eDreams ODIGEO achieves strong performance even with Omicron with Bookings 26% above pre-pandemic levels and Prime subscribers growing by 186%

BARCELONA, Spain, Feb. 25, 2022 /PRNewswire/ -- eDreams ODIGEO ("eDO"), Europe's largest online travel company, the largest globally in terms of flights outside of China and one of the largest European e-commerce businesses, today reports its results for the third quarter ended 31 December, 2021.

eDO is reinventing travel through its market leading, highly successful and rapidly growing subscription model Prime. Similar to other major subscription led businesses, eDO is taking advantage of its first mover advantage to capture the huge opportunity it has created. eDO's growth and development is supported by a strong balance sheet and state of the art proprietary platform and systems infrastructure which has the capability of significantly enhanced throughput beyond our self-set FY 25 targets.

RESULTS HIGHLIGHTS

Strong Bookings ahead of Pre-COVID levels

• In 3Q FY22, Bookings 26% above pre-COVID levels (in 9M FY22, Bookings already 7% above pre-COVID). 
• Despite softening of demand due to Omicron variant, trading continued to be in line or above pre-COVID levels (October +44% vs 2019, November +33% vs 2019, December -2% vs 2019).
• Omicron is fading, restrictions easing and consumers want to travel. eDO Bookings strong growth in February at 30% above pre-COVID-19 levels, with strong daily Bookings average, 4% ahead of October, which has been our strongest ever volume of daily Bookings for any month. 

                eDO Bookings Growth

eDO and Prime continue to outperform

• eDO Bookings performance materially better than the market: over 50 percentage points vs airlines.
• In 3Q FY22 grew Prime members by 186% year-on-year to 2.2 million subscribers. 
• Average Revenue per User (ARPU) grew by 54% vs FY21 and stood at €88.5 per member (5% ahead of already high 2Q FY22 at €84.1).
• In FY22 we added 1.4M more new members than in the same period of last year. 
• As of February, Prime membership at 2.4M members.

Financial highlights - fundamentals show strong signs of eDO recovery

• Revenue Margin in 3Q FY22 increased 218% year-on-year. COVID-19 induced restrictions still resulted in Cash Revenue Margin (*) being 18% below pre-COVID-19 levels (including Prime contribution) due to average basket size constrained by travel restrictions.
• Cash Marginal Profit (*) stood at €31.0 million for 3Q FY22; 3.5x the amount in 3Q FY21 (€80.2 million in 9M FY22).
• Cash EBITDA (*) €14.0 million positive in 3Q FY22; (€33.3 million in 9M FY22).

Successfully executed on the optimisation of our capital structure

• Raised €75 million of primary equity to attend investors' reverse demand, reduce leverage and increase liquidity.
• Reduced the size of the Senior Notes from €425 to €375 million.
• Successfully refinanced all our debt, extended maturity by 5.5 years, improved contractual terms, and reduced yearly interest expense by €2.5 million.
• Financial stability to execute on our business plan and deliver on FY25 targets.

Dana Dunne, Chief Executive Officer, said: "eDreams ODIGEO continues to outperform the market and its peers, outperformance driven by market leadership and innovation. Our position as a global leader in flights supported by a market leading delivery platform has enabled us to develop our global subscription product, Prime which is reinventing travel. It is growing exponentially and has now 2.4 million members who benefit every time they travel. As the market continues to recover, and we continue to outperform the industry, we have huge growth opportunities ahead of us and we are well on our path to achieving >7.25 million Prime members in fiscal year 2025".

Financial Information and Income Statement with increase in Prime Deferred Revenue Summary         

Source condensed consolidated interim financial statements unaudited.

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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 660 airlines. The business conceptualised Prime, the first subscription product in the travel sector which has topped 2.4 million members since launching in 2017. The brand offers the best quality products in regular flights, low-cost airlines, hotels, dynamic packages, cruises, car rental and travel insurance to make travel easier, more accessible, and better value for consumers across the globe.

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SOURCE eDreams ODIGEO