Q3 & 9M 2025 financial results
Q32025
Presenters
Alessandro Petazzi
Chief Executive Officer
Diego Fiorentini
Chief Financial Officer
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Agenda
01
Q3 & 9M 2025 Results
Alessandro Petazzi & Diego Fiorentini
023-Year Outlook
Alessandro Petazzi
03Financial Calendar 2025/2026
Julia Weinhart
Q3 & 9M 2025 performance
Q3 Adj. EBITDA -CAPEX
€12.1m
+68% vs. Q3 2024
Q3 Adj. EBITDA
€17.2m
+35% vs. Q3 2024
9M Adj. EBITDA
€46.1m
+29% vs. 9M 2024
GROSS PROFIT
+9% vs. Q3 2024
Packages +10%
Flights +14%
+9% vs. 9M 2024
Packages +7%
Flights +21%
REVENUES*
+17% vs. Q3 2024
Packages +11%
Flights +39%
+13% vs. 9M 2024
Packages +10%
Flights +26%
GTV
+28% vs. Q3 2024
Packages +6%
Flights +79%
+14% vs. 9M 2024
Packages +2%
Flights +41%
9M Adj. EBITDA
- CAPEX
€30.6m
+80% vs. 9M 2024
5
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(*) REVENUES, defined as the ordinary margins generated through the sale of travel services (together with ancillaries, over commissions, kickback and other indirect revenue), including the negative effects coming from the cancellation of bookings and the other income from the voucher misredemption. They are also defined as managerial revenues.
Q3 Revenues momentum acceleration, driving nine-month growth to 13%
Q3 Revenues 9M
6
+17%
+13%
€m
2025 vs 2024 | 2025 vs 2024 |
(20%) | (13%) |
+24% | +20% |
+39% | +26% |
+11% | +10% |
All main categories achieved double-digit growth in Q3
Q3 Gross Profit 9M
+9%
+9%
€m
2025 vs 2024 | 2025 vs 2024 |
(29%) | (15%) |
+10% | +16% |
+14% | +21% |
+10% | +7% |
Gross Margin
39.9%
37.3%
41.7%
7
40.1%
Cost Structure
Strong operating leverage, with fixed costs incidence over total costs decreasing from 29% to 24% in Q3.
Variable Costs Marketing and Sales costs Other variable costs Fixed Costs
HR Costs
HR Costs Gross Capex HR Capex
Operating Costs
€m % on Revenues
Q3 25 | Q3 24 | Delta % | 9M 25 | 9M 24 | Delta % |
(84.1) | (73.9) | 14% | (238.0) | (215.6) | 10% |
(63.5) | (52.1) | 22% | (170.1) | (146.5) | 16% |
(47.2) | (36.8) | 28% | (122.7) | (100.7) | 22% |
(16.3) | (15.3) | 7% | (47.4) | (45.8) | 3% |
(20.6) | (21.8) | (6%) | (67.9) | (69.1) | (2%) |
(14.2) | (13.7) | 4% | (47.2) | (45.6) | 4% |
(18.6) | (18.3) | 1% | (60.5) | (60.0) | 1% |
4.4 | 4.7 | (6%) | 13.3 | 14.4 | (8%) |
(6.4) | (8.1) | (21%) | (20.7) | (23.5) | (12%) |
Q3 25 | Q3 24 | Delta pp | 9M 25 | 9M 24 | Delta pp |
83% | 85% | (2)pp | 84% | 86% | (2)pp |
63% | 60% | 3pp | 60% | 58% | 2pp |
47% | 42% | 5pp | 43% | 40% | 3pp |
16% | 18% | (2)pp | 17% | 18% | (1)pp |
20% | 25% | (5)pp | 24% | 27% | (3)pp |
14% | 16% | (2)pp | 17% | 18% | (1)pp |
18% | 21% | (3)pp | 21% | 24% | (3)pp |
(4%) | (5%) | 1pp | (5%) | (6%) | 1pp |
6% | 9% | (3)pp | 7% | 9% | (2)pp |
Total Costs
24% 29%
Fixed Costs
8
Q3 2025 Q3 2024
Profit and Loss
€m | Q3 | Q3 Delta | 9M | 9M Delta |
2025 | 2024 % | 2025 | 2024 % | |
GTV | 1,013 | 790 28% | 2,696 | 2,366 14% |
Revenues | 101.3 | 86.7 17% | 284.1 | 251.3 13% |
Variable Costs | (63.5) | (52.1) 22% | (170.1) | (146.5) 16% |
Gross Profit | 37.8 | 34.6 9% | 114.0 | 104.8 9% |
% on Revenues | 37.3% | 39.9% (2.6)pp | 40.1% | 41.7% (1.6)pp |
Fixed Costs | (20.6) | (21.8) (6%) | (67.9) | (69.1) (2%) |
Adjusted EBITDA | 17.2 | 12.8 35% | 46.1 | 35.7 29% |
% on Revenues | 17.0% | 14.7% 2.3pp | 16.2% | 14.2% 2.0pp |
EBITDA | 13.5 | 13.4 1% | 37.7 | 37.5 1% |
EBIT | 4.0 | 8.8 (55%) | 17.3 | 24.4 (29%) |
Net Result | 1.9 | 5.7 (67%) | 9.7 | 15.7 (38%) |
Earnings /(loss) per share | 0.18 | 0.53 (66%) | 0.91 | 1.47 (38%) |
Adjusted EBITDA - Capex | 12.1 | 7.2 68% | 30.6 | 17.0 80% |
Revenues grew for the third quarter in the high teens YoY, led by Packages, with Flights and Hotels maintaining strong double-digit growth. 9M growth of 13%.
Adjusted EBITDA for 9M reached €46.1m vs €35.7m in 9M 2024, with Q3 2025 benefiting from the reorganisation in Q2 and fixed costs down 2% YoY.
EBITDA of €13.5m, broadly in line with Q3 2024 (+1%), including non-recurring items from the Cruise business discontinuation. The EBITDA for the 9M has been stable vs last year (+1%), despite H1 non recurring items.
EBIT at €4.0m in the quarter (-55% vs Q3 2024), highly impacted by the impairment of intangible assets related to the extraordinary effect of the discontinuation of the Cruise business.
Net Result for the quarter reached €1.9m (-67%), notwithstanding the impact of non recurring items, and €9.7m in the 9M (-38%).
EPS stood at €0.18, compared to €0.53 in Q3 2024, reflecting a lower EBIT contribution, while in 9M the EPS reached €0.91 vs €1.47 of last year.
Significant cash conversion from operations, with Adjusted EBITDA
- Capex growing +68% in Q3 at €12.1m (vs. €7.2m in Q3 2024) and
+80% in 9M at €30.6m (vs. €17.0m in 9M 2024).
9
Net Result adjusted for one-off items arising from the discontinuation of the Cruise business in Q3
Without considering one-offs impact, Net Result would have been +42% YoY (vs €5.7m in Q3 24). In the nine months, Net Result adjusted would be €19.4m vs €15.7m of 2024.
One-offs impact:
+42%
€6.8m
9M 46.1 9.7 8.2 3.3 (1.8) 19.4 15.7
10
Net Result
€m
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