Slides
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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 2026 performance Alessandro Petazzi + Diego Fiorentini 02 03 Strategic Developments Alessandro Petazzi lastminute.com at a Glance: Q3 & 9M 2026 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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Q3 & 9M 2026 highlights Setting the scene Q3 revenues impacted as higher travel prices weigh on consumer budgets. Chose to protect profitability over volume, while continuing to invest in future growth. Building for the long term by evolving our Dynamic Packages and embedding AI across the business, from customer experience to the way we work. 6 FY26 guidance updated: Revenues and Adj.EBITDA in line with FY25.
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Agenda Q3 & 9M 2026 performance Alessandro Petazzi + Diego Fiorentini 02 03 Strategic Developments Alessandro Petazzi lastminute.com at a Glance: Q3 & 9M 2026 highlights Alessandro Petazzi 01 04 Financial Calendar 2026 Julia Weinhart
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Q3 & 9M 2026 performance 8 (2%) vs. Q3 2025 Packages (6%) Flights +1% +2% vs. 9M 2025 Packages (2%) Flights +13% REVENUES* €18.4m +7% vs. Q3 2025 9M Adj. EBITDA €46.8m +2% vs. 9M 2025 €14.0m +14% vs. Q3 2025 9M Adj. EBITDA - CAPEX €33.4m +9% vs. 9M 2025 GROSS PROFIT +1% vs. Q3 2025 Packages (2%) Flights +6% (2%) vs. 9M 2025 Packages (2%) Flights +6% (4)% vs. Q3 2025 Packages (9%) Flights +1% 7% vs. 9M 2025 Packages (6%) Flights +28% GTV Q3 Adj. EBITDA Q3 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 Q3 9M +2%(2%) Our diversified revenue base protected us from market headwinds Cruise ACT25: €1.2m Cruise: ACT25: €3.8m 2026 vs 2025 (2%) +18% (51%) +13% 2026 vs 2025 +1% +28% (33%) (6%)
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10 Gross Profit Gross Margin 38.4%37.3% 38.9% 40.1% Q3 Margin Expansion Supported by Growth in Flights and Hotels 2026 vs 2025 (2%) +6% (48%) +5% Q3 9M +1% Gross Profit €m (2%) 2026 vs 2025 +26% (62%) +6% (2%)
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Cost Structure Cost Discipline Delivers Savings 119M 2026 9M 2025 Fixed Costs Q3 26 Q3 25 Delta % 9M 26 9M 25 Delta % (80.7) (84.1) (4%) (241.7) (238.0) 2% (61.0) (63.5) (4%) (176.4) (170.1) 4% (43.8) (47.2) (7%) (126.3) (122.7) 3% (17.2) (16.3) 6% (50.1) (47.4) 6% (19.7) (20.6) (4%) (65.3) (67.9) (4%) (12.9) (14.2) (9%) (45.2) (47.2) (4%) (15.7) (18.6) (16%) (55.4) (60.5) (8%) 2.8 4.4 (36%) 10.2 13.3 (23%) (6.8) (6.4) 6% (20.1) (20.7) (3%) Q3 26 Q3 25 Delta pp 9M 26 9M 25 Delta pp 81% 83% (2)pp 84% 84% - 62% 63% (1)pp 61% 60% 1pp 44% 47% (3)pp 44% 43% 1pp 17% 16% 1pp 17% 17% - 20% 20% - 23% 24% (1)pp 13% 14% (1)pp 16% 17% (1)pp 16% 18% (2)pp 19% 21% (2)pp (3%) (4%) 1pp (4%) (5%) 1pp 7% 6% 1pp 7% 7% - % on Revenues€m 23% 24% Total Costs Variable Costs Marketing and Sales costs Other variable costs Fixed Costs HR Costs HR Costs Gross Capex HR Capex Operating Costs
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Profit and Loss €m 12 Revenues: was down 2% YoY to €99.1M in Q3 2026, as market headwinds, specifically higher flight and hotel prices, weighed on consumer budgets. However, performance remained up 2% YoY for the 9M period, reaching €288.5M. Gross Profit: stood at €38.1M +1% YoY in Q3 (margin up 1.1pp to 38.4%), driven by a 4% drop in variable costs; 9M Gross Profit reached €112.1M (-2% YoY). Adj. EBITDA: Grew 7% YoY to €18.4M in Q3 2026 with margin expanding to 18.6%, supported by marketing focused on profitable bookings over volume as well as disciplined fixed cost control (4%); 9M Adj. EBITDA reached €46.8M (+2% YoY). EBITDA: Increased 29% YoY to €17.4M in Q3 2026, primarily benefiting from significantly reduced restructuring charges (€1.2M vs €3.5M in Q3 2025); 9M EBITDA stood at €30.6M. EBIT: More than doubled to €9.8M in Q3 2026 (up from €4.0M in Q3 2025), reflecting strong operating profitability for the quarter; 9M EBIT reached €9.2M. Net Result: Reached €7.3M in Q3 2026, marking an increase over Q3 2025 (€1.9M); 9M Net Result stood at €6.9M. EPS for the quarter stood at €0.69 compared to €0.18 in Q3 2025 and for the 9M 2026 €0.65 vs. €0.91 the same period last year. Adj. EBITDA less Capex: Increased 14% YoY to €14.0m in Q3, reflecting stronger underlying cost efficiency independently of development cost capitalisation. 9M reached €33.4m (+9% YoY). Q3 2026 Q3 2025 Delta % 9M 2026 9M 2025 Delta % GTV 972 1,013 (4%) 2,886 2,696 7% Revenues 99.1 101.3 (2%) 288.5 284.1 2% Variable Costs (61.0) (63.5) (4%) (176.4) (170.1) 4% Gross Profit 38.1 37.8 1% 112.1 114.0 (2%) % on Revenues 38.4% 37.3% 1.1pp 38.9% 40.1% (1.3)pp Fixed Costs (19.7) (20.6) (4%) (65.3) (67.9) (4%) Adjusted EBITDA 18.4 17.2 7% 46.8 46.1 2% % on Revenues 18.6% 17.0% 1.6pp 16.2% 16.2% (0.0)pp Restructuring costs (1.2) (3.5) (66%) (12.2) (8.2) 49% Other non recurring items 0.2 (0.2) n.a. (4.0) (0.2) >100% EBITDA 17.4 13.5 29% 30.6 37.7 (19%) EBIT 9.8 4.0 >100% 9.2 17.3 (47%) Net Result 7.3 1.9 >100% 6.9 9.7 (29%) Earnings /(loss) per share 0.69 0.18 >100% 0.65 0.91 (29%) Adjusted EBITDA - Capex 14.0 12.3 14% 33.4 30.8 9%
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Positive Adj. Ebitda largely offset by non recurring items, mainly extraordinary cancellations and restructuring costs. Higher NWC absorption reflects lower booking volumes and an intentional shift towards prepaid supplier payments to improve transaction economics, while consciously accepting a short-term cash impact. Capex is mainly linked to capitalised HR costs and other tech assets. Equity movements include dividend payment. Free Cash Flow: €(38.3)m Free Cash Flow (pre NWC): +€9.9m Net Financial Position (NFP) Bridge 12 months rolling 67.1 51.6 (19.2) (2.6) (2.0) (3.4) (8.7) (5.8) 63.5 Free Cash Flow: +€10.9m Free Cash Flow (pre NWC): +€14.3m (5.4) NFP Sep 2024 NFP Sep 2025 (8.1) Including €(5.6)m of restructuring costs not yet paid (vs €(4.7)m of PY) Free Cash Flow pre-NWC lands at €9.9m, down YoY despite higher Adj. EBITDA due to restructuring costs and exceptional customer cancellations. Free Cash Flow of €(38.3)m reflects lower volumes and a deliberate shift to prepaid supplier payments. 13
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Agenda Q3 & 9M 2026 performance Alessandro Petazzi + Diego Fiorentini 02 03 Strategic Developments Alessandro Petazzi lastminute.com at a Glance: Q3 & 9M 2026 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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16 Prioritising relevance over infinite choice Focus on a selection of high quality hotels and flights, reducing decision fatigue and building customer trust. Curated selection Strategic direction - Dynamic Package Evolution A brand new technology layer Making holiday bundling faster and more flexible for our customers. Upgraded package platform AI can inspire the journey. Our package platform makes it bookable and supported end-to-end
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Inspiration Consideration Booking Trip Post trip Ideas & destinations Comparing options lastminute.com fulfilment AI platforms driving travel discovery - from inspiration to destination choice. Close to our customers Maintaining direct relationship Where AI platforms stop, we take the responsibility From how travellers discover trips to how we build, operate and serve AI is embedded across our entire business: transforming how we build products, serve customers, and drive brand discovery. AI platforms simplify travel choice by comparing options in real time. We take care of complexity - holiday booking fulfilment and consumer protection. We keep customers connected through AI-powered support, app gamification, real-time recommendations. Deep customer preference insights enable us to curate future holidays and proactively inspire new destinations on our app. 17 + AI platforms as an additional customer acquisition channel lastminute.comlastminute.com
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AI Strategy in Action: Driving Value Across Our Three Impact Areas 18 INTERNAL PRODUCTIVITY 3 Embedding AI company-wide to boost efficiency Developing internal automation and products to streamline processes Utilising our company context CUSTOMER EXPERIENCE2 Leveraging AI to enhance the travel experience User-level personalisation helping travellers find exactly what they need AI-powered audio guides PRESENCE ON LEADING AI PLATFORMS 1 Demand generation Enable seamless AI-agent access to our travel offer: Our MCP Server & paid adverts live on ChatGPT
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AI Strategy in Action: Driving Value Across Our Three Impact Areas Presence On Leading AI Platforms - MCP Server & Paid adverts live on ChatGPT 19
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AI Strategy in Action: Driving Value Across Our Three Impact Areas 20 INTERNAL PRODUCTIVITY 3 Embedding AI company-wide to boost efficiency Developing internal automation and products to streamline processes Utilising our company context CUSTOMER EXPERIENCE2 Leveraging AI to enhance the travel experience User-level personalisation helping travellers find exactly what they need AI-powered audio guides PRESENCE ON LEADING AI PLATFORMS 1 Demand generation Enable seamless AI-agent access to our travel offer: Our MCP Server & paid adverts live on ChatGPT
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AI Strategy in Action: Driving Value Across Our Three Impact Areas Customer Experience - AI Audio Guides 21
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AI Strategy in Action: Driving Value Across Our Three Impact Areas 22 INTERNAL PRODUCTIVITY 3 Embedding AI company-wide to boost efficiency Developing internal automation and products to streamline processes Utilising our company context CUSTOMER EXPERIENCE2 Leveraging AI to enhance the travel experience User-level personalisation helping travellers find exactly what they need AI-powered audio guides PRESENCE ON LEADING AI PLATFORMS 1 Demand generation Enable seamless AI-agent access to our travel offer: Our MCP Server & paid adverts live on ChatGPT
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AI Strategy in Action: Driving Value Across Our Three Impact Areas Internal Productivity - Skills Hub & Company context 23
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24 + Navigating Market Volatility: Resilient profitability despite softer volumes, supported by a diversified product portfolio and disciplined marketing investment. Profitable, future-facing organisation: Our focus remains on profitable growth and transitioning into an AI-powered company to support financial strength and flexibility. Key Takeaways Long-term investment: We continue to invest in growth by evolving our dynamic packaging platform and integrating AI deeply into our operations.
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Revised FY26 outlook REVENUES Adj. EBITDA 25 In line with FY25 *Previous FY Outlook Revenues - Mid-Single - Digit and Adj. EBITDA - Mid-single digits to approximately 10%
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Agenda Q3 & 9M 2026 performance Alessandro Petazzi + Diego Fiorentini 02 04 Financial Calendar 2026/2027 Julia Weinhart lastminute.com at a Glance: Q3 & 9M 2026 highlights Alessandro Petazzi01 Strategic Developments Alessandro Petazzi 03
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Financial Calendar 2026 / 2027 18 February 2027 Announcement of preliminary unaudited FY 2026 results 08 April 2027 Publication of the Annual Report 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 27 Our coverage: Volker Bosse - Baader Bank Daniel Buerki- ZKB Ava Costello - Davy Baptiste de Leudeville - Kepler Cheuvreux 05 May 2027 Publication of Q1 2027 Trading Update 23 June 2027 Annual General Meeting 29 July 2027 Publication of H1 2027 Report 15 January 2027 Baader Swiss Equities Conference - Bad Ragaz 23 November 2026 Deutsches Eigenkapitalforum - Frankfurt Publication of Q3 2027 Trading Update 28 October 2027
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investor.relations@lastminute.com www.lastminute.com Q&A Q3 & 9M 2026 financial results