Interim report
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Results Report 3Q FY2026 Free translation from the original document in Spanish. In the event of any discrepancy, the Spanish-language version prevails.
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INDEX 1. Our KPIs in brief 2. Financial Performance 3. Other information 4. Condensed Consolidated Interim Financial Statements & Notes 5. Alternative Performance Measures ⌂ 2 RESULTS REPORT 3Q FY 2026 eDreams ODIGEO
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Our KPIs in brief 1.1. Our KPIs in brief 1.2. Results Highlights 1.3. Prime model continues to drive very strong growth 1.4. Closing Remarks ⌂ 3 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.1. Our KPIs in brief ç GLOBAL LEADER Travel subscription 7.7M Prime members(*) +13% YoY (from 6.8M) ç €67.0 Prime ARPU(*) (from €74.0) 44 Markets +600 Airlines 2.1M Hotels +100M Daily user searches >6Bn Daily online AI(**) predictions €491.1M Cash Revenue Margin(*) (From €533.9M) €207.8M Cash Marginal Profit(*) (from €201.4M) €126.7M Cash EBITDA(*) (from €123.7M) €63.8M Adjusted Net Income(*) (From €14.5M) 75% Prime Share Cash Revenue Margin(*) (From 70%) 91% Prime Share Cash Marginal Profit(*) (From 87%) €138.4M Adjusted EBITDA(*) (From €79.7M) €40.3M Net Income (From €4.1M) Information presented based on 9M FY26 vs. 9M FY25 year-on-year variations. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. (**) Artificial Intelligence. ⌂ 4 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.2. Results Highlights The update on our Prime subscription model in 9M FY26 delivers the expected results: • Prime members(*) grew 13% year-on-year reaching 7.7 million, 468k net adds(**) in the first nine months of FY26, on track to meet our 600k net adds(**) FY26 target. • Cash EBITDA(*) increased 2% to €126.7 million and is also on track to meet our FY26 target of €155 million. • Adjusted EBITDA(*), which isolates operational performance from cash timing effects of the move from annual subscription to annual with monthly instalments, increased 74% to €138.4 million and is also on track to meet our FY26 target to a record of €172.9 million. • Prime-related revenue in the last 12 months now makes up 75% of our Cash Revenue Margin(*). Outlook • Prime members(*) - At the end of January we reached 7.8 million members. We are happy to reaffirm our FY26 target of 7.9 million. • Adjusted and Cash EBITDA(*) - On track to meet or exceed our €172.9 million and €155.0 million targets, respectively. As guided, 4Q FY26 year-on-year underperformance will be driven by the investments we are making in new businesses (products and geographies), the temporary instability in our Ryanair content coverage, and the timing impact of the move from annual subscription to annual with monthly instalments subscription programme. Strategy Review - Done from a position of strength, is a high conviction move based on solid data from extensive tests - All in all we will deliver a much better business, and we are significantly undervalued • Accelerated growth - Between FY28 and FY30 expecting record levels of Prime net adds(**) 1.5M-2M per year, and between FY25 and FY30 +78% Prime Members(*) and +50% Cash EBITDA(*). • De-risked business model - The new guidance is built on conservative, high-certainty foundations. • A team that delivers - It is not the first time we have announced a long-term plan and each time we have met our guidance. • Significantly undervalued - Even using FY27 Cash EBITDA(*), the lowest point in our investment plan, for accelerated growth thereafter, strong upside potential on our valuation. • We are not alone - Other successful subscription companies like Netflix had a business model broadening that caused a share price decline, and re-rated as company executed on their plan. • Shareholder commitment - €100 million shares committed next 2 years till September 2027. In 3Q FY26 we have repurchased €23 million, and as of 3rd of February 2026 we have already amortised nearly 12 million shares (9.4% of the share capital). At today's prices 24% share of eDO Market Capitalisation pending to be repurchased between 3Q FY26 and September2027. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. (**) Net adds: Gross adds - Churn. ⌂ 5 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.3. Prime model continues to drive very strong growth eDO is a subscription business focused on travel. Prime strong growth more than offsets the anticipated declines in the Non-Prime side of the business Cash Revenue Margin(*) (LTM) (In EUR Million) 703 675 471 506 232 169 Prime Non-Prime 3Q FY25 3Q FY26 Source: Company data. Cash Marginal Profit(*) (LTM) (In EUR Million) 260 288 217 25643 32 Prime Non-Prime 3Q FY25 3Q FY26 Source: Company data. Prime weight of total (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. Prime YoY variation ⌂ 6 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO +7% 75%67% 83% 89% +18%
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1.4. Closing Remarks Strategic Review: We have done this from a position of strength and is a high conviction move based on solid data from extensive tests and not a defensive move (*) (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. . (**) Net adds: Gross adds - churn.s adds - churn ⌂ 7 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO While the company faces a temporary "one-time unwind" in cash metrics (albeit the company is still guaranteed to get the cash over 12 months), it is doing so to capture a significantly larger market share (13M Prime members(*)) and a higher-quality, diversified revenue stream
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1.4. Closing Remarks Accelerated Growth with a team that delivers - Our Target: Reaching 13M+ Prime members(*) and €270M+ in Cash EBITDA(*). Guidance is now "de-risked" regarding Ryanair access Prime Members(*) (in millions) Between FY28 and FY30 expecting record levels of Prime net adds(**) 1.5M-2M per year. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. (**) Net adds: Gross adds - churn.s ad Cash EBITDA(*) and Adjusted EBITDA(*) pre-investments (in million euros) Cash EBITDA(*) margin will decline to c.15% in FY27 and then get back to c. 23% by FY30 as maturity of new Prime members(*) increases ⌂ 8 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.4. Closing Remarks We have done this before: eDO has a team that delivers, it is not the first time we have announced a long-term plan, and each time we have met our 3-year guidance (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. ⌂ 9 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.4. Closing Remarks If we look at share price target sensitivities - Strong upside even using FY27e for accelerated growth thereafter (1) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. Source: Bloomberg (2) Companies included: Bookings Holdings, Expedia, Trip.com and Tripadvisor. (3) Companies included: Costco, Teamviewer, Spotify, Netflix, Bumble, Duolingo, Hello Fresh, Peloton, Dropbox and Wix. ⌂ 10 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.4. Closing Remarks We are not alone, other successful subscription companies like Netflix had a business model broadening that caused a share price decline, and re-rated as company executed on their plan (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. (**) Applying to eDO’s Cash EBITDA the FY27e multiples for OTAs and B2C Subs. Source: Bloomberg and Netflix Corporate website. ⌂ 11 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.4. Closing Remarks All in all, we will deliver a much better business, and we are significantly undervalued (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. ⌂ 12 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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1.4. Closing Remarks Continue with share buy-back and committed remuneration to our shareholders ⌂ 13 RESULTS REPORT 3Q FY 2026 – Our KPIs in brief eDreams ODIGEO
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Financial performance 2.1. Business review 2.2. Prime 2.3. Revenue by segment (Prime/Non-Prime) 2.4. Revenue by segment (Geographies) 2.5. Income statement 2.6. Balance sheet 2.7. Cash flow 2.8. Strong liquidity ⌂ 14 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO
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2.1. Business review PRIME REVENUE BY PRIME/ NON-PRIME REVENUE BY GEOGRAPHY €67.0 €380.0M €372.4M Prime ARPU(*) Prime(*) Revenue Margin Top 6(*) (From €74.0) (From €328.6M) (From €358.9M) €491.1M €122.8M €130.4M Cash Revenue Margin(*) Non-Prime(*) Revenue Margin Rest of the world (From €533.9M) Prime Share 75% (From €161.3M) (From €131.0M) NON-PRIME €207.8M 3.3M Cash Marginal Profit(*) Non-Prime Bookings(*) (From €201.4M) Prime Share 91% (From 3.8M) Information presented based on 9M FY26 vs. 9M FY25 year-on-year variations. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. Financial information summary 3Q FY26 Var. FY26 vs. FY25 3Q FY25 9M FY26 Var. FY26 vs. FY25 9M FY25 Prime members(*) ('000) 7,731 13% 6,843 7,731 13% 6,843 Revenue Margin(*) (in € Million) 159.0 (2%) 162.1 502.8 3% 489.9 Cash Revenue Margin(*) (in € Million) 151.4 (12%) 172.7 491.1 (8%) 533.9 Adjusted EBITDA(*) (in € Million) 40.3 26% 32.0 138.4 74% 79.7 Cash EBITDA(*) (in € Million) 32.7 (23%) 42.6 126.7 2% 123.7 Net Income (in € Million) 8.8 217% 2.8 40.3 883% 4.1 Adjusted Net Income(*) (in € Million) 16.7 162% 6.4 63.8 341% 14.5 (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. ⌂ 15 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO
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2.1. Business review eDreams ODIGEO delivered an exceptional FY25, not only achieving but surpassing its ambitious 3.5-year targets despite significant global challenges. As anticipated in our 1Q FY26 earnings call, we have successfully launched tests into new markets and are testing innovative new products, like for example annual with monthly instalments subscription fees for a subset of our customers. In 3Q FY26, as already anticipated, profitability growth was partially impacted by the investments we are making in new businesses, the temporary instability in our Ryanair content, and the timing impact of the move from annual subscription to annual with monthly instalments subscription programme. The update on our Prime subscription model in 9M FY26 delivers the expected results. Prime members(*) grew 13% year-on-year reaching 7.7 million, 468k net adds(**) in the first nine months of FY26, on track to meet our 600k net adds(**) FY26 target. As a result, Cash EBITDA(*) increased 2% to €126.7 million and is also on track to meet our FY26 target of €155 million. The growing maturity of our Prime member(*) base is the most significant factor driving profitability. As more members renew their subscriptions, we have seen a strong improvement in both Cash Marginal Profit(*) and Cash EBITDA Margin(*). With 7.7 million Prime members(*) in 9M FY26 (up 13% year-over-year), eDreams ODIGEO is uniquely positioned to attract new customers and capture further market share. In 9M FY26, we have observed a few key changes in our Revenue Margins(*). While our overall Revenue Margin(*) increased by 3% compared to the same period last year, our Cash Revenue Margin(*) saw a 8% decrease. This shift is primarily due to a 16% growth in Prime Revenue Margin(*), driven by a 13% increase in Prime members(*). However, this growth was largely offset by a 24% planned reduction in Non-Prime Revenue Margin(*). Cash Revenue Margin(*) for Prime segment decreased 1% vs. 9M FY25. While member growth was a positive factor, it was offset by the investments we are making in new businesses, the temporary instability in our Ryanair content and the timing impact of the move from annual subscription to annual with monthly instalments subscription programme. Overall, our Prime business is growing. Cash EBITDA(*) was up 2% to €126.7 million, compared to €123.7 million in 9M FY25. Adjusted EBITDA(*), which isolates operational performance from cash timing effect of the move from annual subscription to annual with monthly instalments subscription programme, increased 74% to €138.4 million and is also on track to meet our FY26 target to a record of €155 million. We continue to improve profitability, with Cash EBITDA Margin(*) increasing 3pp, from 23% to 26% in 9M FY26, driven by a 1pp improvement in Cash EBITDA Margin(*) for Prime (from 33% to 34% in 9M FY26). As guided, the increasing maturity of our Prime members(*) is the most important factor in this profitability growth. In 9M FY26, Marginal Profit(*) and Cash Marginal Profit(*) increased by 39% and 3% respectively, reaching €219.5 million and €207.8 million, respectively vs. 9M FY25. The Cash Marginal Profit Margin(*) improved by 5pp to 42%. This is in line with our guidance that profitability would be delayed as our large number of new members mature, and profitability improves from year 2 members onwards. The Prime Cash Marginal Profit Margin(*) improved by 4pp, from 47% to 51%, in just one year. Net Income was €40.3 million and Adjusted Net Income(*) was €63.8 million in 9M FY26, a significant turnaround from the €4.1 million and €14.5 million in 9M FY25, respectively. We believe Adjusted Net Income(*) more accurately reflects the business’s true operational performance. Net cash from operating activities increased by €31.1 million to €79.1 million in 9M FY26, primarily due to a working capital outflow of €42.9 million. This outflow was primarily driven by a decrease of €55.6 million in Prime deferred revenue variations. This variance is largely attributable to the timing impact of transitioning the subscription model from upfront annual payments to an annual subscription with monthly instalments. This impact was partially offset by an improved working capital performance notably driven by the Hotels segment. Information concerning average payment period of the Spanish companies is provided in Note 26.1, "Information on average payment period to suppliers" of the Notes to the Consolidated Financial Statements for the year ended 31st March 2025. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. (**) Net Adds: Gross Adds-Churn. ⌂ 16 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO
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2.2. Prime The Prime subscription model is the engine of our growth. In 9M FY26 Cash EBITDA(*) grew 2% and Adjusted EBITDA 74% year- on-year. In 9M FY26 we saw improvements in profitability, driven primarily by the increasing maturity of our Prime member(*) base. • Profitability Growth: Cash Marginal Profit(*) and Cash EBITDA(*) improved by 3% and 2% respectively compared to 9M FY25, which was partially impacted by the investments we are making in new businesses, the temporary instability in our Ryanair content, and the timing impact of the move from annual subscription to annual with monthly instalments subscription programme. This growth resulted in a substantial expansion of our profit margins: – Cash Marginal Profit Margin(*) increased by 5pp to 42% (from 38% in 9M FY25). – Cash EBITDA Margin(*) improved by 3pp to 26% (from 23% in 9M FY25). – Cash EBITDA(*) for 9M FY26 reached €126.7 million, marking a 2% year- on-year increase. – Adjusted EBITDA(*), which isolates operational performance from cash timing effects of the move from annual subscription to annual with monthly instalments, increased 74% to €138.4 million in 9M FY26. • Prime Member(*) Impact: Cash Marginal Profit(*) for Prime grew by 7%, with its margin increasing by 4pp.The maturing of our Prime member base, which was partially offset by the investments, Ryanair headwind, and the move to monthly, is a key driver of this performance. • Revenue Performance: Cash Revenue Margin(*) for Prime decreased by 1% compared to 9M FY25. While member growth was a positive factor, it was offset by an enlarged test in 1Q FY26 and the move from 2Q FY26 to the annual with monthly instalments subscription fees, and the progress implementation of this option in the current quarter. P&L with increase in Prime Deferred Revenue (in € million) 3Q FY26 Var. FY26 vs. FY25 3Q FY25 9M FY26 Var. FY26 vs. FY25 9M FY25 Revenue Margin(*) 159.0 (2%) 162.1 502.8 3% 489.9 Increases Prime Deferred Revenue(*) (7.6) N.A. 10.6 (11.7) N.A. 43.9 Cash Revenue Margin(*) 151.4 (12%) 172.7 491.1 (8%) 533.9 Variable costs(*) (87.8) (14%) (102.1) (283.3) (15%) (332.4) Cash Marginal Profit(*) 63.6 (10%) 70.6 207.8 3% 201.4 Fixed costs(*) (30.9) 10% (28.0) (81.1) 4% (77.8) Cash EBITDA(*) 32.7 (23%) 42.6 126.7 2% 123.7 Increases Prime Deferred Revenue(*) 7.6 N.A. (10.6) 11.7 N.A. (43.9) Adjusted EBITDA(*) 40.3 26% 32.0 138.4 74% 79.7 Adjusted items(*) (9.1) 100% (4.5) (21.5) 59% (13.5) EBITDA(*) 31.2 14% 27.4 116.9 77% 66.2 Share of Cash Revenue Margin(*) Share of Cash Marginal Profit(*) 25% 75% 9% 91% Prime Non-Prime Evolution of Prime members(*) 6.8M 7.3M 7.5M 7.7M 7.7M 3Q FY25 4Q FY25 1Q FY26 2Q FY26 3Q FY26 Source: Company Data. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. ⌂ 17 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO 9M FY26 9M FY26
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2.3. Revenue by segment (Prime/Non-Prime) Prime strong growth more than offsets the anticipated declines in the Non-Prime side of the business Revenue Margin (*) (In € million) 3Q FY26 Var. FY26 vs. FY25 3Q FY25 9M FY26 Var. FY26 vs FY25 9M FY25 Prime 125.8 8% 116.0 380.0 16% 328.6 Non-Prime 33.2 (28%) 46.1 122.8 (24%) 161.3 Total 159.0 (2%) 162.1 502.8 3% 489.9 (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. 33% 67% 24% 76% Prime Non-Prime Prime Non-Prime (In € million) (In € million) 328.6 380.0 9M FY25 9M FY26 161.3 122.8 9M FY25 9M FY26 ⌂ 18 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO 16% (24)% 9M FY25 9M FY26
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2.4. Revenue by segment (Geographies) Top 6 markets(*) continue leading the growth Revenue Margin (*) (In € million) 3Q FY26 Var. FY26 vs. FY25 3Q FY25 9M FY26 Var. FY26 vs. FY25 9M FY25 Top 6 markets(*) 116.7 (2%) 118.9 372.4 4% 358.9 Rest of the world 42.3 (2%) 43.1 130.4 0% 131.0 Total 159.0 (2%) 162.1 502.8 3% 489.9 (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. 73% 27% 74% 26% Top 6 Rest of the world Top 6(*) Rest of the world (In € million) (In € million) 358.9 372.4 9M FY25 9M FY26 131.0 130.4 9M FY25 9M FY26 ⌂ 19 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO 4% 9M FY25 9M FY26 0%
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2.5. Income statement (in € million) 3Q FY26 Var. FY26 vs. FY25 3Q FY25 9M FY26 Var. FY26 vs. FY25 9M FY25 Revenue Margin(*) 159.0 (2%) 162.1 502.8 3% 489.9 Variable costs(*) (87.8) (14%) (102.1) (283.3) (15%) (332.4) Fixed costs(*) (30.9) 10% (28.0) (81.1) 4% (77.8) Adjusted EBITDA(*) 40.3 26% 32.0 138.4 74% 79.7 Adjusted items(*) (9.1) 100% (4.5) (21.5) 59% (13.5) EBITDA(*) 31.2 14% 27.4 116.9 77% 66.2 D&A incl. Impairment (13.3) 14% (11.7) (37.3) 13% (32.9) EBIT(*) 17.9 14% 15.7 79.6 139% 33.4 Financial result (5.8) (23%) (7.5) (23.8) 16% (20.6) Income tax (3.3) (40%) (5.5) (15.5) 79% (8.7) Net income 8.8 217% 2.8 40.3 883% 4.1 Adjusted net income(*) (**) 16.7 162% 6.4 63.8 341% 14.5 Source: unaudited condensed consolidated interim financial statements. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. (**) See reconciliation of Adjusted Net Income in note 1.6. of section 5. Alternative Performance Measures. Highlights 9M FY26 • Revenue Margin(*) increased by 3% vs. 9M FY25 to €502.8 million. This improvement was driven by a substantial 16% increase in Revenue Margin(*) for Prime, resulting from expansion of our Prime member(*) base. The growth in Revenue Margin(*) for Prime, as anticipated, was partly offset by the Revenue Margin(*) for Non-Prime which decreased 24% vs. 9M FY25, due to the switch of our customers from Non-Prime to Prime and more generally to the focus on the Prime side of the business. • Variable costs(*) decreased by 15%, despite Revenue Margin(*) is 3% above 9M FY25 as the increase in maturity of Prime members(*) reduces acquisition costs. • Fixed costs(*) increased by €3.3 million, driven primarily by increase in provisions and higher external fees costs. • Adjusted EBITDA(*) was €138.4 million (€126.7 million including the full contribution of Prime) from €79.7 million in 9M FY25. • Adjusted items(*) affecting EBITDA(*) increased by €8.0 million, reflecting the items as further detailed in note 1.5 of section 5. Alternative Performance Measures. • EBITDA(*) increased by €50.7 million from €66.2 million in 9M FY25 to €116.9 million in 9M FY26. • D&A and impairment increased by €4.4 million mainly due to the amortisation of the newly capitalised items, partially offset by higher fully amortised items. • Financial loss increased by €3.2 million, mostly due to the impact of the 2027 Notes repayment which includes the early redemption expenses amounting to €5.2 million and the write-off of remaining capitalised financing costs amounting to €3.0 million, partially mitigated by FX gains and reduced interest expense due to the improved refinancing conditions. • Income tax expense increased by €6.8 million from an expense of €8.7 million in 9M FY25 to an expense of €15.5 million in 9M FY26 mainly due to (a) higher Spanish taxable profits (€10.0 million higher tax expense) and (b) other differences (€3.2 million lower tax expense). • Net income totalled a gain of €40.3 million, a major improvement from a gain of €4.1 million in the previous year, as a result of all of the explained evolution of revenue and costs. • Adjusted Net Income(*) (**) stood at an income of €63.8 million. We believe that Adjusted Net Income(*) better reflects the real ongoing operational performance of the business. ⌂ 20 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO
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2.6. Balance sheet (in € million) 31st December 2025 31st December 2024 Total fixed assets 1,005.0 977.4 Total working capital (396.9) (391.5) Deferred tax 15.6 13.5 Provisions (21.2) (11.5) Financial debt (387.0) (385.2) Cash and cash equivalents 27.5 43.8 Net financial debt(*) (359.5) (341.4) Net assets 243.2 246.5 Source: unaudited condensed consolidated interim financial statements. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. Highlights 9M FY26 Compared to prior fiscal year, the main changes relate to: • Total fixed assets increased by €27.7 million mainly as a result of the acquisition of assets for €68.0 million and the reversal of brand impairment for €7.0 million, offset mainly by the depreciation and amortisation booked in the last twelve months for €48.7 million. • Provisions increased by €9.7 million largely attributed to legal proceedings provisions. • The net deferred tax asset increased by €2.1 million from €13.5 million deferred tax asset at 31st December 2024 to €15.6 million deferred tax asset at 31st December 2025 due to (a) higher US deferred tax resulting from increased book- tax differences (€8.0 million higher deferred tax asset), (b) advance payment related to an Italian court appeal (€1.9 million higher deferred tax asset), (c) refund of prepaid Portuguese income tax (€5.1 million lower deferred tax asset), (d) movement deferred tax asset related to Spanish tax losses (€2.1 million lower deferred tax asset) and (e) other differences (€0.6 million lower deferred tax asset). • Negative working capital increased by €5.4 million mostly driven by the decrease in Prime deferred revenue partly offset by improved hotel working capital. • Net financial debt(*) increased by €18.0 million driven primarily by a decrease in cash and cash equivalents. ⌂ 21 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO
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2.7. Cash flow (in € million) 3Q FY26 3Q FY25 9M FY26 9M FY25 Adjusted EBITDA(*) 40.3 32.0 138.4 79.7 Adjusted items(*) (9.1) (4.5) (21.5) (13.5) Non-cash items 8.4 3.2 20.3 11.0 Change in working capital (8.1) (7.9) (42.9) (27.3) Income tax (paid) / collected (3.2) (1.4) (15.2) (1.9) Cash flow from operating activities 28.3 21.3 79.1 48.0 Cash flow from investing activities (14.6) (14.2) (45.7) (41.6) Cash flow before financing 13.7 7.2 33.4 6.3 Acquisition of treasury shares (23.3) (3.9) (55.9) (40.1) Gain / (loss) associated to treasury shares transactions (0.1) — (0.5) (0.4) Other debt issuance / (repayment) (1.0) (0.7) (2.2) (2.1) Financial expenses (net) (12.2) (0.3) (37.6) (11.7) Cash flow from financing (36.6) (4.9) (96.3) (54.2) Net increase / (decrease) in cash and cash equivalents before bank overdrafts (22.9) 2.2 (62.9) (47.8) Bank overdrafts usage / (repayment) 10.8 — 14.5 — Net increase / (decrease) in cash and cash equivalents net of bank overdrafts (12.2) 2.2 (48.4) (47.8) Source: unaudited condensed consolidated interim financial statements. (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. Highlights 9M FY26 • Net cash from operating activities in 9M FY26 increased by €31.1 million, mainly reflecting: – Working capital outflow of €42.9 million compared to an outflow of €27.3 million in 9M FY25 primarily driven by a decrease of €55.6 million in Prime deferred revenue variations. This variance is largely attributable to the timing impact of transitioning the subscription model from upfront annual payments to an annual subscription with monthly instalments. This impact was partially offset by an improved working capital performance notably driven by the Hotels segment. – Income tax paid increased by €13.3 million from €1.9 million income tax paid in 9M FY25 to €15.2 million income tax paid in 9M FY26 due to (a) higher Spanish taxable profits (€16.7 million higher tax payment), (b) advance payment related to an Italian court appeal (€1.9 million higher tax payment), (c) refund of prepaid Portuguese income tax (€5.1 million lower tax payment) and (d) other differences (€0.2 million lower tax payment). – Adjusted EBITDA(*) increased to €138.4 million from €79.7 million in 9M FY25. – Non-cash items: items accrued but not yet paid, increased by €9.3 million mostly due to higher operational provisions (€0.5 million), higher litigation provisions (€6.1 million) and higher expenses related to share-based payments (€1.7 million). • We have used cash for investment of €45.7 million in 9M FY26, an increase of €4.0 million, mainly due to an increase in software that was capitalised. • Cash used in financing amounted to €96.3 million, compared to €54.2 million from financing activities in 9M FY25. The variation of €42.1 million in financing activities is mostly due to the refinancing impacts: the payments of costs associated with the early redemption of the 2027 Notes, with the issuance of the 2030 notes together with the SSRCF modification (€17.3 million), coupled with higher treasury shares acquisition in 9M FY26 (€15.8 million) and an €8.4 million increase in interest payments due to calendar effects, as the current period (9M FY26) includes two scheduled interest payments for the senior notes, compared to a single payment in the prior year (9M FY25). ⌂ 22 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO
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2.8. Strong liquidity Solid liquidity & optimisation of capital structure Solid liquidity - Liquidity position(*) in 9M FY26 stood at €177 million We have managed our liquidity position well, a consequence of our strong business model and active management. In 9M FY26 (end of December 2025), the liquidity position(*) was solid at €177 million. During 9M FY26 we invested €54.8 million in share repurchases mainly under the daily share buy-back programme (see note 16.4). On 9th July 2025, the Company's Annual General Meeting of Shareholders (AGM) unanimously approved multi-stage capital reductions aimed at enhancing shareholder value and optimising its capital structure. The first stage, authorised at the AGM, involved an immediate capital reduction through the redemption of 2,980,000 shares (approximately 2.33% of share capital), previously acquired under a buy-back programme announced on 19th November 2024. As a result of the capital reduction made on 28th July 2025 the total shares outstanding is 124,625,059. Additionally, shareholders granted the Board of Directors authorisation for future capital reductions of up to an additional 9,000,000 shares, to be carried out in three separate tranches of up to 3,000,000 shares each, providing strategic flexibility and supporting ongoing shareholder value creation. In the 9M FY26, the Group executed three share capital reductions through a total amortisation of 8,980,000 treasury shares (see note 2.2). Consequently, the current total number of shares outstanding was 118,625,059. On 3rd February 2026, the Board of Directors approved the execution of the fourth share capital reduction through the redemption of 3,000,000 shares (approximately 2.53% of the share capital). As a result of the capital reduction the total number of shares outstanding is 115,625,059 (see note 23.1). On 27th June 2025, eDO successfully refinanced its €375 million of Senior Secured Notes. The 2030 Notes bear interest at a coupon of 4.875%. This reflects a very material reduction, more than 300-basis points, in the Company’s credit spread and also marks a milestone: eDO, holding a B+ rating, has secured the lowest coupon in the European market for any company with a single B credit rating, in the last 4 years. These 2030 Notes are due 2030, thereby extending the Company's debt maturity profile by more than 3 years.The company has also refinanced its Super Senior Revolving Credit Facility, increasing the size to €185 million from the previous €180 million, extending its maturity at the same time. The SSRCF is structured with an accordion mechanism to ensure financing flexibility, enabling lenders to join and exit the facility. This flexibility was recently utilised in October 2025 when a new lender joined, raising the total commitment to €205 million. Evolution of liquidity position(*) (€ million) 189 222 206 185 177 44 77 51 39 28 145 145 155 146 150 Cash at Bank Undrawn SSRCF 3Q FY25 4Q FY25 1Q FY26 2Q FY26 3Q FY26 Source: Company data. eDO has successfully refinanced its debt, securing the lowest coupon for a Single B-rated company in four years with a €375 million notes offering Rating and issues Issues Issuer ISIN Code Issue date Issue Amount (€ million) Coupon Due date eDreams ODIGEO, S.A. XS3091931058 10/6/2025 375 4.875% 30/12/2030 Rating Agency Corporate 2027 Notes Outlook Evaluation date Fitch B+ B+ Negative 01/12/2025 Standard & Poors B B Negative 05/12/2025 (*) See definition and reconciliation of Non GAAP measures in section 5. Alternative Performance Measures. ⌂ 23 RESULTS REPORT 3Q FY 2026 – Financial performance eDreams ODIGEO
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Other information 3.1. Shareholder information 3.2. Subsequent events ⌂ 24 RESULTS REPORT 3Q FY 2026 – Other information eDreams ODIGEO
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3.1. Shareholder information The subscribed share capital of eDreams ODIGEO as of 31st December 2025 is €11,863 thousand divided into 118,625,059 shares with a par value of ten euro cents (€0.10) each, all of which are fully paid. On 3rd February 2025, the Board of Directors approved the execution of the fourth share capital reduction in a nominal amount of €0.3 million, through the redemption of an additional 3,000,000 of the Company's treasury shares with a value of 0.1 euros each (approximately 2.53% of the share capital). As a result of the capital reduction the total number of shares outstanding is 115,625,059 (see note 23.1 in section 4 within the condensed consolidated interim financial statements and notes). As of 31st December 2025 the Group had 10,276,424 shares in treasury stock representing 8.7% of the share capital. All have been issued to serve the Group’s long-term incentive plans in force as of that date. The economic and political rights attached to the shares held in treasury stock are suspended. The active long-term incentive plans, of which a portion of the shares awarded has already been delivered to employees, will run until February 2030 and any non-allocated shares at the end of the plans will be cancelled. 3.2. Subsequent events See a description of the Subsequent events in note 23 in section 4 within the condensed consolidated interim financial statements and notes attached. ⌂ 25 RESULTS REPORT 3Q FY 2026 – Other information eDreams ODIGEO
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Condensed Consolidated Interim Financial Statements & Notes For the nine-month period ended 31st December 2025 ⌂ 26 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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4.1. Condensed Consolidated Interim Income Statement (Thousands of euros) Notes Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Revenue 502,796 489,941 Revenue Margin 7 502,796 489,941 Marketing and other variable expenses 8 (277,640) (325,546) Personnel expenses 9 (77,256) (76,995) Depreciation and amortisation 10 (37,285) (32,851) Impairment (loss) / reversal on bad debts 160 (377) Other operating expenses 11 (31,150) (20,808) Operating profit / (loss) 79,625 33,364 Interest expense on debt (19,051) (17,159) Other financial income / (expenses) (4,768) (3,428) Financial and similar income and expenses 12 (23,819) (20,587) Profit / (loss) before taxes 55,806 12,777 Income tax (15,513) (8,677) Profit / (loss) for the period from continuing operations 40,293 4,100 Profit for the period from discontinued operations net of taxes — — Consolidated profit / (loss) for the year 40,293 4,100 Non-controlling interest - Result — — Profit / (loss) attributable to shareholders of the Company 40,293 4,100 Basic earnings per share (euro) 5 0.35 0.03 Diluted earnings per share (euro) 5 0.34 0.03 The accompanying notes 1 to 24 and appendices are an integral part of these condensed consolidated interim financial statements. 4.2. Condensed Consolidated Interim Statement of Other Comprehensive Income (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Consolidated profit / (loss) for the year (from the income statement) 40,293 4,100 Income / (expenses) recorded directly in equity (160) 214 Exchange differences (160) 214 Total recognised income / (expenses) 40,133 4,314 a) Attributable to shareholders of the Company 40,133 4,314 b) Attributable to minority interest — — The accompanying notes 1 to 24 and appendices are an integral part of these condensed consolidated interim financial statements. ⌂ 27 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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4.3. Condensed Consolidated Interim Statement of Financial Position ASSETS (Thousands of euros) Notes Unaudited 31st December 2025 Audited 31st March 2025 Goodwill 13 631,075 631,037 Other intangible assets 14 361,547 350,648 Property, plant and equipment 8,718 3,617 Non-current financial assets 3,699 3,095 Deferred tax assets 17,175 21,068 Non-current assets 1,022,214 1,009,465 Current financial assets 18 — 1,762 Trade receivables 15.1 43,041 64,285 Other receivables 15.2 8,478 7,675 Current tax assets 1,972 2,005 Cash and cash equivalents 27,506 76,882 Current assets 80,997 152,609 TOTAL ASSETS 1,103,211 1,162,074 The accompanying notes 1 to 24 and appendices are an integral part of these condensed consolidated interim financial statements. EQUITY AND LIABILITIES (Thousands of euros) Notes Unaudited 31st December 2025 Audited 31st March 2025 Share capital 11,863 12,761 Share premium 1,048,630 1,048,630 Other reserves (788,370) (761,552) Treasury shares (58,833) (84,386) Profit / (loss) for the year 40,293 45,067 Foreign currency translation reserve (10,431) (10,271) Shareholders' equity 16 243,152 250,249 Non-controlling interest — — Total equity 243,152 250,249 Non-current financial liabilities 18 374,346 373,213 Non-current provisions 19 3,184 2,266 Deferred tax liabilities 1,534 1,485 Non-current liabilities 379,064 376,964 Trade and other current payables 20 258,974 302,525 Current financial liabilities 18 12,615 7,912 Current provisions 19 17,993 14,309 Current deferred revenue 21 179,501 193,803 Current tax liabilities 11,912 16,312 Current liabilities 480,995 534,861 TOTAL EQUITY AND LIABILITIES 1,103,211 1,162,074 ⌂ 28 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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4.4. Condensed Consolidated Interim Statement of Changes in Equity (Thousands of euros) Notes Share capital Share premium Other reserves Treasury shares Profit / (loss) for the period Foreign currency translation reserve Total equity Closing balance at 31st March 2025 (Audited) 12,761 1,048,630 (761,552) (84,386) 45,067 (10,271) 250,249 Total recognised income / (expenses) — — — — 40,293 (160) 40,133 Capital increases / (reductions) 16.1 & 16.4 (898) — (69,529) 70,350 — — (77) Acquisitions of treasury shares 16.4 — — (58) (55,920) — — (55,978) Transactions with treasury shares 16.4 & 17 — — (17,369) 11,123 — — (6,246) Operations with members or owners (898) — (86,956) 25,553 — — (62,301) Payments based on equity instruments 17 — — 15,039 — — — 15,039 Transfer between equity instruments — — 45,067 — (45,067) — — Other changes — — 32 — — — 32 Other changes in equity — — 60,138 — (45,067) — 15,071 Closing balance at 31st December 2025 (Unaudited) 11,863 1,048,630 (788,370) (58,833) 40,293 (10,431) 243,152 The accompanying notes 1 to 24 and appendices are an integral part of these condensed consolidated interim financial statements. (Thousands of euros) Notes Share capital Share premium Other reserves Treasury shares Profit / (loss) for the period Foreign currency translation reserve Total equity Closing balance at 31st March 2024 (Audited) 12,761 1,048,630 (802,635) (5,163) 32,358 (11,423) 274,528 Total recognised income / (expenses) — — — — 4,100 214 4,314 Capital increases / (reductions) — — — — — — — Acquisitions of treasury shares 16.4 — — (444) (40,076) — — (40,520) Transactions with treasury shares 16.4 & 17 — — (4,153) 115 — — (4,038) Operations with members or owners — — (4,597) (39,961) — — (44,558) Payments based on equity instruments 17 — — 13,335 — — — 13,335 Transfer between equity instruments — — 32,358 — (32,358) — — Other changes 17 — — (1,091) — — — (1,091) Other changes in equity — — 44,602 — (32,358) — 12,244 Closing balance at 31st December 2024 (Unaudited) 12,761 1,048,630 (762,630) (45,124) 4,100 (11,209) 246,528 ⌂ 29 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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4.5. Condensed Consolidated Interim Cash Flows Statement (Thousands of euros) Notes Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Net profit / (loss) 40,293 4,100 Depreciation and amortisation 10 37,285 32,851 Other provisions 5,268 (2,364) Income tax 15,513 8,677 Financial (income) / expense 12 23,819 20,587 Expenses related to share-based payments 17 15,039 13,335 Changes in working capital (42,893) (27,286) Income tax paid (15,244) (1,920) Net cash from / (used in) operating activities 79,080 47,980 Acquisitions of intangible assets and property, plant and equipment (46,534) (41,487) Acquisitions of financial assets (82) (157) Proceeds from government grants related to assets 15.2 956 — Proceeds from disposals of financial assets — 3 Net cash from / (used in) investing activities (45,660) (41,641) Acquisition of Treasury shares 16.4 (55,920) (40,076) Gain / (loss) associated to treasury shares transactions 16.4 (543) (353) Borrowings drawdown 18 375,000 — Reimbursement of borrowings 18 (377,231) (2,090) Interests paid 12 (18,830) (10,479) Other financial expenses paid 18 (19,086) (1,870) Interest received 321 689 Net cash from / (used in) financing activities (96,289) (54,179) Net increase / (decrease) in cash and cash equivalents (62,869) (47,840) (Thousands of euros) Notes Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Net increase / (decrease) in cash and cash equivalents (62,869) (47,840) Cash and cash equivalents at beginning of period 76,882 91,205 Bank facilities and bank overdrafts at beginning of period 18 — — Effect of foreign exchange rate changes (967) 457 Cash and cash equivalents net of bank facilities and bank overdrafts at end of period 13,046 43,822 Cash and cash equivalents 27,506 43,822 Bank facilities and bank overdrafts 18 (14,460) — Cash and cash equivalents net of bank facilities and bank overdrafts at end of period 13,046 43,822 The accompanying notes 1 to 24 and appendices are an integral part of these condensed consolidated interim financial statements. ⌂ 30 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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4.6. Notes to the Condensed Consolidated Interim Financial Statements 1. General information eDreams ODIGEO, S.A. (the "Company"), formerly LuxGEO Parent S.à r.l., was set up as a limited liability company (société à responsabilité limitée) formed under the Laws of Luxembourg on Commercial Companies on 14th February 2011, for an unlimited period. In January 2014, the denomination of the Company changed to eDreams ODIGEO, S.A. and its corporate form from S.à r.l. to S.A. (“Société Anonyme”). The Group moved its registered seat ("siège social") and administration centre ("administration centrale") from Luxembourg to Spain, to achieve organisational and cost efficiencies, effective on 10th March 2021. Following the change in nationality, the denomination of the Company changed from eDreams ODIGEO, S.A. ("Société Anonyme") to eDreams ODIGEO, S.A. ("Sociedad Anónima"). The registered office is located at calle López de Hoyos 35, Madrid, Spain (previously, located at 4, rue du Fort Wallis, L-2714 Luxembourg). eDreams ODIGEO, S.A. and its direct and indirect subsidiaries (collectively the “Group”) headed by the Company, as detailed in note 24, is a leading online travel company that uses innovative technology and builds on relationships with suppliers, product know-how and marketing expertise to attract and enable customers to search, plan and book a broad range of travel products and services. The Group's consolidated annual accounts for the year ended 31st March 2025 were approved by the General Shareholders' Meeting held on 9th July 2025. 2. Significant events during the period 2.1. Issue and repayment of Senior Notes On 27th June 2025 the Group issued €375.0 million Senior Secured Notes ("2030 Notes") due on 30th December 2030 at a coupon of 4.875% per annum. The net proceeds of the 2030 Notes, along with existing cash on the Company’s balance sheet, have been used to redeem in full the Company’s outstanding €375.0 million 2027 Notes and to pay commissions, fees, early redemption premium of the 2027 Notes and other expenses associated with the offering of the 2030 Notes. The 2027 Notes have been paid in full on 27th June 2025 and all interest due under the 2027 Notes has been paid in full (see note 18). The offering of Notes is part of a broader refinancing transaction which also includes a renewal and modification of the SSRCF. Additionally, in October 2025, the SSRCF total commitment was increased to €205.0 million (see note 18). The 2030 Notes have been admitted to the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market of the Luxembourg Stock Exchange. The obligations under the 2030 Notes and the SSRCF will be guaranteed by certain of the Company’s subsidiaries and secured by certain assets of the Company. 2.2. Share capital reductions On 9th July 2025, the Company's Annual General Meeting of Shareholders (AGM) unanimously approved multi-stage capital reductions aimed at enhancing shareholder value and optimising its capital structure. The first stage, authorised at the AGM, involved an immediate capital reduction through the redemption of 2,980,000 shares (approximately 2.33% of share capital), previously acquired under a buy-back programme announced on 19th November 2024 (see note 16.1). Additionally, shareholders granted the Board of Directors authorisation for future capital reductions of up to an additional 9,000,000 shares, to be carried out in three separate tranches of up to 3,000,000 shares each, providing strategic flexibility and supporting ongoing shareholder value creation (see note 16.1). In exercise of the delegation conferred by the Ordinary General Meeting of Shareholders of the Company held on 9th July 2025, the following share capital reductions were approved by the Board of Directors and executed: • On 3rd October 2025, a share capital reduction in a nominal amount of €0.3 million, through the redemption of 3,000,000 of the Company's treasury shares with a value of 0.1 euros each (approximately 2.40% of the share capital) (see note 16.1). • On 4th December 2025, a share capital reduction in a nominal amount of €0.3 million, through the redemption of 3,000,000 of the Company's treasury shares with a value of 0.1 euros each (approximately 2.47% of the share capital) (see note 16.1). 2.3. Share buy-back programme Given the success of the initial share buy-back programme and the Group's strong financial position, the following additional share repurchase programmes were launched: • On 11th September 2025 an additional €20 million share repurchase programme was launched and terminated on 30th November 2025. • On 1st December 2025, a new share buy-back programme was launched, with a maximum amount of €20 million, which ended on 30th January 2026. • On 2nd February 2026 an additional share repurchase programme was launched for another €20 million (see note 23.3). ⌂ 31 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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2.4. Delivery of treasury shares During the nine months ended 31st December 2025 the following deliveries of shares to employees were made: • In April 2025, 730,682 gross shares (445,058 net shares) and 823,008 gross shares (542,634 net shares) were delivered in relation with the 2016 Long-Term Incentive Plan and 2019 Long-Term Incentive Plan, respectively (see notes 17.1 and 17.2). • In September 2025, 206,247 gross shares (125,413 net shares) and 239,862 gross shares (158,308 net shares) were delivered in relation with the 2016 Long-Term Incentive Plan and 2019 Long-Term Incentive Plan, respectively (see notes 17.1 and 17.2). • In November 2025, 206,247 gross shares (125,508 net shares) and 239,302 gross shares (157,235 net shares) were delivered in relation with the 2016 Long-Term Incentive Plan and 2019 Long-Term Incentive Plan, respectively (see notes 17.1 and 17.2). Deliveries of shares under the plans are serviced from the stock of Treasury shares held by the Company (see note 16.4). 2.5. New strategic roadmap The Group has unveiled its new strategic roadmap through FY30, targeting over 13 million Prime members. This next phase of growth is driven by a proactive investment in core areas, including international expansion, product diversification into Rail, and deepened investment in AI. In line with this strategy, the Group has introduced flexible monthly and quarterly payment instalments. The transition to this payment model, combined with targeted growth investments, has resulted in a revision of the short-term guidance. Management has performed an updated impairment assessment of the relevant assets based on these revised cash flow projections, as further explained in note 13. 3. Basis of presentation 3.1. Accounting principles As these are condensed consolidated interim financial statements, they do not include all the information required by IFRS for the preparation of the annual financial statements and must therefore be read in conjunction with the Group consolidated financial statements prepared in accordance with IFRS as adopted in the European Union for the year ended 31st March 2025. The condensed consolidated interim financial statements are expressed in thousands of euros. The accounting policies used in the preparation of these condensed consolidated interim financial statements for the nine months ended 31st December 2025 are the same as those applied in the Group’s consolidated financial statements for the year ended 31st March 2025 (see note 4 of the consolidated financial statements for the year ended 31st March 2025), except for new IFRS or IFRIC issued, or amendments to existing ones that came into effect as at 1st April 2025, the adoption of which did not have a significant impact on the Group’s financial situation in the period of application. There is no accounting principle or policy which would have a significant effect and has not been applied in drawing up these financial statements. 3.2. New and revised International Financial Reporting Standards The accounting policies adopted in the preparation of the condensed consolidated interim financial statements as at 31st December 2025 are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31st March 2025. The adoption of new IFRS or IFRIC issued, or modifications to existing ones that entered into force as of 1st April 2025, has not had a significant impact on the Group's consolidated financial statements. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective as at 1st April 2025. Pillar 2 Directive On 15th December 2022, the Pillar 2 Directive (Directive EU2022/2523) was adopted, which means that multinational groups that have consolidated revenues of €750 million or more in at least two of the last four years will have to pay a minimum level of taxation of 15% in any territory they are located in. The Pillar 2 Directive is not applicable in fiscal year 2026 because the consolidated revenues of the Group in any of the preceding four fiscal years have not exceeded the €750 million threshold. The Group will closely monitor the possible application of Pillar 2 Directive in future years. 3.3. Use of estimates and judgements In the application of the Group’s accounting policies, the Board of Directors is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant, including the impacts of the current and future macroeconomic environment. Actual results may differ from these estimates. These estimates and assumptions mainly concern intangible assets other than goodwill: measurement, useful life and impairment, allocation of the purchase price and goodwill, impairment test of CGUs, revenue recognition, income tax and recoverability of deferred tax assets, share-based payment valuation, provisions, judgements and estimates related to credit risk and judgements and estimates related to business projections. A description of these can be found in note 3.3 of the consolidated financial statements for the year ended 31st March 2025. ⌂ 32 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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Estimates and judgements regarding the value of assets The Group performs an annual assessment of possible impairment of the assets as of 31st March, or more frequently, if events and circumstances indicate that an impairment may have occurred. When considering impairment indicators, the Group evaluates factors such as operating results below the expected performance, significant adverse changes in the legal, business and macroeconomic environment, changes in the way assets are being used, such as restructuring or sale plans or a significant decline in the observable market value of an asset, for which the Group also considers any potential increases in the discount rate used. The Group evaluated the aforementioned impairment indicators in light of the new strategic roadmap and the revised short-term guidance (see note 2.5). Management performed an updated impairment assessment during the third quarter of fiscal year 2026 based on these revised cash flow projections, and as a result, no impairment loss was required as further explained in note 13. In preparing the cash flow projections, Management considered external reports that encompassed various factors including macroeconomic, geopolitical and social elements. These projections also integrated Management's informed estimations based on historical data and future outlooks. Additionally, the condensed consolidated interim financial statements have been prepared on a going concern basis, as Management considers that the Group is in a strong financial and liquidity position. 3.4. Changes in consolidation perimeter There have been no changes in the consolidation perimeter since 31st March 2025. 3.5. Comparative information The Directors present, for comparative purposes, together with the figures for the nine months ended 31st December 2025, the previous period’s figures for each of the items on the annual consolidated statement of financial position, this being 31st March 2025, and the nine months ended 31st December 2024 for the condensed consolidated interim income statement, condensed consolidated interim statement of other comprehensive income, condensed consolidated interim statement of changes in equity, condensed consolidated interim cash flows statement and the quantitative information required to be disclosed in the condensed consolidated interim financial statements. 3.6. Working capital The Group had negative working capital as at 31st December 2025 and 31st March 2025, which is a common circumstance in the business in which the Group operates and considering its financial structure. It does not present any impediment to its normal business. The Group’s €205.0 million (€180.0 million as at 31st March 2025) Super Senior Revolving Credit Facility (“SSRCF”) is available to fund its working capital needs and guarantees, of which €149.6 million is available for draw down as at 31st December 2025 (€144.7 million as at 31st March 2025). See notes 2.1 and 18. 4. Seasonality of business The Group experiences seasonal fluctuations in the demand for travel services and products and services it offers. The largest portion of Revenue Margin is generated from subscription services and flight bookings. We acquire more subscribers during the periods in which there are more people searching for travel options and part of the revenue for flights and other travel products is recognised at the time of booking. As a consequence, there is a tendency to experience higher revenues in the periods during which there are more people searching for travel options and more travellers book their vacations, i.e., during the first and second calendar quarters of the year, corresponding to bookings for the busy spring and summer travel seasons. Consequently, comparisons between quarters may not be meaningful. 5. Earnings per share The basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the average number of shares. As a result of its own shares held as treasury stock (see note 16.4), the weighted average number of ordinary shares used to calculate basic earnings per share was 113,604,454 for the nine months ended 31st December 2025. In the earnings per share calculation for the nine months ended 31st December 2025 and 31st December 2024, dilutive instruments are considered for the Incentive Shares granted (see note 17), only when their conversion to ordinary shares would decrease earnings per share or increase loss per share. The calculation of basic earnings per share and, where applicable, fully diluted earnings per share (rounded to two digits) for the nine months ended 31st December 2025 and 31st December 2024, is as follows: Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Profit attributable to the owners of the parent (€ thousand) Average Number of shares (*) Earnings per Share (€) Profit attributable to the owners of the parent (€ thousand) Average Number of shares (*) Earnings per Share (€) Basic earnings per share 40,293 113,604,454 0.35 4,100 122,375,259 0.03 Diluted earnings per share 40,293 119,333,305 0.34 4,100 127,810,884 0.03 (*) Average number of shares calculated with the Treasury Shares settled as of 31st December 2025 and 31st December 2024. ⌂ 33 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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The calculation of basic earnings per share and, where applicable, fully diluted earnings per share (rounded to two digits), based on Adjusted Net Income (see section 5. Alternative Performance Measures), for the nine months ended 31st December 2025 and 31st December 2024, is as follows: Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Adjusted net income attributable to the owners of the parent (€ thousand) Average Number of shares (*) Adjusted net income per Share (€) Adjusted net income attributable to the owners of the parent (€ thousand) Average Number of shares (*) Adjusted net income per Share (€) Basic earnings per share 63,813 113,604,454 0.56 14,479 122,375,259 0.12 Diluted earnings per share 63,813 119,333,305 0.53 14,479 127,810,884 0.11 (*) Average number of shares calculated with the Treasury Shares settled as of 31st December 2025 and 31st December 2024. 6. Segment information The Group reports its results in segments based on how the Chief Operating Decision Maker (CODM) manages the business, makes operating decisions and evaluates operating performance. For each reportable segment, the Group’s Leadership Team comprising of the Chief Executive Officer and the Chief Financial Officer, reviews internal management reports. Accordingly, the Leadership Team is construed to be the Chief Operating Decision Maker (CODM). Due to the Group's subscription-oriented strategy, the business performance is reviewed based on geographical markets as well as regularly reviewed based on a Prime / Non-Prime analysis and Management makes strategic decisions based on this distinction. The Group considers how strategic decisions are made in relation to the launch of new services, pricing strategies or investment in marketing. Therefore, a matrix structure of segments, based on geographical markets and on a Prime / Non-Prime distinction more faithfully represents how the Leadership Team evaluates operating performance. Segments based on geographies The Group’s operating segments are based on geographical markets and comprises the following segments: • France • Southern Europe (Spain + Italy) • Northern Europe (Germany + Nordic countries + United Kingdom) All of the above are described as the Group's "Top 6 Markets". Within the Top 6, the Group considers France as an operating segment, it aggregates Spain and Italy to create the "Southern Europe" operating segment, as well as Germany, the Nordic countries and the United Kingdom to create the "Northern Europe" operating segment, as these markets have similar economic characteristics and similar customer behaviour patterns. The Group considers the “Rest of the World” segment a segment in itself, and not an aggregation of segments, since it operates internally as such and the information that Management receives on a regular basis considers “Rest of the World” one of the markets. The products and services from which customer sales revenue are derived are the same for all segments, except Metasearch, which focuses on the French market, and is marketed under the Liligo brand. Segments based on a Prime / Non-Prime distinction The segments based on the Group's subscription-based programme are as follows: • Prime • Non-Prime The Group presents profit and loss measures split by Prime and Non-Prime. In this context, Prime means the profit and loss measure generated from Prime users. Non-Prime means the profit and loss measure generated from Non-Prime users. The following is an analysis of the Group’s Profit / loss and other Non-GAAP measures by operating segments based on geographical markets: Unaudited 9 months ended 31st December 2025 (Thousands of euros) Top 6 Markets Rest of the World Total Revenue 372,391 130,405 502,796 Total Revenue Margin 372,391 130,405 502,796 Variable costs (196,728) (86,560) (283,288) Marginal Profit 175,663 43,845 219,508 Fixed costs (81,094) Depreciation and amortisation (see note 10) (37,285) Adjusted personnel expenses (see note 9) (15,039) Adjusted operating (expenses) / income (see note 11) (6,465) Operating profit / (loss) 79,625 Financial result (see note 12) (23,819) Profit / (loss) before tax 55,806 ⌂ 34 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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Unaudited 9 months ended 31st December 2024 (Thousands of euros) Top 6 Markets Rest of the World Total Revenue 358,930 131,011 489,941 Total Revenue Margin 358,930 131,011 489,941 Variable costs (235,752) (96,697) (332,449) Marginal Profit 123,178 34,314 157,492 Fixed costs (77,757) Depreciation and amortisation (see note 10) (32,851) Adjusted personnel expenses (see note 9) (13,335) Adjusted operating (expenses) / income (see note 11) (185) Operating profit / (loss) 33,364 Financial result (see note 12) (20,587) Profit / (loss) before tax 12,777 The following is an analysis of the Group’s Profit & loss and other Non-GAAP measures by segments based on a Prime / Non-Prime distinction: Unaudited 9 months ended 31st December 2025 Prime Members (*) 7,731,339 (*) Non-GAAP measure. See definition and reconciliation of Non-GAAP measures in Section 5. Alternative Performance Measures. Unaudited 9 months ended 31st December 2025 (Thousands of euros) Prime Non-Prime Total Revenue 379,954 122,842 502,796 Total Revenue Margin 379,954 122,842 502,796 Variable costs (179,999) (103,289) (283,288) Marginal Profit 199,955 19,553 219,508 Fixed costs (61,550) (19,544) (81,094) Depreciation and amortisation (see note 10) (37,285) Adjusted personnel expenses (see note 9) (15,039) Adjusted operating (expenses) / income (see note 11) (6,465) Operating profit / (loss) 79,625 Financial result (see note 12) (23,819) Profit / (loss) before tax 55,806 ⌂ 35 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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Unaudited 9 months ended 31st December 2024 Prime Members (*) 6,843,081 (*) Non-GAAP measure. See definition and reconciliation of Non-GAAP measures in Section 5. Alternative Performance Measures. Unaudited 9 months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Revenue 328,594 161,347 489,941 Total Revenue Margin 328,594 161,347 489,941 Variable costs (196,538) (135,911) (332,449) Marginal Profit 132,056 25,436 157,492 Fixed costs (52,307) (25,450) (77,757) Depreciation and amortisation (see note 10) (32,851) Adjusted personnel expenses (see note 9) (13,335) Adjusted operating (expenses) / income (see note 11) (185) Operating profit / (loss) 33,364 Financial result (see note 12) (20,587) Profit / (loss) before tax 12,777 As stated in IFRS 8, paragraph 23, an entity shall report a measure of total assets and liabilities for each reportable segment if such amounts are regularly provided to the Chief Operating Decision Maker. As this information is not provided for decision-making purposes, information regarding assets and liabilities by segments has not been disclosed in these condensed consolidated interim financial statements. Non-Prime bookings for the nine months ended 31st December 2025 were 3,314,642 (3,848,198 for the nine months ended 31st December 2024). Note: all revenues reported above are with external customers and there are no transactions between segments. In the nine months ended 31st December 2025 and 31st December 2024, no single customer contributed 10% or more to the Group’s revenue. The total Gross Bookings for the nine months ended 31st December 2025 were €3,530,217 thousand (€3,881,763 thousand for the nine months ended 31st December 2024). This decline is driven by the Non-Prime side of the business and is mostly due to a decrease in the average shopping basket value. The Group does not provide a detail of Depreciation and Amortisation or other costs by segments, as these expenses are not reviewed by Group Management by segments as they are not directly related to any segment and are common to the entire business. See definitions and reconciliations of Alternative Performance Measures in section 5. Alternative Performance Measures. 7. Revenue margin Following the Group's established focus on a subscription-oriented strategy, Management considers that a Revenue disclosure based on the uniqueness of the Revenue recognition method, alongside the Prime / Non-Prime dimension, is the most appropriate. Revenue has been aggregated based on the similarity of economic factors and the similarity in the timing of revenue recognition. This table includes a reconciliation of disaggregated revenue with the Prime / Non-Prime segments. The operating segments of the Group, which are based on geographical markets, are not separately shown alongside revenue as revenue disaggregation based on timing of recognition does not differ substantially by market-based segmentation the way it does differ by Prime / Non-Prime segmentation. Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Prime Non-Prime Total Gradual 327,284 18,569 345,853 281,095 29,609 310,704 Transaction Date 41,405 96,996 138,401 35,353 122,350 157,703 Other 11,265 7,277 18,542 12,146 9,388 21,534 Total Revenue Margin 379,954 122,842 502,796 328,594 161,347 489,941 Revenue Margin is split into the following categories: • Gradual - represents revenue which is recognised gradually over the period of the service agreement and mostly relates to recognised subscription fees, the service of Cancellation for any reason and Flexiticket and airline overcommissions. • Transaction Date - represents revenue which is recognised at booking date and mostly relates to service fees, ancillaries, insurance, incentives (other than airline overcommissions) and other fees. • Other - is a residual category and mainly relates to advertising and metasearch revenue, tax refunds and other fees. ⌂ 36 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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The increase in Gradual Revenue Margin in the nine months ended 31st December 2025 compared to the nine months ended 31st December 2024 is mainly driven by an increase in the overall Prime members from 6.8 million as at 31st December 2024 to 7.7 million as at 31st December 2025, reflecting the Group's sustained strategic focus on Prime. The decrease in Transaction Date Revenue Margin in the nine months ended 31st December 2025 compared to the nine months ended 31st December 2024 is mainly driven by a decrease in Non-Prime Bookings. The overall decrease in Non- Prime Revenue Margin is due to the switch of our customers from Non-Prime to Prime and more generally to the focus on the Prime segment of the business. See definitions and reconciliations of Alternative Performance Measures in section 5. Alternative Performance Measures. 8. Marketing and other variable expenses (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Marketing and other variable expenses (277,640) (325,546) Total marketing and other variable expenses (277,640) (325,546) Marketing expenses consist of customer acquisition costs (such as paid search costs, metasearch costs and other promotional campaigns), commissions due to marketing affiliates and other marketing expenses. Other variable expenses primarily consist of credit card processing costs, chargebacks on fraudulent transactions, GDS connection costs and fees paid to our outsourcing service providers, such as call centres. Marketing and other variable expenses have decreased compared to the nine months ended 31st December 2024, while Revenue has increased as a consequence of the Prime share increase which generates lower marketing costs. There are other costs of variable nature associated with information technology costs which are presented within "IT expenses" in note 11. 9. Personnel expenses 9.1. Personnel expenses (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Wages and salaries (41,674) (44,762) Social security costs (19,867) (18,378) Other employee expenses (676) (520) Adjusted personnel expenses (15,039) (13,335) Total personnel expenses (77,256) (76,995) The decrease in wages and salaries mainly reflects the Group's increase in capitalised personnel cost and the use of long- term incentive plans for variable compensation (see note 17). Social security costs include the income for social security rebates for research and development activities of €1.2 million in the nine months ended 31st December 2025 (€1.3 million in the nine months ended 31st December 2024). Lower social security rebates despite overall increase in workforce is due to new restrictions being imposed on access to such rebates, such as new starters not being eligible. In the nine months ended 31st December 2025, adjusted personnel expenses mainly relate to the share-based compensation of €15.0 million (€13.3 million in the nine months ended 31st December 2024), see note 17. See definition of adjusted items in section 5. Alternative Performance Measures. ⌂ 37 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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9.2. Number of employees The average number of employees of the Group by category is as follows: Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Key management 10 10 Other senior management 52 49 People managers 235 228 Individual contributors 1,463 1,393 Total average number of employees 1,760 1,680 The increase in the average number of employees from 1,680 to 1,760 year over year has been due to the recruitment drive to accelerate the expansion of the Prime subscription business. For the past two years, the Group has been increasing its workforce in line with this strategic initiative. 10. Depreciation and amortisation (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Depreciation of property, plant and equipment (2,416) (2,535) Amortisation of intangible assets (34,869) (30,316) Total depreciation and amortisation (37,285) (32,851) Depreciation of property, plant and equipment mostly includes depreciation of right of use assets for office leases of €1.4 million in the nine months ended 31st December 2025 (€1.3 million in the nine months ended 31st December 2024), as well as depreciation of hardware leases of €0.8 million and hardware of €0.1 million in the nine months ended 31st December 2025 (€0.7 million and €0.4 million, respectively, in the nine months ended 31st December 2024). Amortisation of intangible assets primarily relates to the capitalised IT projects. The increase is mainly due to the amortisation of the newly capitalised items, partially offset by higher fully amortised items. 11. Other operating expenses (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Professional fees (6,153) (4,967) IT expenses (9,029) (10,326) Rent charges (505) (495) Taxes (630) (657) Foreign exchange gains / (losses) (176) (439) Other operating expenses (8,192) (3,739) Adjusted operating (expenses) / income (6,465) (185) Total other operating expenses (31,150) (20,808) Professional fees consist primarily of external services such as consulting, recruitment, legal and tax advisors. The increase is mostly due to advisory expenses for core business activities and for legal proceedings incurred in the current year. IT expenses largely consist of technology maintenance charges and hosting expenses. The decrease is largely the result of a more granular classification of certain costs that are now classified within other variable expenses (see note 8). Rent charges mainly include the rental services for certain coworking offices of the Group that do not meet the definition of leasing under IFRS 16. Taxes mainly consist of tax charges other than income tax that are not recoverable by the Group, such as non-refundable value added tax (VAT) and business taxes. Foreign exchange gains / (losses) mainly relate to the impact of fluctuations in the foreign exchange rates on trade receivables and trade payables denominated in currencies other than the Euro, mainly British Pound (GBP), US Dollar (USD) and Nordic currencies (Swedish krona (SEK), Danish krone (DKK) and Norwegian krone (NOK)). Other operating expenses refer to certain general and administrative expenses mostly related to travel expenses incurred by company employees, insurance, claims expenses and utilities. Higher operating expenses largely reflect an increase in the Group's provision for litigations, as further explained in note 22.13. Adjusted operating (expenses) / income mainly consist of other expense items which are considered by Management to not be reflective of the Group's ongoing operations. The increase is mostly due to concepts detailed in note 22.14. See section 5. Alternative Performance Measures, subsection 1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin. ⌂ 38 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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12. Financial income and expense (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Interest expense on 2030 Notes (9,293) — Interest expense on 2027 Notes (4,984) (15,469) Interest expense on SSRCF — — Interest expense on SSRCF - Bank facilities and bank overdrafts (45) (14) Effective interest rate impact on debt (1,743) (1,676) Adjusted interest expense on debt (2,986) — Interest expense on debt (19,051) (17,159) Foreign exchange gains / (losses) 2,223 (1,963) Interest expense on lease liabilities (200) (152) Other financial expense (1,956) (2,006) Other financial income 321 693 Adjusted other financial result (5,156) — Other financial result (4,768) (3,428) Total financial result (23,819) (20,587) During the nine months ended 31st December 2025, the Group successfully completed its debt refinancing, through the issuance of the 2030 Notes and the redemption of the 2027 Notes (see notes 2.1 and 18). The 2030 Notes bear interest at a coupon of 4.875% per annum. The coupon is payable semi-annually in arrears on the 30th of June and 30th of December of each year, commencing on 30th December 2025. The interest expense on the 2030 Notes in the nine months ended 31st December 2025 corresponds to 4.875% interest rate accrued on the €375.0 million principal of the 2030 Notes since the issue date (27th June 2025). In the nine months ended 31st December 2025, €9.3 million was accrued since the issue date and €9.3 million was paid for this concept. The interest expense on the 2027 Notes in the nine months ended 31st December 2025 corresponds to 5.500% interest rate on the €375.0 million principal of the 2027 Notes (issued on 2nd February 2022), that was payable semi-annually in arrears on the 15th of January and 15th of July of each year until its redemption on the 27th of June 2025. In the nine months ended 31st December 2025, €5.0 million was accrued and €9.2 million was paid in connection with the redemption in full of the 2027 Notes (€15.5 million was accrued and €10.3 million was paid in the nine months ended 31st December 2024). As mentioned in note 18, the Group has access to funding from its €205.0 million SSRCF to manage the liquidity requirements of its operations. No interest expense on the SSRCF has been accrued during the nine months ended 31st December 2025 (no interest expense accrued during the nine months ended 31st December 2024) due to the non-use of the SSRCF. The Group has utilised €66.0 million of the SSRCF by way of ancillary facilities under the SSRCF with certain Banks (€64.0 million as at 31st December 2024). The effective interest rate impact on debt corresponds to the amortisation of financing fees capitalised on debt, that are expensed over the period of the debt. Foreign exchange gains / (losses) result primarily from the impact of currency fluctuations in currencies, such as the British Pound (GBP) and the US Dollar (USD). Other financial expense mainly includes commitment fees related to the SSRCF, guarantee associated costs and agency fees. Other financial income primarily includes return on cash. Adjusted interest expense on debt and Adjusted other financial result for the nine months ended 31st December 2025 includes a total charge of €8.1 million related to the early redemption of the 2027 Notes (see note 2.1). This charge comprises a €5.2 million expense for the early redemption and the write-off of €3.0 million in remaining capitalised financing costs (see section 5. Alternative Performance Measures, subsection 1.6. Adjusted Net Income). ⌂ 39 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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13. Goodwill The detail of the goodwill movement by CGUs for the nine months ended 31st December 2025 is set out below: Markets (Thousands of euros) Audited 31st March 2025 Scope entry Exchange rate differences Impairment Unaudited 31st December 2025 France 397,634 — — — 397,634 Spain 49,073 — — — 49,073 Italy 58,599 — — — 58,599 UK 70,171 — — — 70,171 Germany 166,057 — — — 166,057 Nordics 55,654 — 142 — 55,796 Other countries 54,710 — — — 54,710 Metasearch 8,608 — — — 8,608 Connect 4,200 — — — 4,200 Total gross goodwill 864,706 — 142 — 864,848 France (123,681) — — — (123,681) Italy (20,013) — — — (20,013) UK (31,138) — — — (31,138) Germany (10,339) — — — (10,339) Nordics (40,856) — (104) — (40,960) Metasearch (7,642) — — — (7,642) Total impairment of goodwill (233,669) — (104) — (233,773) Total net goodwill 631,037 — 38 — 631,075 As at 31st December 2025, the amount of the goodwill corresponding to the Nordics market has increased due to the evolution of the Euro compared to the Swedish krona, with a balancing entry under “Foreign currency translation reserve”. The Group performs an impairment test on the value of the CGUs annually, or in the event of an indication of impairment, in order to identify a possible impairment of goodwill. In consideration of the revised guidance approved by the Board and the updated underlying cash flow projections (see note 2.5), Management performed an updated impairment assessment of the relevant assets. The recoverable amount determined in this subsequent assessment exceeded the carrying amount of the relevant assets, concluding that no impairment loss was required as a result of the updated guidance. The assumptions, conclusions and analysis of the sensitivities of the impairment test done as at 31st March 2025 are detailed in note 18 of the consolidated financial statements for the year ended 31st March 2025. The Group's operating segments are market-based, as are the cash generating units. The detail of the goodwill movement by CGUs for the nine months ended 31st December 2024 is set out below: Markets (Thousands of euros) Audited 31st March 2024 Scope entry Exchange rate differences Impairment Unaudited 31st December 2024 France 397,634 — — — 397,634 Spain 49,073 — — — 49,073 Italy 58,599 — — — 58,599 UK 70,171 — — — 70,171 Germany 166,057 — — — 166,057 Nordics 52,390 — 303 — 52,693 Other countries 54,710 — — — 54,710 Metasearch 8,608 — — — 8,608 Connect 4,200 — — — 4,200 Total gross goodwill 861,442 — 303 — 861,745 France (123,681) — — — (123,681) Italy (20,013) — — — (20,013) UK (31,138) — — — (31,138) Germany (10,339) — — — (10,339) Nordics (38,460) — (222) — (38,682) Metasearch (7,642) — — — (7,642) Total impairment of goodwill (231,273) — (222) — (231,495) Total net goodwill 630,169 — 81 — 630,250 As at 31st December 2024, the amount of the goodwill corresponding to the Nordics market increased due to the evolution of the Euro compared to the Swedish krona, with a balancing entry under “Foreign currency translation reserve”. ⌂ 40 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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14. Other intangible assets The detail of the other intangible assets movement for the nine months ended 31st December 2025 is set out below: (Thousands of euros) Balance at 31st March 2025 (Audited) 350,648 Acquisitions 45,768 Amortisation (see note 10) (34,869) Balance at 31st December 2025 (Unaudited) 361,547 Acquisitions mainly correspond to the capitalisation of the technology developed by the Group which, due to its functional benefits, contributes towards attracting new customers and retaining the existing ones. The detail of the other intangible assets movement for the nine months ended 31st December 2024 is set out below: (Thousands of euros) Balance at 31st March 2024 (Audited) 327,706 Acquisitions 42,320 Amortisation (see note 10) (30,316) Balance at 31st December 2024 (Unaudited) 339,710 15. Trade and other receivables 15.1. Trade receivables The trade receivables from contracts with customers as at 31st December 2025 and 31st March 2025 are as follows: (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Trade receivables 7,571 23,110 Accrued income 36,439 42,892 Impairment loss on trade receivables and accrued income (1,641) (2,410) Provision for Booking cancellation (979) (1,439) Trade related deferred expenses 1,651 2,132 Total trade receivables 43,041 64,285 The decrease in trade receivables is due to the collection of significant amounts that were outstanding at 31st March 2025. Accrued income mainly relates to supplier commissions and incentives earned from Bookings made by the Group's customers. The calculation of the impairment loss on trade receivables and accrued income considers in the forward-looking information the impact of the current macroeconomic environment on the financial situation of the Group's clients. There have not been significant changes in customer risk compared to 31st March 2025. Provision for Booking cancellation is calculated to cover the risk of loss on GDS incentives or supplier commissions in the case of cancellation of Bookings made prior to the reporting closing date with future departure date. Trade related deferred expenses are mainly related to the service Cancellation for any reason and Flexiticket, and corresponds to the redemption risk pending to be accrued. 15.2. Other receivables (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Advances given - trade related 1,948 1,711 Other receivables 521 1,693 Prepaid expenses 6,009 4,271 Total other receivables 8,478 7,675 "Advances given - trade related" corresponds to payments done to certain trade suppliers that have terms of advance payment. It mainly relates to the payment for travel products in relation to Bookings from the Group's customers. The decrease in other receivables is primarily due to the collection of a €1.0 million government grant from the European Union (NextGenerationEU). This funding, awarded for the Group's AI-driven customer support project, is presented net of a €0.3 million derecognition following the final project settlement. The increase in prepaid expenses is primarily driven by timing shifts in IT license renewals where balances as at 31st December 2025 reflect a longer remaining amortisation period compared to the more mature balances held as at 31st March 2025 . ⌂ 41 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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16. Equity (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Share capital 11,863 12,761 Share premium 1,048,630 1,048,630 Equity-settled share-based payments 87,056 72,017 Retained earnings and others (875,426) (833,569) Treasury shares (58,833) (84,386) Profit and loss attributable to the parent company 40,293 45,067 Foreign currency translation reserve (10,431) (10,271) Non-controlling interest — — Total equity 243,152 250,249 16.1. Share capital During the nine months ended 31st December 2025, the Group executed three share capital reductions through a total amortisation of 8,980,000 treasury shares (see note 2.2). Consequently, the nominal share capital was reduced by €898 thousand, resulting in the Company’s total share capital being set at €11,862,505.90, represented by 118,625,059 shares with a nominal value of €0.10 per share. The simultaneous accounting treatment required the cancellation of the treasury shares at their average carrying value, resulting in a total of €70,350 thousand. The corresponding differential was charged directly to other reserves, resulting in a total of €69,452 thousand. During the nine months ended 31st December 2025, the costs directly associated with the share capital reduction transactions recognised against equity amounted to €77 thousand, of which €35 thousand has already been paid and is presented within financing activities of the consolidated cash flows statement. In compliance with legal requirements, a non-distributable restricted reserve was established, equal to the nominal value of the amortised share capital (€898 thousand). The public deeds related to the three capital reductions were registered with the Commercial Registry of Madrid on 24th July 2025, 9th December 2025 and 23rd December 2025, respectively. During the nine months ended 31st December 2025 and 31st December 2024, the shareholders did not carry out any significant transactions other than those mentioned in note 16. The Company’s shares are admitted to official listing on the Spanish Stock Exchanges. 16.2. Share premium The share premium account may be used to provide for the payment of any shares, which the Company may repurchase from its shareholders, to offset any net realised losses, to make distributions to the shareholders in the form of a dividend or to allocate funds to the legal reserve. 16.3. Equity-settled share-based payments The amount recognised under “Equity-settled share-based payments” in the condensed consolidated interim statement of financial position as at 31st December 2025 and 31st March 2025 arose as a result of the long-term incentive plans given to the employees. As at 31st December 2025, the long-term incentive plans currently granted to employees are the 2016 LTIP, the 2019 LTIP and the 2022 LTIP detailed in note 17. 16.4. Treasury shares Number of shares Thousands of euros Treasury shares at 31st March 2025 (Audited) 12,063,391 84,386 Acquisitions 8,747,189 55,920 Capital reductions (see notes 2.2 and 16.1) (8,980,000) (70,350) Reduction due to vesting of LTIP (see note 17) (1,554,156) (11,123) Treasury shares at 31st December 2025 (Unaudited) 10,276,424 58,833 Number of shares Thousands of euros Treasury shares at 31st March 2024 (Audited) 3,030,040 5,163 Acquisitions (share buy-back programmes) 1,258,360 8,675 Acquisitions (tender offer) 4,550,864 31,401 Reduction due to vesting of LTIP (see note 17) (1,150,353) (115) Treasury shares at 31st December 2024 (Unaudited) 7,688,911 45,124 ⌂ 42 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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Treasury shares amortised As a consequence of the share capital reductions implemented by the Group, 8,980,000 treasury shares were amortised (see note 16.1). Acquisitions During the nine months ended 31st December 2025, the acquisitions were mostly related to the Company's share buy-back programmes. Given the success of the initial share buy-back programme and the Group's strong financial position, an additional €20 million share repurchase programme was launched on 11th September 2025 and terminated on 30th November 2025. On 1st December 2025, a new share buy-back programme was launched, with a maximum amount of €20 million. The total amount paid under all share buy-back programmes was €54,760 thousand, which included €54,705 thousand of acquisition of treasury shares and the associated transaction costs equivalent to €55 thousand that have been booked against other reserves. The remaining treasury acquisitions (€1,215 thousand) stem from the Group’s repurchase of shares previously held by employees. Additionally, a payment of €451 thousand was made during the nine months ended 31st December 2025 for costs related to treasury shares acquisitions that took place in the year ended 31st March 2025 (see note 22.4 of the consolidated financial statements for the year ended 31st March 2025). During the nine months ended 31st December 2024, the total amount paid under the share buy-back programmes was €8,684 thousand, which included €8,675 thousand of acquisition of treasury shares and the associated transaction costs equivalent to €9 thousand that have been booked against other reserves. As a result of the tender offer finalised on 13th September 2024 (see note 2.1 of the consolidated financial statements for the year ended 31st March 2025), the Group acquired 4,550,864 of its own shares, representing 3.57% of the Company's total shares at that time, at the price of €6.90 per share. The total amount paid was €31.4 million. The associated costs were registered against equity and amounted to €426 thousand, that were fully paid and presented within financing activities of the consolidated cash flows statement for the nine months ended 31st December 2024. Treasury shares stock As at 31st December 2025, the Group has 10,276,424 treasury shares, carried in equity at €58.8 million, at an average historic price of €5.73 per share, all of which are owned by eDreams ODIGEO, S.A. The previous stock held by eDreams International Network, S.L. has been fully utilised to meet obligations under the long-term incentive plans. The treasury shares have been fully paid. 16.5. Foreign currency translation reserve The foreign currency translation reserve corresponds to the net amount of the exchange differences arising from the translation of the financial statements of eDreams, L.L.C., ODIGEO Hungary, Kft., GEO Travel Pacific, Pty. Ltd., Travellink, A.B. and eDreams Gibraltar Ltd. since they are denominated in currencies other than the Euro. 17. Share-based compensation 17.1. 2016 Long-term incentive plan On 20th July 2016, the Board of Directors decided to implement a long-term incentive plan (“2016 LTIP”) for key executives and other employees of the Group with a view to incentivise them to continue improving the Group’s results and retaining and motivating key personnel. During the year ended 31st March 2021, the Company observed that there were significant potential rights pending to be allotted under the 2016 LTIP. As a result, on 23rd March 2021, the Board of Directors agreed to extend and adjust the 2016 LTIP by creating four additional tranches and extending its duration, intending to include new individuals that previously were not beneficiaries of the 2016 LTIP and continue incentivising and retaining its personnel. The 2016 LTIP lasts for eight years and vests between August 2018 and February 2026 based on financial results. The exercise price of the rights is €0. The 2016 LTIP is split equally between performance stock rights ("PSRs") and restricted stock units ("RSUs") subject to continued service. Based on operational performance, the scheme is linked to stringent financial and strategic objectives. Performance stock rights are conditional on meeting the financial objectives established by the Company's Board of Directors with respect to the relevant period of the corresponding Tranche, provided that the Beneficiary is currently employed or has a management position in the Group during the relevant period up to the date of delivery of shares. Restricted stock units are only conditional on the Beneficiary being currently employed or holding a management position in the Group during the relevant period up to the date of delivery of shares. Future deliveries of shares under the plans are serviced from the stock of Treasury shares held by the Company. The value of the plan depends on internal conditions (not market) and is valued according to the market value of the share on the grant date, multiplied by the probability of compliance with the conditions. This probability is updated and re-estimated at least annually, but the market value of the share on the grant date remains unchanged. As at 31st December 2025, 9,257,064 Potential Rights (excl. forfeited rights) have been granted since the beginning of the plan under the 2016 LTIP (9,261,064 Potential Rights at 31st March 2025), of which 242,227 Potential Rights (the remaining deliveries of the Seventh Tranche) are outstanding. The First, Second, Third, Fourth, Fifth, Sixth Tranche, and the below mentioned deliveries related to the Seventh Tranche, for which 9,014,837 rights (excl. forfeited rights) have been granted since the beginning of the 2016 LTIP, have been closed and a total of 7,955,133 shares has been delivered. The following deliveries related to the Seventh Tranche have been made during the nine months ended 31st December 2025: • 730,682 gross shares were delivered in April 2025. Shares delivered to the beneficiaries corresponded to 445,058 net shares and 285,624 shares withheld for tax purposes.This delivery represented the Group's initial, exceptional release of restricted stock units (RSUs) after the service condition had been met. • 206,247 gross shares were delivered in September 2025. Shares delivered to the beneficiaries corresponded to 125,413 net shares and 80,834 shares withheld for tax purposes. ⌂ 43 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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• 206,247 gross shares were delivered in November 2025. Shares delivered to the beneficiaries corresponded to 125,508 net shares and 80,739 shares withheld for tax purposes. The following deliveries related to the Sixth Tranche were made during the nine months ended 31st December 2024: • 188,830 gross shares were delivered in October 2024 . Shares delivered to the beneficiaries corresponded to 111,933 net shares and 76,897 shares withheld for tax purposes. • 270,257 gross shares were delivered in November 2024 . Shares delivered to the beneficiaries corresponded to 153,317 net shares and 116,940 shares withheld for tax purposes. The Group pays the corresponding tax on behalf of the beneficiaries but it does not sell any shares for this purpose. Since the beginning of the fiscal year 2023, the withholding tax on the deliveries has been paid by the Company's means. The shares withheld are no longer sold for tax purposes and are kept within the stock of Treasury shares held by the Company. The impact of the withholding tax on the deliveries is accounted for against equity and has amounted to a loss of €3,132 thousand and €1,251 thousand in the nine months ended 31st December 2025 and 31st December 2024, respectively. The outstanding 2016 LTIP continues to be classified as an equity-settled share-based payment. The movement of the Potential Rights during the nine months ended 31st December 2025 and 31st December 2024 is as follows: Granted / Forfeited Delivered Performance Stock Rights Restricted Stock Units Total Performance Stock Rights Restricted Stock Units (*) Total 2016 LTIP Potential Rights - 31st March 2025 (Audited) 4,630,532 4,630,532 9,261,064 2,910,744 3,901,213 6,811,957 Potential Rights forfeited (2,000) (2,000) (4,000) — — — Additional Potential Rights granted — — — — — — Shares delivered — — — 412,494 730,682 1,143,176 2016 LTIP Potential Rights - 31st December 2025 (Unaudited) 4,628,532 4,628,532 9,257,064 3,323,238 4,631,895 7,955,133 (*) Exceptionally, the Group made an initial delivery for the restricted stock units for which the service condition had been met. Granted / Forfeited Delivered Performance Stock Rights Restricted Stock Units Total Performance Stock Rights Restricted Stock Units Total 2016 LTIP Potential Rights - 31st March 2024 (Audited) 4,686,791 4,686,791 9,373,582 2,576,966 3,505,691 6,082,657 Potential Rights forfeited (56,259) (56,259) (112,518) — — — Additional Potential Rights granted — — — — — — Shares delivered — — — 210,098 248,989 459,087 2016 LTIP Potential Rights - 31st December 2024 (Unaudited) 4,630,532 4,630,532 9,261,064 2,787,064 3,754,680 6,541,744 In the nine months ended 31st December 2025, the Group has not granted any new potential PSR rights or RSU rights. The cost of the 2016 LTIP has been recorded in the condensed consolidated interim income statement (personnel expenses, see note 9.1) and against equity (included in equity-settled share-based payments, see note 16.3), amounting to €1.2 million and €2.6 million for the nine months ended 31st December 2025 and 31st December 2024, respectively. 17.2. 2019 Long-term incentive plan On 19th June 2019, the Board of Directors of the Company approved a long-term incentive plan ("2019 LTIP") to ensure that it continues to attract and retain high-quality management and better align the interests of management and shareholders. The 2019 LTIP lasts for four years and is designed to vest around financial results publications between August 2022 and February 2026. The exercise price of the rights is €0. The Group delivers to the beneficiaries the Incentive Shares net of withholding tax. The 2019 LTIP is split equally between performance stock rights ("PSRs") and restricted stock units ("RSUs") subject to continued service. Based on operational performance, the new scheme will be linked to stringent financial and strategic objectives, which will be assessed in cumulative periods. Performance stock rights are conditional on meeting the financial objectives established by the Company's Board of Directors with respect to the relevant period of the corresponding Award, provided that the Beneficiary is currently employed or has a management position in the Group during the relevant period up to the date of delivery of shares. Restricted stock units are only conditional on the Beneficiary being currently employed or holding a management position in the Group during the relevant period up to the date of delivery of shares. Future deliveries of shares under the plans are serviced from the stock of Treasury shares held by the Company. The value of the plan depends on internal conditions (not market) and is valued according to the market value of the share on the grant date, multiplied by the probability of compliance with the conditions. This probability is updated and re-estimated at least annually, but the market value of the share on the grant date remains unchanged. ⌂ 44 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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As at 31st December 2025, 8,372,146 Potential Rights (excl. forfeited rights) have been granted since the beginning of the plan under the 2019 LTIP (8,375,510 Potential Rights as at 31st March 2025), of which 301,790 Potential Rights (the remaining deliveries of the Fourth Award) are outstanding. The First, Second, Third Award, and the below mentioned deliveries related to the Fourth Award, for which 8,070,356 rights (excl. forfeited rights) have been granted since the beginning of the 2019 LTIP, have been closed and a total of 7,898,396 shares have been delivered. The following deliveries related to the Fourth Award have been made during the nine months ended 31st December 2025: • 823,008 gross shares were delivered in April 2025. Shares delivered to the beneficiaries corresponded to 542,634 net shares and 280,374 shares withheld for tax purposes. This delivery represented the Group's initial, exceptional release of restricted stock units (RSUs) after the service condition had been met. • 239,862 gross shares were delivered in September 2025. Shares delivered to the beneficiaries corresponded to 158,308 net shares and 81,554 shares withheld for tax purposes. • 239,302 gross shares were delivered in November 2025. Shares delivered to the beneficiaries corresponded to 157,235 net shares and 82,067 shares withheld for tax purposes. The following deliveries related to the Third Award were made during the nine months ended 31st December 2024: • 618,498 gross shares were delivered in October 2024 . Shares delivered to the beneficiaries corresponded to 419,740 net shares and 198,758 shares withheld for tax purposes. • 696,512 gross shares were delivered in November 2024 . Shares delivered to the beneficiaries corresponded to 465,363 net shares and 231,149 shares withheld for tax purposes. The Group pays the corresponding tax on behalf of the beneficiaries but does not sell any shares for this purpose. The impact of the withholding tax on the deliveries is accounted for against equity and has amounted to a loss of €3,114 thousand and €2,787 thousand in the nine months ended 31st December 2025 and 31st December 2024, respectively. The outstanding 2019 LTIP continues to be classified as an equity-settled share-based payment. The movement of the Potential Rights during the nine months ended 31st December 2025 and 31st December 2024 is as follows: Granted / Forfeited Delivered Performance Stock Rights Restricted Stock Units Total Performance Stock Rights Restricted Stock Units (*) Total 2019 LTIP Potential Rights - 31st March 2025 (Audited) 4,187,755 4,187,755 8,375,510 3,241,763 3,354,461 6,596,224 Potential Rights forfeited (1,682) (1,682) (3,364) — — — Additional Potential Rights granted — — — — — — Shares delivered — — — 479,164 823,008 1,302,172 2019 LTIP Potential Rights - 31st December 2025 (Unaudited) 4,186,073 4,186,073 8,372,146 3,720,927 4,177,469 7,898,396 (*) Exceptionally, the Group made an initial delivery for the restricted stock units for which the service condition had been met. Granted / Forfeited Delivered Performance Stock Rights Restricted Stock Units Total Performance Stock Rights Restricted Stock Units Total 2019 LTIP Potential Rights - 31st March 2024 (Audited) 4,293,218 4,293,218 8,586,436 2,254,031 2,329,573 4,583,604 Potential Rights forfeited (130,758) (130,758) (261,516) — — — Additional Potential Rights granted 30,121 30,121 60,242 — — — Shares delivered — — — 694,252 620,758 1,315,010 2019 LTIP Potential Rights - 31st December 2024 (Unaudited) 4,192,581 4,192,581 8,385,162 2,948,283 2,950,331 5,898,614 In the nine months ended 31st December 2025, the Group has not granted any new potential PSR rights or RSU rights. The cost of the 2019 LTIP has been recorded in the condensed consolidated interim income statement (personnel expenses, see note 9.1) and against equity (included in equity-settled share-based payments, see note 16.3), amounting to €1.7 million and €5.4 million for the nine months ended 31st December 2025 and 31st December 2024, respectively. ⌂ 45 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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17.3. 2022 Long-term incentive plan On 16th August 2022, the Board of Directors of the Company approved a new long-term incentive plan ("2022 LTIP") to ensure that it continues to attract and retain high-quality management and better align the interests of management and shareholders. The 2022 LTIP lasts for four years and is designed to vest around financial results publications between August 2026 and February 2030. The exercise price of the rights is €0. The Group will deliver to the beneficiaries the Incentive Shares net of withholding tax. The 2022 LTIP is split equally between performance stock rights ("PSRs") and restricted stock units ("RSUs") subject to continued service. Based on operational performance, the new scheme will be linked to stringent financial and strategic objectives, which will be assessed in cumulative periods. Performance stock rights are conditional on meeting the financial objectives established by the Company's Board of Directors with respect to the relevant period of the corresponding Award, provided that the Beneficiary is currently employed or has a management position in the Group during the relevant period up to the date of delivery of shares. Restricted stock units are only conditional on the Beneficiary being currently employed or holding a management position in the Group during the relevant period up to the date of delivery of shares. Future deliveries of shares under the plans are serviced from the stock of Treasury shares held by the Company. The value of the plan depends on internal conditions (not market) and is valued according to the market value of the share on the grant date, multiplied by the probability of compliance with the conditions. This probability is updated and re-estimated at least annually, but the market value of the share on the grant date remains unchanged. As at 31st December 2025, 9,358,081 Potential Rights (excl. forfeited rights) have been granted since the beginning of the plan under the 2022 LTIP (5,891,844 Potential Rights as at 31st March 2025), and no shares have been delivered yet. No withholding tax impact has been registered in equity in the nine months ended 31st December 2025 and 31st December 2024, as no deliveries of shares have been made in these periods. The 2022 outstanding LTIP is classified as an equity-settled share-based payment. The movement of the Potential Rights during the nine months ended 31st December 2025 and 31st December 2024 is as follows: Granted / Forfeited Delivered Performance Stock Rights Restricted Stock Units Total Performance Stock Rights Restricted Stock Units Total 2022 LTIP Potential Rights - 31st March 2025 (Audited) 2,945,922 2,945,922 5,891,844 — — — Potential Rights forfeited (14,864) (14,864) (29,728) — — — Additional Potential Rights granted 1,747,982 1,747,982 3,495,964 — — — Shares delivered — — — — — — 2022 LTIP Potential Rights - 31st December 2025 (Unaudited) 4,679,040 4,679,040 9,358,080 — — — Granted / Forfeited Delivered Performance Stock Rights Restricted Stock Units Total Performance Stock Rights Restricted Stock Units Total 2022 LTIP Potential Rights - 31st March 2024 (Audited) 1,376,400 1,376,400 2,752,800 — — — Potential Rights forfeited (69,581) (69,581) (139,162) — — — Additional Potential Rights granted 1,623,685 1,623,685 3,247,370 — — — Shares delivered — — — — — — 2022 LTIP Potential Rights - 31st December 2024 (Unaudited) 2,930,504 2,930,504 5,861,008 — — — An average market value of €7.75 per share was used to value additional potential rights granted during the nine months ended 31st December 2025, with most of these rights granted on 30th June 2025. The probability of compliance with conditions has been estimated at 74.1% for PSRs and 79.7% for RSUs. The cost of the 2022 LTIP has been recorded in the condensed consolidated interim income statement (personnel expenses, see note 9.1) and against equity (included in equity-settled share-based payments, see note 16.3), amounting to €12.1 million and €5.3 million for the nine months ended 31st December 2025 and 31st December 2024, respectively. ⌂ 46 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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18. Financial liabilities The Group debt and other financial liabilities at 31st December 2025 and 31st March 2025 are as follows: Unaudited 31st December 2025 Audited 31st March 2025 (Thousands of euros) Current Non- Current Total Current Non- Current Total 2030 Notes - Principal — 375,000 375,000 — — — 2030 Notes - Financing fees capitalised — (6,655) (6,655) — — — 2030 Notes - Accrued interest — — — — — — 2027 Notes - Principal — — — — 375,000 375,000 2027 Notes - Financing fees capitalised — — — — (3,326) (3,326) 2027 Notes - Accrued interest — — — 4,297 — 4,297 Total Senior Notes — 368,345 368,345 4,297 371,674 375,971 SSRCF - Principal — — — — — — SSRCF - Financing fees capitalised (*) (5,876) — (5,876) — — — SSRCF - Accrued interest — — — — — — SSRCF - Bank facilities and bank overdrafts 14,460 — 14,460 — — — Total SSRCF - Bank facilities and bank overdrafts 8,584 — 8,584 — — — Lease liabilities 2,529 5,986 8,515 1,822 1,539 3,361 Other financial liabilities 1,502 15 1,517 1,793 — 1,793 Total other financial liabilities 4,031 6,001 10,032 3,615 1,539 5,154 Total financial liabilities 12,615 374,346 386,961 7,912 373,213 381,125 (*) Classified within financial liabilities as at 31st December 2025 (classified within financial assets as at 31st March 2025) Senior Notes – 2030 Notes On 27th June 2025, eDreams ODIGEO, S.A. issued €375.0 million 4.875% Senior Secured Notes with a maturity date of 30th December 2030 (“the 2030 Notes”), see note 2.1. The transaction costs of the issuance of the 2030 Notes were capitalised for a total amount of €7.3 million. These transaction costs will be amortised during the life of the debt. The total paid for this concept amounted to €7.2 million during the nine months ended 31st December 2025. The 2030 Notes have been admitted to the Official List of the Luxembourg Stock Exchange for trading on the Euro MTF Market of the Luxembourg Stock Exchange. The obligations under the 2030 Notes and the SSRCF are guaranteed by certain of the Company’s subsidiaries and secured by certain assets of the Company. Senior Notes – 2027 Notes On 2nd February 2022, eDreams ODIGEO, S.A. issued €375.0 million 5.500% Senior Secured Notes with a maturity date of 15th July 2027 (“the 2027 Notes”). The 2027 Notes have been redeemed in full on 27th June 2025 (see note 2.1). The expenses associated with the redemption amounting to €5.2 million were paid and recognised as a financial expense during the nine months ended 31st December 2025 (see note 12). The transaction costs of the issuance of the 2027 Notes were capitalised for a total amount of €7.2 million. Upon the redemption of the 2027 Notes, the remaining financing costs capitalised on the 2027 Notes were written off. This resulted in a total of €3.3 million amortisation during the nine months ended 31st December 2025 (€1.0 million amortised for the nine months ended 31st December 2024). Super Senior Revolving Credit Facility The Group's Super Senior Revolving Credit Facility ("the SSRCF"), originally dated 4th October 2016, has undergone multiple amendments. The previous modification, secured in February 2022, increased the commitment to €180.0 million and extended its maturity until January 2027. Most recently, the SSRCF was amended on 9th June 2025, increasing the commitment to €185.0 million and extending its maturity until May 2030. The SSRCF is structured with an accordion mechanism to ensure financing flexibility, enabling lenders to join and exit the facility. This flexibility was recently utilised in October 2025 when a new lender joined, raising the total commitment to €205.0 million. Given that no debt was drawn under the SSRCF at the time of the refinancing, being a modification of a lending commitment rather than an outstanding debt, the Group's assessment of whether this amendment constitutes a substantial modification was based exclusively on qualitative factors. The Group concluded that the modification was not substantial, as the amendment did not alter the fundamental nature of the facility. The core terms and conditions remain consistent, with no material changes to the financial covenant, and the margin ratchet continues to operate on the same principle, with only a minor positive adjustment to its lowest applicable rate. The Group has capitalised €4.9 million of costs incurred for the modification of the SSRCF as financing fees that will be amortised over the remaining term of the SSRCF. The total paid for this concept amounted to €4.9 million during the nine months ended 31st December 2025. The interest rate of the modified SSRCF is the benchmark rate (EURIBOR) plus a margin of 2.00%. Though at any time after 30th September 2025, and subject to certain covenant conditions, the margin may revert to be between 3.25% and 2.00% (previously between 3.25% and 2.25%). ⌂ 47 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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The amended SSRCF contains a financial covenant that requires the Group to ensure that the ratio of Gross Financial Indebtedness as at the end of each testing period to Cash EBITDA (consistent with the prior amendment's terms), as adjusted by the financial covenant definition (the "Adjusted Gross Leverage Financial Covenant") does not exceed 6.00. The first testing period in respect of which the Adjusted Gross Leverage Financial Covenant will be tested is the testing period that will end on 30th September 2025. The Adjusted Gross Leverage Financial Covenant is only tested in respect of a testing period if, on the last day of such testing period, the aggregate principal amount of outstanding loans (excluding any outstandings under any letter of credit, bank guarantee or ancillary facility) exceeds 40% of the total commitments under the Super Senior Facilities Agreement (consistent with the prior amendment's terms). As at 31st December 2025 the SSRCF drawn amount (Principal and Bank facilities) was under the 40% limit. In the event of a breach of the gross leverage covenant when tested, in the absence of an exemption, an event of default would occur under the SSRCF and lenders required under the SSRCF could accelerate all loans and terminate all commitments under it. If loans under the SSRCF were to be accelerated, then the necessary majority of holders of the €375.0 million 2030 Notes could accelerate those bonds. The overall net balance of the withdrawn SSRCF amount and the related financing fees is a credit balance, therefore the SSRCF financing fees capitalised are classified within current financial liabilities amounting to €5.9 million as at 31st December 2025 (classified as a financial asset amounting to €1.8 million as at 31st March 2025). The Group has utilised €66.0 million of the SSRCF by way of ancillary facilities under the SSRCF with certain banks and €40.9 million into a facility specific for guarantees (€64.0 million and €35.3 million as at 31st March 2025, respectively). See below the detail of cash available under the SSRCF: (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 SSRCF total amount 205,000 180,000 Guarantees drawn under SSRCF (32,996) (34,341) Drawn under SSRCF — — Ancillaries to SSRCF drawn (14,460) — Remaining undrawn amount under SSRCF 157,544 145,659 Undrawn amount specific for guarantees (7,904) (959) Remaining cash available under SSRCF 149,640 144,700 Lease liabilities Lease liabilities includes the financial liability for the office leases under IFRS 16 Leases for an amount of €7.0 million as at 31st December 2025 (€2.4 million as at 31st March 2025) and hardware leases for an amount of €1.5 million as at 31st December 2025 (€1.0 million as at 31st March 2025). The increase in total lease liabilities as at 31st December 2025 is mainly due to the extension of the lease term for certain office lease contracts amounting to €6.0 million, the lease of new hardware amounting to €1.4 million and the accrual of interest of €0.2 million, offset by payments made during the nine months ended 31st December 2025 of €2.4 million. 19. Provisions (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Provision for tax risks 2,100 1,473 Provision for pensions and other post employment benefits 1,084 793 Total non-current provisions 3,184 2,266 Provision for litigation risks 11,357 5,978 Provision for pensions and other post employment benefits 143 176 Provision for operating risks and others 6,493 8,155 Total current provisions 17,993 14,309 As at 31st December 2025 the Group has a provision of €2.1 million for tax risks (€1.5 million as at 31st March 2025). In certain cases, the Group applied a tax treatment, which, if challenged by the tax authorities, may probably result in a cash outflow (see note 22). The “Provision for litigation risks” as at 31st December 2025 includes customer claims and legal proceedings, mostly explained in notes 22.13 and 22.14. “Provision for operating risks and others” mainly includes the provision for chargebacks and the provision related to the services of Cancellation for any reason and Flexiticket. Chargebacks are payments rejected by customers for amounts collected by the Group or fraud attacks in relation to the booking of travel services. The provision for chargebacks amounted to €3.7 million as at 31st December 2025 (€4.5 million as at 31st March 2025). The provision covers the risk of future cash outflows for amounts that have been collected but that may result in a payment if the customer executes a chargeback. The provision is only for the part of the amount that the Group will not recover from the travel supplier. ⌂ 48 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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The services of Cancellation for any reason and Flexiticket allow the customer to cancel or modify without cost their flight Bookings if they pay an additional fee at the time of booking. The provision covers the payment obligation of the Group towards the customers that have contracted this service and that execute their right to cancellation or modification. The provision for the service of Cancellation for any reason and Flexiticket is €2.8 million as at 31st December 2025 (€3.6 million as at 31st March 2025). 20. Trade and other payables (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Trade payables 248,015 289,473 Employee-related payables 10,959 13,052 Total trade and other current payables 258,974 302,525 The decrease in trade payables is due to a decrease in gross bookings driven by seasonality and a reduction in the average basket value. As at 31st December 2025 and 31st March 2025 employee-related payables correspond mainly to the accrual of the annual bonus. The decrease is mainly due to the payment of the annual bonus, partially offset by the accrual of the current year annual bonus. 21. Deferred revenue (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Prime 175,310 187,000 Cancellation for any reason and Flexiticket 2,646 5,562 Other deferred revenue 1,545 1,241 Total deferred revenue - current 179,501 193,803 All deferred revenue of the Group relates to contracts with customers. The deferred revenue on Prime corresponds to the Prime fee collected and pending to be accrued. Overall Prime members have increased from 7.3 million as at 31st March 2025 to 7.7 million as at 31st December 2025. While member growth was a positive factor, it was offset by the introduction of flexible monthly and quarterly payment instalments (see note 2.5). The deferred revenue on the service of Cancellation for any reason and Flexiticket corresponds to the amounts collected for these products and pending to be accrued. 22. Contingencies and provisions 22.1. Payroll tax The Group considers that there is a risk of assessment by the French tax authorities in respect of salary tax (“taxe sur les salaires”) due by the French entity. The Company takes the view that only the salary cost of part of the French entity’s headcount was subject to this salary tax, whereas the French tax authorities may take the view that the salary cost of all employees should have been included in the taxable basis. This contingency is estimated at €0.3 million as at 31st December 2025 (€0.3 million as at 31st March 2025). The Group believes that it has paid payroll taxes in accordance with French tax laws and regulations. Therefore, the Group considers that this risk is only possible, and not probable, according to the definitions in IAS 37 (it is more probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025, except for an amount of €0.1 million which the Group considers the appropriate amount of underpaid salary tax (no change compared with 31st March 2025). 22.2. Retro-active effect of the migration to Spain for Spanish tax The Group considers that there is a risk of assessment by tax authorities in respect of the deduction for Spanish income tax of the tax losses generated by eDreams ODIGEO, S.A. ("the Company") in fiscal year 2021 prior to the effective date of the Company's redomiciliation from Luxembourg to Spain. The Spanish tax authorities may take the view that such tax losses were not deductible for Spanish tax. This contingency is estimated at €1.8 million as at 31st December 2025 (€1.8 million as at 31st March 2025). The Group believes that it has included those tax losses in the Spanish tax group's taxable profits in accordance with Spanish law. Therefore, the Group considers that this risk is only possible, not probable, according to the definitions in IAS 37 (it is more probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). 22.3. Recovery Spanish input VAT by the Company The Group considers that there is a risk of assessment by the Spanish tax authorities in respect of the recovery of Spanish input VAT on general/overhead expenses by the Company based on the Spanish VAT pro rata. The Company takes the position that its interest income is incidental and should not be included in the pro rata, resulting in higher recoverable input VAT. This contingency is estimated at €0.7 million as at 31st December 2025 (€0.7 million as at 31st March 2025). The Group believes that it applied the Spanish pro rata rules correctly. Therefore, the Group considers that this risk is only possible, not probable, according to the definitions in IAS 37 (it is more probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). ⌂ 49 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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22.4. Spanish VAT on certain intermediation fees The Group considers that there is a risk of assessment by the Spanish tax authorities in respect of VAT on fees charged by the Spanish company for certain travel intermediation services. This contingency can be estimated at €0.6 million as at 31st December 2025 (€0.5 million as at 31st March 2025). The Group considers that this risk is probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will materialise) and for this reason it has recognised a liability of €0.6 million in the condensed consolidated interim statement of financial position as at 31st December 2025 (€0.5 million as at 31st March 2025). 22.5. Withholding tax on interest The Group considers that there is a risk of assessment by tax authorities in respect of withholding tax on interest paid on intragroup payables. This contingency can be estimated at €0.5 million as at 31st December 2025 (€0.5 million as at 31st March 2025). The Group considers that this risk is probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will materialise) and for this reason it has recognised a liability of €0.5 million in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). 22.6. Recovery of UK input VAT The Group considers that there is a risk of assessment by the UK tax authorities in respect of the recovery of UK input VAT on general/overhead expenses by the UK company based on their interpretation of the UK VAT pro rata rules. The UK tax authorities may take the position that the UK company’s interest income is not incidental and should have been included therefore in the pro rata, resulting in lower recoverable input VAT. This contingency can be estimated at €0.1 million as at 31st December 2025 (€0.1 million as at 31st March 2025). The Group believes that it applied the UK pro rata rules correctly. Therefore, the Group considers that this risk is only possible, not probable, according to the definitions in IAS 37 (it is more probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). 22.7. Formal omission related to capital contribution to the French company The Group considers that there is a risk of assessment by the French tax authorities in respect of the formalities applied in connection with the increase in the French company’s equity in the form of a contribution against share premium during the year ended 31st March 2024. The French tax authorities may take the position that the French company should have effected this equity increase against the issue of at least one share and may thus qualify the contribution as a taxable donation to the French company by its sole shareholder. The company addressed this formal omission by revoking the earlier shareholders’ decision and replacing it by the appropriate shareholders’ decision approving the increase of the French company’s equity against the issue of shares. This contingency can be estimated at €4.4 million as at 31st December 2025 (€4.4 million as at 31st March 2025). The Group believes that it has appropriate arguments supporting that the equity increase should not be treated as a taxable donation by its sole shareholder. Therefore, the Group considers that this risk is only possible, not probable, according to the definitions in IAS 37 (it is more probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). 22.8. Overcharge brand license fees to the Spanish company The Spanish company detected an omission in the calculation of the license fees charged to the Spanish company in the financial years 2020/21 for the use of one of the Group’s brands. This contingency can be estimated at €0.3 million as at 31st December 2025 (€0.3 million as at 31st March 2025). The Group considers that this risk is probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will materialise) and for this reason it has recognised a liability of €0.3 million in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). 22.9. Restriction of deduction of interest expenses for US tax Under US rules, the deduction of interest expenses is restricted under the anti-hybrid mismatch rules. The US company paid interest to its Spanish shareholder which might be considered not deductible under these rules by the US tax authorities. This contingency can be estimated at €2.2 million as at 31st December 2025 (€2.2 million as at 31st March 2025). The Group considers that this risk is probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will materialise) and for this reason it has recognised a liability of €2.2 million in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). ⌂ 50 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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22.10. Late invoicing In prior years the company was incidentally facing slight discrepancies between the charges made for travel bookings and the amounts collected. This resulted in bookings pending to be invoiced. Under the rules of the countries where the company operates, penalties may be imposed for not, or not timely, issuing invoices. This contingency can be estimated at €0.5 million as at 31st December 2025 (nil as at 31st March 2025). The Group considers that this risk is probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will materialise) and for this reason it has recognised a liability of €0.5 million in the condensed consolidated interim statement of financial position as at 31st December 2025 (€0.5 million increase compared with 31st March 2025). 22.11. Pending tax disputes with tax authorities The Group has the following pending disputes with tax authorities, some of which are still in the phase of an administrative claim, whereas for other disputes the Group has appealed to the court and/or has initiated a mutual agreement procedure under the EU Arbitration Convention. Spain The Spanish tax group has undergone two consecutive VAT audits related to the periods 2015-2017 and 2018-2021, respectively. The Spanish tax authorities issued their final assessment notices for the periods 2015-2017 and 2018-2021 in June 2021 and May 2024, respectively, based on which they have assessed the Spanish company for VAT on the same grounds. The Spanish tax authorities have rejected the method applied by the Spanish company to determine the recoverable part of the input VAT on part of its operating expenses. This has resulted in a total VAT assessment of €0.5 million for the period 2015-2017 and €12.8 million for the period 2018-2021. The Group believes that it has appropriate arguments supporting its treatment and has appealed the period 2015-2017 VAT assessment to the Spanish Tribunal Económico-Administrativo Central ("TEAC"). In May 2024, TEAC dismissed the company's appeal related to the period 2015-2017. The Spanish company has appealed TEAC's decision in the 2015-2017 case to the Spanish "Audiencia Nacional" and has appealed the 2018-2021 VAT assessment to TEAC. On the date of the publication of the condensed consolidated interim financial statements and notes for the nine months ended 31st December 2025, both appeals are still pending. The Group considers that this risk is possible, not probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025 nor as at 31st March 2025. Under Spanish law the VAT assessed must be prepaid or a bank guarantee in favour of the tax authorities must be provided prior to the appeal. The Group provided a bank guarantee for the total VAT assessed for the period 2018-2021 issued on 4th July 2024. The Spanish tax authorities have initiated a third tax audit covering the period 1st April 2019-31st March 2023 (income tax) and the calendar years 2022-2024 (VAT). At this time, the fact-finding part of this tax audit is still pending, hence no challenges have yet been made by the Spanish tax authorities related to these periods. However, in the course of this pending tax audit the company has detected incorrect income tax treatment, resulting in estimated corrections totalling €0.5 million for which a liability has been recognised in the condensed consolidated interim statement of financial position as at 31st December 2025 (€nil as at 31st March 2025). Portugal Following a tax audit regarding income tax and VAT (period 2015/16-2017/18), the Portuguese company has been assessed by the Portuguese tax authorities for an amount of €5.2 million (€5.1 million income tax based on indirect methods and €0.1 million VAT) against which the Company filed an administrative claim with the Portuguese tax authorities which was rejected based on pure formal grounds. The Portuguese company has, therefore, appealed the decision of the Portuguese tax authorities to the Portuguese first tier court, claiming that the tax authorities violated notification rules and other relevant procedural rules. The Portuguese company started in parallel a proceeding under the EU Arbitration Convention involving Portugal and Spain to reach a solution for the avoidance of double taxation which resulted from the Portuguese income tax assessments. The Portuguese tax authorities, based on the EU Arbitration Convention proceeding initiated by the company, reconsidered the case and cancelled the above assessments, resulting in a refund to the company of €5.1 million. This amount was previously prepaid and recorded as an uncertain tax position (receivable). Following the favourable resolution, no liability has been recognised in the condensed consolidated interim statement of financial position as at 31st December 2025. This is consistent with the position as at 31st March 2025, when no liability was recognised as the risk of loss was not deemed probable. Italy The Italian company has been assessed by the Italian tax authorities for withholding tax amounting to €12.9 million (including penalties) on dividends paid to its direct Spanish shareholder in 2013, 2015 and 2017. Following the rejection of the Company’s appeal by the Italian first and second-tier courts related to the years 2013 and 2015, the Company appealed the lower courts' decisions related to the 2013 and 2015 assessments to the Italian Supreme Court. The Company appealed the 2017 assessment to the Italian first-tier court and made an advance payment of €0.7 million during the year ended 31st March 2025 to the tax authorities (representing 1/3rd of the tax assessed plus 1/3rd of the accrued interest). The first-tier court rejected the Company’s appeal in the 2017 case. The Company has appealed this decision to the Italian second-tier court where it is currently pending. The company made a second advance payment of €2.0 million during the nine months ended 31st December 2025 (1/3rd of the tax assessed plus interest and 2/3rd of the penalty imposed). On the date of the publication of the condensed consolidated interim financial statements and notes for the nine months ended 31st December 2025, all these appeals are still pending. The Group takes the position that the Italian company has correctly applied the Italian withholding tax exemption to all these dividends. Therefore, the Group considers that this risk is only possible, not probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025, except for an amount of €0.4 million which is equal to the withholding tax due based on the reduced Italian rate of 1.375% (no change compared with 31st March 2025). ⌂ 51 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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In October 2023, the Italian tax authorities started an income tax and VAT audit of the Italian company related to the tax years 2017-2018. The tax authorities completed their fact-finding process in July 2024 and took the position that in 2018 the Italian company transferred profit generating capacity to its Spanish parent company and assessed the Italian company for additional taxable profits amounting to €39.5 million, resulting in €11.0 million incremental income tax. The Group’s position is that the Italian company did not transfer anything of value to any person at any time. The Company has initiated the proceeding under the EU Arbitration Convention to avoid double taxation which resulted from the final Italian tax assessment. The company has also appealed this assessment to the Italian first-tier court. On the date of the publication of the condensed consolidated interim financial statements and notes for the nine months ended 31st December 2025, both proceedings are still pending. Considering the difference between the Spanish and Italian income tax rates, the Group considers it is probable that an outflow of resources will materialise following the implementation of a solution for the avoidance of double taxation under the Arbitration Convention. Therefore, the Group has recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025 for an amount of €1.2 million (€1.0 million as at 31st March 2025). Luxembourg Following two consecutive VAT audits, the Luxembourg tax authorities assessed the Company for VAT related to the calendar years 2016-2018 and 2019-2021. As the tax authorities only partly accepted the Company's administrative claim against the 2016-2018 VAT assessment, the Company has appealed the tax authorities' decision relating to this period to the Luxembourg first-tier court which is still pending as at the date of the publication of the condensed consolidated interim statement of financial position as at 31st December 2025. The Company submitted an administrative claim against the 2019-2021 VAT assessment with the Luxembourg tax authorities which is also still pending as at the date of the publication of the condensed consolidated interim statement of financial position as at 31st December 2025. The appeal and the administrative claim each concern two separate VAT disputes. One dispute, amounting to €3.2 million (2016-2018), and €2.7 million (2019-2021), relates to the rejection of the recovery of input VAT on certain expenses which the Company recharged to other persons. The tax authorities claim that the Company did not provide sufficient proof that it actually recharged these expenses and rejected, therefore, the recovery of part of the Company's input VAT on these expenses. The Group believes that it has provided sufficient evidence supporting the recovery of its input VAT. The Group considers that this risk is only possible, not probable, according to the definitions in IAS 37 (it is probable that an outflow of resources will not materialise) and for this reason it has not recognised a liability in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). The other dispute, amounting to €0.45 million (2016-2018), and €0.45 million (2019-2021) relates to the interpretation of the Luxembourg VAT pro rata rules. The Group estimates that there is a probable risk of outflow of resources amounting to €0.9 million for which a provision has been recognised in the condensed consolidated interim statement of financial position as at 31st December 2025 (no change compared with 31st March 2025). Other matters Due to different interpretations of tax legislation, adverse positions may be taken by tax authorities in connection with a future tax audit. However, the Group considers that any such positions would not materially affect the condensed consolidated interim financial statements. 22.12. Litigation with a supplier The Group has been sued related to an alleged breach of contract. In December 2020, the Group was sued in the Court of Paris with an emergency writ of summons requesting a payment of €0.1 million. In March 2021, this request was dismissed. In May 2021, the suer launched an action on the merits of the case before the Paris Court asking for €0.4 million penalty based on an alleged contract violation. The Group prevailed in the proceedings. Considering the outcome and the resulting reduction in risk exposure, the Group has concluded that the criteria for liability recognition are no longer met. Consequently, the previously recognised provision has been reversed as at 31st December 2025 in the condensed consolidated interim statement of financial position (€0.3 million provision as at 31st March 2025). 22.13. Investigation by the Italian consumer protection authority (AGCM) In November 2024, the Italian Authority notified the Group companies Vacaciones eDreams, S.L., eDreams S.R.L. and eDreams International Network, S.L. about the commencement of an investigation concerning Prime. The main contested practices relate to the conditions of subscription and the conditions of termination of membership to the Prime programme, including the alleged difficulties Italian consumers have encountered in cancelling the Prime service. Even though the Group challenges the allegations, which it believes are unfounded and based on a non-representative portion of its Prime customers, it considers it likely that the Italian Authority will impose a fine, taking into consideration the mentioned rejection of the commitments. Initially, the procedure was supposed to be concluded by the Italian Authority by June 2025, then was extended until early October 2025, later until the end of November 2025, and recently the Authority postponed it again until the end of January 2026. On 4th February 2026, the Italian Authority notified its ruling (for further details, refer to note 23.4). 22.14. Consumer law cases in Germany Based on specific provisions of German law, a law firm has received instructions from a number of customers that have indicated their intent to issue proceedings claiming a refund of their Prime fee, on the basis that the period and the conditions of subscription to the Prime programme can be considered to be analogous to a prior German court judgement. Under unique circumstances, in order to close these cases and avoid small claim litigations and the legal expenses attached to it, the Group is considering negotiating a per case amount for these limited number of customers. The conditions that could be considered to be analogous to the prior German court judgement are no longer in place, as the display for subscribing to Prime has since been updated. ⌂ 52 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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23. Subsequent events 23.1. Capital reductions On 3rd February 2026, in exercise of the delegation conferred by the Ordinary General Meeting of Shareholders of the Company held on 9th July 2025, the Board of Directors approved the execution of the fourth share capital reduction in a nominal amount of €0.3 million, through the redemption of an additional 3,000,000 of the Company's treasury shares with a value of 0.1 euros each (approximately 2.53% of the share capital). As a result of the capital reduction the total number of shares outstanding is 115,625,059. 23.2. Delivery of treasury shares On 25th February 2026, the Board of Directors has resolved to deliver 202,848 shares (122,946 net shares) and 237,814 shares (157,955 net shares) in relation with the 2016 Long-Term Incentive Plan and 2019 Long-Term Incentive Plan, respectively (see notes 17.1 and 17.2). Deliveries of shares under the plans are serviced from the stock of Treasury shares held by the Company (see note 16.4). 23.3. Share buy-back programme Following the completion of the share buy-back programme initiated in December 2025, the Group has approved the implementation of a new and additional share buy-back programme for €20 million. This new program, which was officially announced on 2nd February 2026, reflects the Group's strong financial position and aims to reduce share capital through the cancellation of the acquired shares. 23.4. Legal proceedings Regarding the legal proceedings described in note 22.13, on 4th February 2026, the Italian Authority notified its ruling, imposing a total fine of €9 million. The Group intends to challenge the decision before the Regional Administrative Court of Lazio (TAR del Lazio) and is confident that, based on solid legal grounds, the fine will be substantially reduced. Consequently, the Group has updated its Condensed Consolidated Interim Financial Statements as at 31st December 2025, to reflect a total revised provision of €4.5 million. ⌂ 53 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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24. Consolidation scope As at 31st December 2025 the companies included in the consolidation are as follows: Name Location / Registered Office Line of business % interest % control eDreams ODIGEO, S.A. Calle López de Hoyos 35, 2. 28002 (Madrid) Holding Parent company 100% 100% Opodo Ltd. 12 Hammersmith Grove, W6 7AE (London) Online Travel agency 100% 100% Opodo, GmbH. Gerhofstraße 1-3, 20354 (Hamburg) Marketing services 100% 100% Travellink, A.B. Birger Jarlsgatan 57B, 3tr 113 56 (Stockholm) Online Travel agency 100% 100% eDreams, Inc. 1209 Orange Street, Wilmington (New Castle), 19801 Delaware Holding company 100% 100% Vacaciones eDreams, S.L. Calle de Manzanares, nº 4, Planta 1º, Oficina 108, 28005, (Madrid) Online Travel agency 100% 100% eDreams International Network, S.L. Calle López de Hoyos 35, 2. 28002 (Madrid) Admin and IT consulting 100% 100% eDreams, S.R.L. Via Fara, 26 piano 1, 20124 (Milán) Online Travel agency 100% 100% Viagens eDreams Portugal - Agência de Viagens, Lda. Rua Heróis e Mártires de Angola, 59, Piso 4, B400, 4000-285 Porto, Uniao de Freguesias de Cedofeita, Santo Ildefonso, Sé Miragaia, Sao Nicolau e Vitória, concelho de Porto (Porto) Online Travel agency 100% 100% eDreams, L.L.C. 2035 Sunset Lake Road Suite B-2, 19702 (Newark) Delaware Online Travel agency 100% 100% GEO Travel Pacific, Pty. Ltd. Level 2, 117 Clarence Street (Sydney) Online Travel agency 100% 100% Go Voyages, S.A.S. 34 Rue Laffitte 75009 (Paris) Online Travel agency 100% 100% Go Voyages Trade, S.A.S. 34 Rue Laffitte 75009 (Paris) Online Travel agency 100% 100% Name Location / Registered Office Line of business % interest % control Liligo Metasearch Technologies, S.A.S. 34 Rue Laffitte 75009 (Paris) Metasearch 100% 100% ODIGEO Hungary, Kft. Nagymezo ucta 44, 1065 (Budapest) Admin and IT consulting 100% 100% Tierrabella Invest, S.L. Calle López de Hoyos 35, 2. 28002 (Madrid) Holding company 100% 100% Engrande, S.L. Calle de Manzanares, nº 4, Planta 1º, Oficina 108, 28005 (Madrid) Online Travel agency 100% 100% eDreams Gibraltar Ltd. 21 Engineer Lane, GX11 1AA (Gibraltar) Online Travel agency 100% 100% ⌂ 54 RESULTS REPORT 3Q FY 2026 – Condensed Consolidated Interim Financial Statements & Notes eDreams ODIGEO
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Alternative Performance Measures ⌂ 55 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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5. Alternative Performance Measures In addition to the financial information prepared under IFRS, the Group also uses and presents a series of alternative performance measures ("APMs") that provide additional information useful to assess the Group’s performance, solvency and liquidity. APMs are useful for users of financial information as they are the measures employed by Management to evaluate the Group's financial performance, cash flows or financial position when making operational or strategic decisions. The Group considers that these measures are useful in evaluating the business, however this information should be considered as supplemental in nature and it is not meant as a substitute of IFRS measures. Definitions of APMs APMs Non-Reconcilable to GAAP Gross Bookings refers to the total amount paid by customers for travel products and services booked through or with the Group (including the part that is passed on to, or transacted by, the travel supplier), including taxes, service fees and other charges and excluding VAT. Gross Bookings include the gross value of transactions. It also includes transactions made under white label arrangements and transactions where the Group acts as a ‘‘pure’’ intermediary, whereby the Group serves as a click-through and passes the reservations made by the customer to the relevant travel supplier. Gross Bookings provide to the reader a view about the economic value of the services that the Group mediates. APMs Reconcilable to GAAP Adjusted EBITDA means operating profit / loss before depreciation and amortisation, impairment and profit / loss on disposals of non-current assets, as well as adjusted items corresponding to certain share-based compensation, restructuring expenses and other income and expense items which are considered by Management to not be reflective of the Group's ongoing operations. Adjusted EBITDA provides to the reader a better view about the ongoing EBITDA generated by the Group. See section "Reconciliation of APMs", subsection "1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin". Adjusted EBITDA Margin means Adjusted EBITDA divided by Revenue Margin. See section "Reconciliation of APMs", subsection "1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin". Adjusted EBITDA per Booking (Non-Prime) means Adjusted EBITDA of the Non-Prime segment divided by the number of Non-Prime Bookings. See definitions of "Adjusted EBITDA" and "Non-Prime Bookings". Adjusted Items refers to share-based compensation, restructuring expenses, other income and expense items as well as exceptional revenue items which are considered by Management to not be reflective of the Group's ongoing operations. It is the sum of items adjusted to calculate Adjusted EBITDA (including adjusted personnel expenses, adjusted operating (expenses) / income, and adjusted revenue items) and further adjusted items to determine Adjusted Net Income (such as adjusted interest expense on debt and adjusted other financial result). • Adjusted personnel expenses refers to adjusted items that are included inside personnel expenses. • Adjusted operating (expenses) / income refers to adjusted items that are included inside other operating expenses. • Adjusted Revenue items refers to adjusted items that are included inside revenue. • Adjusted interest expense on debt refers to one-off costs from debt refinancing activities, such as the write-off of the remaining capitalised financing costs. • Adjusted other financial result refers to one-off costs, such as early redemption premiums, associated with the refinancing of debt. See section "Reconciliation of APMs", subsection "1.1. Revenue Margin", subsection "1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin" and subsection "1.6. Adjusted Net Income". Adjusted Net Income means the IFRS net income less certain share-based compensation, restructuring expenses and other income and expense items which are considered by Management to not be reflective of the Group's ongoing operations. Adjusted Net Income provides to the reader a better view about the ongoing results generated by the Group. See section "Reconciliation of APMs", subsection "1.6. Adjusted Net Income". Capital Expenditure ("CAPEX") represents the cash outflows incurred during the period to acquire non-current assets such as property, plant and equipment, certain intangible assets and capitalisation of certain development IT costs, excluding the impact of any business combination. It provides a measure of the cash impact of the investments in non- current assets linked to the ongoing operations of the Group. See section "Reconciliation of APMs", subsection "4.2. Capital Expenditure". Cash EBITDA means "Adjusted EBITDA" plus the variation of the Prime deferred revenue corresponding to the Prime fees that have been collected and that are pending to be accrued. The Prime fees pending to be accrued are non-refundable and will be booked as revenue based on a gradual method. Cash EBITDA provides to the reader a view of the sum of the ongoing EBITDA and the full Prime fees generated in the period. The Group's main sources of financing (the 2030 Notes and the SSRCF) consider Cash EBITDA as the main measure of results and the source to meet the Group's financial obligations. Additionally, under the SSRCF, the Group is subject to the Adjusted Gross Leverage Financial Covenant (see note 18), that is a Financial Covenant based on Gross Financial Debt divided by Cash EBITDA, further adjusted by certain corrections. See section "Reconciliation of APMs", subsection "2.5. Cash EBITDA". Cash EBITDA for Prime refers to the Cash EBITDA of the Prime segment. ⌂ 56 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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Cash EBITDA Margin means Cash EBITDA divided by Cash Revenue Margin. See section "Reconciliation of APMs", subsection "2.6. Cash EBITDA Margin". Cash EBITDA Margin is shown for both Prime / Non-Prime segments. Cash Marginal Profit means "Marginal Profit" plus the variation of the Prime deferred revenue corresponding to the Prime fees that have been collected and that are pending to be accrued. The Prime fees pending to be accrued are non- refundable and will be booked as revenue based on a gradual method. Cash Marginal Profit provides a measure of the sum of the Marginal Profit and the full Prime fees generated in the period. See section "Reconciliation of APMs", subsection "2.3. Cash Marginal Profit". Cash Marginal Profit for Prime refers to the Cash Marginal Profit of the Prime segment. Cash Marginal Profit Margin means Cash Marginal Profit divided by Cash Revenue Margin. See definitions of "Cash Marginal Profit" and "Cash Revenue Margin". See section "Reconciliation of APMs" subsections "2.4. Cash Marginal Profit Margin" and "2.7. Cash Revenue Margin, Cash Marginal Profit and Cash Marginal Profit Margin by Prime / Non-Prime". Cash Marginal Profit Margin is shown for both Prime / Non-Prime segments. Cash Revenue Margin means "Revenue Margin" plus the variation of the Prime deferred revenue corresponding to the Prime fees that have been collected and that are pending to be accrued. The Prime fees pending to be accrued are non- refundable and will be booked as revenue based on a gradual method. Cash Revenue Margin provides a measure of the sum of the Revenue Margin and the full Prime fees generated in the period. See section "Reconciliation of APMs", subsection "2.2. Cash Revenue Margin". Cash Revenue Margin for Prime refers to the Cash Revenue Margin of the Prime segment. EBIT means operating profit / loss. This measure, although it is not specifically defined in IFRS, is generally used in the financial markets and is intended to facilitate analysis and comparability. See section "Reconciliation of APMs", subsection "1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin". EBITDA means operating profit / loss before depreciation and amortisation, impairment and profit / loss on disposals of non-current assets. This measure, although it is not specifically defined in IFRS, is generally used in the financial markets and is intended to facilitate analysis and comparability. See section "Reconciliation of APMs", subsection "1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin". Fixed Costs includes IT expenses net of capitalisation write-off, personnel expenses which are not Variable Costs, external fees, building rentals and other expenses of fixed nature. The Group's Management believes the presentation of Fixed Costs may be useful to readers to help understand its cost structure and the magnitude of certain costs that it has the ability to reduce in response to changes affecting the number of transactions processed. See section "Reconciliation of APMs", subsection "1.3. Fixed costs, Variable costs and Adjusted items". (Free) Cash Flow before financing means cash flows from operating activities plus cash flows from investing activities. The Group believes that this measure is useful as it provides a measure of the underlying cash generated by the Group before considering the impact of debt instruments. See section "Reconciliation of APMs", subsection "4.1. (Free) Cash Flow Before Financing". (Free) Cash Flow ex Non-Prime Working Capital means Cash EBITDA and adjusted for cash flows from investing activities, tax payments and interest payments (normalised interest payments, excluding one-offs linked to refinancing). The Group believes this measure is useful as it provides a simplified overview of the cash generated by the Group from activities needed to conduct business and mainly before equity / debt issuance and repayments. This measure does not include changes in working capital other than the variation of the Prime deferred liability as Management believes it may reflect cash that is temporary and not necessarily associated with core operations. See section "Reconciliation of APMs", subsection "4.3. (Free) Cash Flow ex Non-Prime Working Capital". Gross Financial Debt or Gross Debt means total financial liabilities including financing cost capitalised (regardless of whether these costs are classified as liabilities or assets) plus accrued interests pending to be paid and bank facilities and bank overdrafts. It includes both non-current and current financial liabilities, as well as capitalised debt financing costs that can be classified as non-current financial assets. This measure offers to the reader a global view of the Financial Debt without considering the payment terms. See section "Reconciliation of APMs", subsection "3.1. Gross Financial Debt and Net Financial Debt". Gross Leverage Ratio means the total amount of outstanding Gross Financial Debt on a consolidated basis divided by “Cash EBITDA”. This measure offers to the reader a view about the capacity of the Group to generate enough resources to repay the Gross Financial Debt. Management considers that Gross Leverage Ratio calculated based on Cash EBITDA provides a more accurate view of the capacity to generate resources to repay its debt. The Group's main sources of financing (the 2030 Notes and the SSRCF) consider Cash EBITDA as the main measure of results and the source to meet the Group's financial obligations. Additionally, under the SSRCF the Group is subject to the Adjusted Gross Leverage Financial Covenant (see note 18), that is a Financial Covenant based on Gross Financial Debt divided by Cash EBITDA, further adjusted by certain corrections. See section "Reconciliation of APMs", subsection "3.2. Gross Leverage Ratio". Liquidity Position means the total amount of cash and cash equivalents, and remaining cash available under the SSRCF. This measure provides to the reader a view of the cash that is available to the Group. See section "Reconciliation of APMs", subsection "3.4. Liquidity Position". Marginal Profit means “Revenue Margin” less “Variable Costs”. It is the measure of profit that Management uses to analyse the results by segments. Marginal profit excludes Adjusted Revenue items for APM purposes. See section "Reconciliation of APMs", subsection "1.4. Marginal Profit". Marginal Profit per Booking (Non-Prime) means Marginal Profit of the Non-Prime segment divided by the number of Non-Prime Bookings. See definitions of "Marginal Profit" and "Non-Prime Bookings". Net Financial Debt or Net Debt means “Gross Financial Debt” less “cash and cash equivalents”. This measure offers to the reader a global view of the Financial Debt without considering the payment terms and reduced by the effects of the available cash and cash equivalents to face these future payments. See section "Reconciliation of APMs", subsection "3.1. Gross Financial Debt and Net Financial Debt". ⌂ 57 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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Net Leverage Ratio means the total amount of outstanding Net Financial Debt on a consolidated basis divided by “Cash EBITDA”. This measure offers to the reader a view about the capacity of the Group to generate enough resources to repay the Net Financial Debt, also considering the available cash in the Group. Management considers that Net Leverage Ratio calculated based on Cash EBITDA provides a more accurate view of the capacity to generate resources to repay its debt. The Group's main sources of financing (the 2030 Notes and the SSRCF) consider Cash EBITDA as the main measure of results and the source to meet the Group's financial obligations. See section "Reconciliation of APMs", subsection "3.3. Net Leverage Ratio". Prime ARPU means the Cash Revenue Margin generated from Prime users on a last twelve months basis. It is calculated considering all the Cash Revenue Margin elements linked to the bookings done by Prime members (such as, but not limited to, the Prime fees collected, GDS incentives, commissions, ancillary services, etc.) divided by the average number of Prime members during the same period. Management considers this is a relevant measure to follow the Prime performance. As Prime is a yearly programme and, following the new strategic guidance given by the Group (see note 2.5), a yearly programme with flexible quarterly or monthly payment instalments in certain instances, this measure is calculated on a last twelve months basis. See section "Reconciliation of APMs", subsection "2.8. Prime ARPU". Revenue Margin means the IFRS revenue less cost of supplies. The Group's Management uses Revenue Margin to provide a measure of its revenue after reflecting the deduction of amounts payable to suppliers in connection with the revenue recognition criteria used for products sold under the principal model (gross value basis). Accordingly, Revenue Margin provides a comparable revenue measure for products, whether sold under the agency or principal model. The Group used to act under the principal model in regards to the supply of hotel accommodation. Currently, the Group only offers hotel intermediation services, therefore no cost of supply is registered and Revenue and Revenue Margin are of equal amounts (see note 6). Prime Revenue Margin refers to the Revenue Margin of the Prime segment. Revenue Margin is split into the following categories: • Gradual - represents revenue which is recognised gradually over the period of the service agreement and mostly relates to recognised subscription fees, the service of Cancellation for any reason and Flexiticket and airlines overcommissions. • Transaction Date - represents revenue which is recognised at booking date and mostly relates to service fees, ancillaries, insurance, incentives (other than airlines overcommissions) and other fees. • Other - is a residual category and mainly relates to advertising and metasearch revenue, tax refunds and other fees. See section "Reconciliation of APMs", subsections "1.1. Revenue Margin" and "1.2. Revenue Margin by timing of revenue recognition". Revenue Margin per Booking (Non-Prime) means Revenue Margin of the Non-Prime segment divided by the number of Non-Prime Bookings. See definitions of "Revenue Margin" and "Non-Prime Bookings". Variable Costs includes all expenses which depend on the number of transactions processed. These include acquisition costs, merchant costs and other costs of a variable nature, as well as personnel costs related to call centres and corporate sales personnel. The Group's Management believes the presentation of Variable Costs may be useful to readers to help understand its cost structure and the magnitude of certain costs that it has the ability to reduce in response to changes affecting the number of transactions processed. See section "Reconciliation of APMs", subsection "1.3. Fixed costs, Variable costs and Adjusted items". Other definitions Bookings refers to the number of transactions under the agency model and the principal model as well as transactions made under white label arrangements. One Booking can encompass one or more products and one or more passengers. The Group used to act under the principal model in regards to the supply of hotel accommodation. Currently, the Group only offers hotel intermediation services, so no cost of sales is recorded and Revenue and Revenue Margin are the same (see note 6). Non-Prime Bookings as the Group is aiming towards a subscription-oriented strategy and focusing on achieving its Prime member targets, Non-Prime Bookings references solely to the bookings done by Non-Prime members. Mobile bookings (as share of flight Bookings) means the number of flight Bookings done on a mobile device over the total number of flight Bookings, on a last twelve months basis. Prime members means the total number of customers that benefit from a paid Prime subscription in a given period. Prime / Non-Prime. The Group presents certain profit and loss measures split by Prime and Non-Prime. In this context, Prime means the profit and loss measure generated from Prime users. Non-Prime means the profit and loss measure generated from non-Prime users. For instance, in the case of Prime Cash Revenue Margin, it includes elements such as, but not limited to, the Prime fees collected, GDS incentives, commissions, ancillary services, etc. consumed by Prime clients. As Prime is a yearly programme and, following the new strategic guidance given by the Group (see note 2.5), a yearly programme with quarterly or monthly payments instalments in certain instances, Prime / Non-Prime profit and loss measures are presented on a last twelve months basis. Prime / Non-Prime also relate to the segments based on the Group's subscription-based programme (see note 6). See section "Reconciliation of APMs", subsection "2. Measures of Profit and Loss related to Prime". Top 6 Markets refers to the Group's operations in France, Spain, Italy, Germany, United Kingdom and Nordics. ⌂ 58 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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Reconciliations of APMs 1. Measures of Profit and Loss 1.1. Revenue Margin (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 By nature: Revenue 502,796 489,941 Revenue Margin 502,796 489,941 By geographical segments (see note 6): Top 6 372,391 358,930 Rest of the World 130,405 131,011 Revenue Margin 502,796 489,941 By Prime / Non-Prime segments (see note 6): Prime Revenue Margin 379,954 328,594 Non-Prime Revenue Margin 122,842 161,347 Revenue Margin 502,796 489,941 1.2. Revenue Margin by timing of revenue recognition (Thousands of euros) Unaudited Last Twelve Months ended 31st December 2025 Unaudited Last Twelve Months ended 31st December 2024 By timing of revenue recognition (see note 7): Gradual 453,276 405,154 Transaction date 204,718 224,059 Other 26,045 29,095 Revenue Margin LTM 684,039 658,308 (-) Revenue Margin from January to March 181,243 168,367 Revenue Margin from April to December 502,796 489,941 1.3. Fixed costs, Variable costs and Adjusted items Unaudited 9 months ended 31st December 2025 (Thousands of euros) Variable costs Fixed costs Adjusted items Total Personnel expenses (see note 9) (4,178) (58,039) (15,039) (77,256) Impairment (loss) / reversal on bad debts 160 — — 160 Marketing, other variable and other operating expenses (see notes 8 and 11) (279,270) (23,055) (6,465) (308,790) Total Operating costs (283,288) (81,094) (21,504) (385,886) ⌂ 59 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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Unaudited 9 months ended 31st December 2024 (Thousands of euros) Variable costs Fixed costs Adjusted items Total Personnel expenses (see note 9) (3,608) (60,052) (13,335) (76,995) Impairment (loss) / reversal on bad debts (377) — — (377) Marketing, other variable and other operating expenses (see notes 8 and 11) (328,464) (17,705) (185) (346,354) Total Operating costs (332,449) (77,757) (13,520) (423,726) 1.4. Marginal Profit (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Revenue Margin 502,796 489,941 Variable costs (283,288) (332,449) Marginal Profit 219,508 157,492 1.5. EBIT, EBITDA, Adjusted items, Adjusted EBITDA and Adjusted EBITDA Margin (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Operating profit / (loss) = EBIT 79,625 33,364 (-) Depreciation and amortisation (see note 10) (37,285) (32,851) EBITDA 116,910 66,215 Adjusted personnel expenses - Long-term incentive plans (see notes 9 and 17) (15,039) (13,335) Adjusted operating (expenses) / income (see note 11) (*) (6,465) (185) (-) Adjusted items - included in EBITDA (21,504) (13,520) Adjusted EBITDA 138,414 79,735 / Revenue Margin 502,796 489,941 Adjusted EBITDA Margin 27.5% 16.3% (*) The increase is mostly due to concepts detailed in note 22.14. 1.6. Adjusted Net Income (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Net income 40,293 4,100 Adjusted items - included in EBITDA (see table 1.5) 21,504 13,520 Adjusted items - 2027 Notes Repayment (*) 8,142 — Tax effect of the above adjustments (6,126) (3,141) Adjusted net income 63,813 14,479 Adjusted net income per share (€) 0.56 0.12 Adjusted net income per share (€) - fully diluted basis 0.53 0.11 (*) The impact of the 2027 Notes repayment corresponds to early redemption expenses amounting to €5.2 million and the write-off of remaining capitalised financing costs amounting to €3.0 million (see note 12). ⌂ 60 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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2. Measures of Profit and Loss related to Prime 2.1. Variation of Prime deferred revenue (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Unaudited Last Twelve Months ended 31st December 2025 Unaudited Last Twelve Months ended 31st December 2024 Prime deferred revenue at period start (see note 21) 187,000 140,250 184,175 139,758 Prime deferred revenue at period start 187,000 140,250 184,175 139,758 Prime deferred revenue at period end (see note 21) 175,310 184,175 175,310 184,175 Variation of Prime deferred revenue (11,690) 43,925 (8,865) 44,417 2.2. Cash Revenue Margin Unaudited 9 months ended 31st December 2025 (Thousands of euros) Prime Non-Prime Total Revenue Margin 379,954 122,842 502,796 Variation of Prime deferred revenue (11,690) — (11,690) Cash Revenue Margin 368,264 122,842 491,106 Unaudited 9 months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Revenue Margin 328,594 161,347 489,941 Variation of Prime deferred revenue 43,925 — 43,925 Cash Revenue Margin 372,519 161,347 533,866 2.3. Cash Marginal Profit Unaudited 9 months ended 31st December 2025 (Thousands of euros) Prime Non-Prime Total Marginal Profit 199,955 19,553 219,508 Variation of Prime deferred revenue (11,690) — (11,690) Cash Marginal Profit 188,265 19,553 207,818 Unaudited 9 months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Marginal Profit 132,056 25,436 157,492 Variation of Prime deferred revenue 43,925 — 43,925 Cash Marginal Profit 175,981 25,436 201,417 2.4. Cash Marginal Profit Margin Unaudited 9 months ended 31st December 2025 (Thousands of euros) Prime Non-Prime Total Cash Marginal Profit 188,265 19,553 207,818 Cash Revenue Margin 368,264 122,842 491,106 Cash Marginal Profit Margin 51.1% 15.9% 42.3% Unaudited 9 months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Cash Marginal Profit 175,981 25,436 201,417 Cash Revenue Margin 372,519 161,347 533,866 Cash Marginal Profit Margin 47.2% 15.8% 37.7% ⌂ 61 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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2.5. Cash EBITDA Unaudited 9 months ended 31st December 2025 (Thousands of euros) Prime Non-Prime Total Adjusted EBITDA 138,405 9 138,414 Variation of Prime deferred revenue (11,690) — (11,690) Cash EBITDA 126,715 9 126,724 Cash EBITDA from January to March 50,596 6,163 56,759 Cash EBITDA LTM 177,311 6,172 183,483 Unaudited 9 months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Adjusted EBITDA 79,749 (14) 79,735 Variation of Prime deferred revenue 43,925 — 43,925 Cash EBITDA 123,674 (14) 123,660 Cash EBITDA from January to March 26,040 6,773 32,813 Cash EBITDA LTM 149,714 6,759 156,473 2.6. Cash EBITDA Margin Unaudited 9 months ended 31st December 2025 (Thousands of euros) Prime Non-Prime Total Cash EBITDA 126,715 9 126,724 Cash Revenue Margin 368,264 122,842 491,106 Cash EBITDA Margin 34.4% 0.0% 25.8% Cash EBITDA LTM (see table 2.5) 177,311 6,172 183,483 Cash Revenue Margin LTM (see table 2.7) 505,889 169,285 675,174 Cash EBITDA Margin LTM 35.0% 3.6% 27.2% Unaudited 9 months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Cash EBITDA 123,674 (14) 123,660 Cash Revenue Margin 372,519 161,347 533,866 Cash EBITDA Margin 33.2% 0.0% 23.2% Cash EBITDA LTM (see table 2.5) 149,714 6,759 156,473 Cash Revenue Margin LTM (see table 2.7) 470,795 231,930 702,725 Cash EBITDA Margin LTM 31.8% 2.9% 22.3% 2.7. Cash Revenue Margin, Cash Marginal Profit and Cash Marginal Profit Margin by Prime / Non-Prime Unaudited Last Twelve Months ended 31st December 2025 Unaudited Last Twelve Months ended 31st December 2024 (Thousands of euros) Prime Non-Prime Total Prime Non-Prime Total Revenue Margin 514,754 169,285 684,039 426,378 231,930 658,308 Variation of Prime deferred revenue (8,865) — (8,865) 44,417 — 44,417 Cash Revenue Margin 505,889 169,285 675,174 470,795 231,930 702,725 Variable costs (249,574) (137,555) (387,129) (253,899) (188,983) (442,882) Cash Marginal Profit 256,315 31,730 288,045 216,896 42,947 259,843 Cash Marginal Profit Margin 50.7% 18.7% 42.7% 46.1% 18.5% 37.0% 2.8. Prime ARPU (Thousands of euros) Unaudited Last Twelve Months ended 31st December 2025 Unaudited Last Twelve Months ended 31st December 2024 Cash Revenue Margin from Prime customers LTM 505,889 470,795 Average Prime members LTM 7,545,765 6,360,451 Prime ARPU (euros) 67.0 74.0 ⌂ 62 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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3. Measures of Financial Position 3.1. Gross Financial Debt and Net Financial Debt (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Non-current financial liabilities (see note 18) 374,346 373,213 Current financial liabilities excl. SSRCF Financing costs (see note 18) 18,491 7,912 (-) SSRCF Financing costs (see note 18) (*) (5,876) (1,762) Gross Financial Debt 386,961 379,363 Cash and cash equivalents (27,506) (76,882) Net Financial Debt 359,455 302,481 (*) Classified within financial liabilities as at 31st December 2025 (classified within financial assets as at 31st March 2025) (see note 18). 3.2. Gross Leverage Ratio (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Gross Financial Debt 386,961 379,363 / Cash EBITDA LTM 183,483 180,419 Gross Leverage Ratio 2.1 2.1 3.3. Net Leverage Ratio (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Net Financial Debt 359,455 302,481 / Cash EBITDA LTM 183,483 180,419 Net Leverage Ratio 2.0 1.7 3.4. Liquidity Position (Thousands of euros) Unaudited 31st December 2025 Audited 31st March 2025 Cash and cash equivalents 27,506 76,882 Remaining cash available under SSRCF (see note 18) 149,640 144,700 Liquidity position 177,146 221,582 4. Measures of Cash Flow 4.1. (Free) Cash Flow Before Financing (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Net cash from / (used in) operating activities 79,080 47,980 Net cash from / (used in) investing activities (45,660) (41,641) (Free) Cash Flow before financing activities 33,420 6,339 4.2. Capital Expenditure (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Net cash from / (used in) investing activities (45,660) (41,641) Business combinations net of cash acquired — — Capital expenditure (45,660) (41,641) ⌂ 63 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO
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4.3. (Free) Cash Flow ex Non-Prime Working Capital (Thousands of euros) Unaudited 9 months ended 31st December 2025 Unaudited 9 months ended 31st December 2024 Cash EBITDA 126,724 123,660 Taxes (see 4.5. Condensed Consolidated Interim Cash Flows Statement) (15,244) (1,920) Net cash from / (used in) investing activities (45,660) (41,641) (Free) Cash Flow ex Non-Prime Working Capital (pre - interest) 65,820 80,099 Interests (see 4.5. Condensed Consolidated Interim Cash Flows Statement) (*) (11,049) (11,660) (Free) Cash Flow ex Non-Prime Working Capital 54,771 68,439 Free cash flow from January to March 31,523 9,006 (Free) Cash flow ex Non-Prime Working Capital LTM 86,294 77,445 (*) Excluding payments related to the refinancing impacts (early redemption expenses of the 2027 Notes, financing fees paid related to the 2030 Notes and the fees related to the SSRCF modification, all amounting to €17.3 million). For better comparability, interest payment has also been excluded for €9.2 million (due to a change in the timing of interest payments, which shifted from January in the comparative period to December in the current period). ⌂ 64 RESULTS REPORT 3Q FY 2026 – Alternative Performance Measures eDreams ODIGEO