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Press release content from PR Newswire. The AP news staff was not involved in its creation.

eDreams ODIGEO reports continued outperformance with trading above Pre-COVID levels and Prime growing by 50% in 3 months to 1.5m members

September 1, 2021 GMT

LONDON, Sept. 1, 2021 /PRNewswire/ -- eDreams ODIGEO ( www.edreamsodigeo.com ), one of the world’s largest online travel companies, No 2 in flights globally, today reports its results for the first quarter ended June 30th 2021.

RESULTS HIGHLIGHTS

In the first quarter, we have experienced a sharp increase in trading, despite uncertainty and some travel restrictions remaining, as more people are vaccinated and COVID restrictions are eased. After a difficult year in 2020/2021, as predicted, the travel market is rapidly returning. eDreams ODIGEO, with its unique customer proposition and over 1.5 million Prime subscribers reached in August, is positioned to take advantage in a post-COVID era to attract more customers and capture further market share. eDreams ODIGEO continues to outperform its peers with Bookings in the month of June surpassing pre-COVID levels and accelerating even further during July and August (July +6% vs FY19; and August +27% vs FY19).

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Bookings ahead of Pre-COVID levels

  • In June 2021, Bookings improved to even surpass pre-COVID-19 levels.
  • In July and August, trading continued to improve and year-on-year growth rates for Bookings vs pre-COVID-19 levels accelerated (July +6% vs FY19; and August +27% vs FY19).

Results are encouraging

  • Revenue Margin in the first quarter of fiscal year 2022 increased 313%. COVID-19 induced restrictions still resulted in Cash Revenue Margin being 48% below pre-COVID-19 levels (including Prime contribution) due to disproportionate demand in shorter distance flights.
  • Cash EBITDA €3.1 million positive.
  • Marginal Profit stood at €13.4 million positive for the first quarter of fiscal year 2022, 11x the amount of the first quarter of fiscal year 2021.
  • Strong liquidity position maintained: €136 million at end July. The liquidity of eDO was never at risk.

Prime continues to reinvent travel and travel proposition

  • Leader and inventor of the first and highly successful subscription-based model in travel: Prime
  • Reached over 1.5 million Prime members in August (500,000 in just 3 months, previous 500,000 took 15 months to achieve).
  • We will continue to grow Prime through product innovation and geographic expansion
  • On track to achieve the target of 2 million members over one year ahead of schedule. Revised target was before the end of summer 2022. Very likely we will move forward our self-imposed target set last May by another 3-6 months.

Evolution of Prime Members and share of total flight Bookings

eDo will be a clear winner post-COVID world

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  • Unique relationship-based (subscription) model with customers
  • We have an unrivalled scale advantage and are now number 2 in the world in retailing flights
  • Our market share in Europe grew by 6 percentage points to 37%
  • We have a balanced business with Diversification Revenue of 63%, up +10 percentage points year on year, and mobile Bookings in excess of 50%.

Dana Dunne, CEO of eDreams ODIGEO commented: “We have continued to see a rapid and strong turnaround in trading, despite some travel restrictions still being in place. We have surpassed pre-COVID booking levels for the last 3 months, with August being at an impressive +27% vs Pre-Covid-19 levels. We have extended the outperformance from last year and taken further market share after a very strong start in the first quarter of the current year.

And that is because we have successfully positioned ourselves to thrive in a post-COVID-19 world through our scale, by being an online leisure-focused business that is the leader in mobile and innovation, our market leading member subscription product Prime, which has grown 50% in the last 3 months to 1.5 million members. It is exciting that we will reach our self-imposed forecast of two million Prime members at least a year early.

Despite anticipating some continuing volatility over the next few months we are in great shape, excited and confident of making further progress for the rest of the year. We continue to succeed through our superior strategy, product proposition and operational excellence.”

Financial Information and Income Statement Summary

(in thousands)

1Q FY22

Var FY22 vs FY21

1Q FY21

Bookings

2,227

491 %

377

(in € million)




Revenue Margin

68.4

313 %

16.6

Cash Revenue Margin (*)

73.5

289%

18.9

Adjusted EBITDA

(1.9)

(87) %

(14.7)

Cash EBITDA (**)

3.1

n/a

(12.4)

EBITDA

(4.2)

(73) %

(15.6)

EBIT

(12.8)

(48) %

(24.5)

Net income

(23.9)

(2) %

(24.4)

Adjusted net income

(15.5)

(34) %

(23.6)

For more information, see here.

About eDreams ODIGEO

eDreams ODIGEO is one of the world’s largest online travel companies and one of the largest e-commerce businesses in Europe. Under its four leading online travel agency brands – eDreams, GO Voyages, Opodo, Travellink, and the metasearch engine Liligo – it serves more than 17 million customers per year across 45 markets. Listed on the Spanish Stock Market, eDreams ODIGEO works with over 650 airlines and has partnerships with 130. The brand offers the best deals in regular flights, low-cost airlines, hotels, cruises, car rental, dynamic packages, holiday packages and travel insurance to make travel easier, more accessible, and better value for consumers across the globe.

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SOURCE eDreams ODIGEO