Mid-Single-Digit *Previous FY Outlook Revenues & Adj. EBITDA ~10%
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Agenda Q2 & H1 2026 performance Alessandro Petazzi + Diego Fiorentini 02 04 Financial Calendar 2026 Julia Weinhart lastminute.com at a Glance: Q2 & H1 Highlights Alessandro Petazzi01 Strategic Developments Alessandro Petazzi 03
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Financial Calendar 2026 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 25 Our coverage: Volker Bosse - Baader Bank Daniel Buerki- ZKB Ava Costello - Davy Baptiste de Leudeville - Kepler Cheuvreux 2 April 2026 Publication of the Annual Report 2025 6 May 2026 Publication of Q1 2026 Trading Update 13 May 2026 Kepler Cheuvreux Annual Swiss Seminar 24 June 2026 Annual General Meeting 25 June 2026 Davy Annual Transport Conference - London 12 February 2026 Announcement of preliminary unaudited FY 2025 results 15 January 2026 Baader Swiss Equities Conference - Bad Ragaz Publication of H1 2026 Report 30 July 2026 21 September 2026 Baader Investment Conference - Munich Publication of Q3 2026 Trading Update29 October 2026 Deutsches Eigenkapitalforum - Frankfurt23-25 November 2026 6 May 2026 BSCC Swiss Capital Markets Series - London
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investor.relations@lastminute.com www.lastminute.com Thank you Q2 2026 financial results