EDreams ODIGEO S A : 1H FY 2023 Results Report

RESULTS REPORT 1H FY2023

Free translation from the original document in Spanish.

In the event of discrepancy, the Spanish-language version prevails

1. A brief look at eDreams ODIGEO and KPIs
2. Financial Performance
3. Other information
4. Condensed Consolidated Interim Financial Statements and Notes
5. Alternative Performance Measures

A brief look at eDreams ODIGEO and KPIs

1. A brief look at 1H FY2023 eDreams ODIGEO KPIs
2. Results Highlights
3. Current Trading
4. Strategy Performance: One Year Post Capital Markets Day

1. A brief look at 1HFY23 eDreams ODIGEO and KPIs....................................................................................................................................................................................................................................................................................................................................eDreams ODIGEO

1.1. A BRIEF LOOK AT 1H FY 2023 eDREAMS ODIGEO KPIs

Largest	5%	54%	3,611K	€80.4	44	17M
Player Worldwide	No 1 European Flight	Mobile Flight	Prime Members	Prime ARPU (2) (4)	Markets	Customers(3)
in Flight Revenues, ex China	Retailer	Bookings (2)	+109%YoY	(From €84.0 )
	European Total Air Market Share	(From 55%)	(From 1,729K )
	(From 3%) (1)
€316.5M	€74.4M	690	2.1M	+9 Billion	+2 Billion	73%
Airlines	Hotels	Different Itineraries	Monthly searches
		€34.5M	€7.0M	8.6M	€(19.0)M
Cash Revenue	Cash Marginal	Cash EBITDA (4)	Adjusted	Bookings	Adj Net Income (4)	Diversification
Margin (4)	Profit (4)	(From €19.4M)	EBITDA (4)	(From 5.7M)	(From €(27.7)M)	Revenue (2) (4)
(From €187.0M)	(From €49.2M )		(From €0.7M)			+6ppt
Prime Share(2) 42%	Prime Share(2) 54%					(From 67% of total)

Information presented based on 1H FY23 vs 1H FY22 year-on-year variations.

1. Travelport Full Market Data & eDO Business Intelligence, FY22 vs FY20. (2) Ratio is calculated on a last 12 month basis. (3) Fiscal Year 22. (4) See definition and reconciliation of Prime ARPU, Diversification Revenue, Cash Revenue Margin, Cash Marginal Profit, Cash EBITDA, Adjusted EBITDA and Adjusted Net Income in section 5. Alternative Performance Measures.

4

1. A brief look at 1HFY23 eDreams ODIGEO and KPIs....................................................................................................................................................................................................................................................................................................................................

eDreams ODIGEO

1.2. RESULTS HIGHLIGHTS

eDO continues to deliver strong Bookings growth

• In 1H FY23 eDO achieved strong Bookings, reaching 8.6 million, 50% above 1H FY22 and 48% above pre-COVID-191.
• In October and November2, despite macroeconomic headwinds, Bookings up 45% and 45% above pre-COVID-191

eDO and Prime continue to outperform

• eDO Bookings performance is materially better than the market, with a business that has increased its quality with the pivot to subscription.
• In 1H FY23 we reached 3.6 million subscribers. which is the result of a 479K run rate per quarter during the first half
  of 1H FY23 (+8% and +47% vs FY22 and FY21 quarterly run rates, respectively). One year after the start of super high growth in Prime Net Adds6, Gross Adds4 will be partially offset by churn5 applying to a higher Prime member base.

Strong 1H FY23 results - As expected, meaningful Cash EBITDA Margin improvement vs 1Q FY23, 13% vs 9%

• In 1H FY23, Cash Revenue Margin3 up 69% year-on-year, despite travel options constrained by COVID-19 travel restriction uncertainty.
• Cash Marginal Profit3 increased to €74.4 million for 1H FY23; up 51% the amount in 1H FY22 (€49.2 million in FY22).
• As expected, strong Cash EBITDA3 in 2Q FY23, which resulted in €34.5 million in 1H FY23 (€20.5 million on 2Q FY23 standalone), up 78% vs the same period last year. As guided in 1Q FY23, strong growth in year 1 Prime members delays profitability as it jumps in year 2.
• If instead of reaching 3.6 million members in 2Q FY23 we would have reached 3.5 million members (110k less net adds - 290 instead of 400k), this would have resulted in eDO achieving an 18% Cash EBITDA Margin instead of 13% (5 points higher Cash EBITDA Margin).

Strategy Performance - One Year On From Post Capital Markets Day (CMD) - Well on track to meeting self-imposed FY25 targets

• Prime Members - Despite Omicron, Ukraine War, high inflation and a market still below Pre-COVID levels, our Net Adds run rate is ahead of expectations, and our Churn rates have slightly improve. We are on track to reach our self imposed target of 7.25 million members.

• ARPU3 is converging with our guidance of €80 per user
• Cash EBITDA - Our 2Q FY23 results demonstrates as % of year 2+ Prime members increases, an increasing share of year 2+ Prime members has a very positive impact on margins. Our most recent results demonstrates we are well

on track to meet our self-imposed target of over €180 million in FY25

1. 1H FY20; (2) eDO Bookings growth until 8th November 2022 ; (3) See definition and reconciliation of Revenue Margin. Cash Revenue Margin, Cash Marginal Profit, Cash EBITDA and ARPU in section 5. Alternative Performance Measures.(4) Gross Adds: Prime members that sign-up over a period of time (5) Churn: Prime members that unsubscribe or stop paying over a period of time (6) Net Adds: Gross Adds-Churn

1.3. CURRENT TRADING

eDO continues to achieve strong Booking growth despite Omicron, Ukraine war, air industry disruptions, and inflationary pressures

The continued outperformance of our trading over the last quarters is the result of the improvements on our platform and building on our strengths including Prime over the last 2 years. Our current trading demonstrates the rapid recovery from COVID-19 with the best-in-class performance, which was driven by consumers desire to travel, our Prime programme, and eDO strong performance, with a business that has increased its quality with the pivot to subscription.

The Company's Bookings level over the past quarter have shown a 46% growth vs 2019. Despite the conflict in Ukraine, recent air industry disruptions and inflationary pressures may have caused some short term uncertainty, we still have seen a real resurgence in travel. In October and November(*), despite macroeconomic headwinds, Bookings up 45% and 45% above pre-COVID-191.

Trading continues to improve

eDO Bookings growth vs 2019

	44%		52%	54%	54%	45%	45%
			45%	46%
31%	33%	30%	34%		38%
		(2)%
		(11)%

Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov
21	21	21	21	22	22	22	22	22	22	22	22	22	22	22

Source: Company data (*) eDO Bookings growth until 8th November 2022

5