INDEX
INDEX Disclamer
1. Key Financials
2. P&L
3. Prime
4. Balance Sheet
5. Cash Flow
6. Adjusted Net Income
7. Working Capital
8. Net Debt
9. Adjusted items
10. Cost analysis
11. KPI historic evolution

This presentation is to be read as an introduction to the unaudited condensed consolidated interim financial statements of the Group and contains key information presented in a concise manner on the Group and its financial condition. The information contained in this presentation is extracted from the unaudited condensed consolidated interim financial statements of the Group and is qualified in its entirety by the additional information contained therein. This presentation should only be read in conjunction with the unaudited condensed consolidated interim financial statements of the Group. Copies of the unaudited condensed consolidated interim financial statements of the Group are available under http://www.edreamsodigeo.com/category/investors/quarterly-edreams-odigeo/. Certain statements included or incorporated by reference within this presentation may constitute "forward-looking statements" in respect of the Group's operations, performance, prospects and/or financial condition, the industry in which the Group operates and the Group's intentions as to its financial policy. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Statements in this presentation reflect the knowledge and information available at the time of its preparation. The Group does not undertake any responsibility or obligation to update the information in this presentation, including any forward-looking statement resulting from new information, future events or otherwise. Nothing in this presentation should be construed as a profit forecast. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to sell, or a solicitation of any offer to purchase or acquire any securities or related financial instruments of the company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the securities of the company. No securities of eDreams ODIGEO have been or will be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. None of eDreams ODIGEO nor any of its subsidiaries, nor any director, officer, employer, employee, advisers, auditors, connected persons or agent of theirs, or affiliate of any such person, accepts any liability or responsibility whatsoever for any loss howsoever arising, directly or indirectly, from this presentation or its contents. In the United Kingdom, this presentation is directed only at persons who (i) fall within Article 43(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order"), (ii) are persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Order, or (iii) are persons who are high net worth entities falling within Article 49(2)(a) to (d) of the Order, and other persons to whom it may lawfully be communicated (together "Relevant Persons"). Under no circumstances should persons who are not Relevant Persons rely or act upon the contents of this presentation. Any investment or investment activity to which this presentation relates in the United Kingdom is available only to, and will be engaged only with, Relevant Persons. The financial information included in this presentation includes, in addition to the financial information prepared in accordance with International Financial Reporting Standards ("IFRS") and derived from the Group financial statements, Alternative Performance Measures ("APMs") as defined in the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA) on 5 October 2015 (ESMA/2015/1415en) and other non-IFRS measures ("Non-IFRS Measures"), including "Bookings", "Gross Bookings", "EBITDA", "Adjusted EBITDA", "Cash EBITDA" "Revenue Margin", "Cash Revenue Margin", "Cash Marginal Profit" "Prime ARPU" and "Variable Costs", which are not accounting measures as defined by IFRS. These financial measures that qualify as APMs and non-IFRS measures have been calculated with information from the Group; however those financial measures are not defined or detailed in the applicable financial reporting framework nor have been audited or reviewed by the Group auditors. We have presented these measures because we believe that they are useful indicators of our financial performance and our ability to incur and service our indebtedness and can assist analysts, investors and other parties to evaluate our business. However, these measures should not be used instead of, or considered as alternatives to, the condensed consolidated interim financial statements for the Group based on IFRS. Further, these measures may not be comparable to similarly titled measures disclosed by other companies. For further details on the definition, explanation on the use of and calculation between APMs and Non-IFRS Measures please see the section 5 on "Alternative Performance Measures" (of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30th September 2022, published on 15th November 2022. The documents are available on the Company's website (https://www.edreamsodigeo.com)).

Key Financials
2Q 2Q Var % 6M 6M Var %
(In Euros Million) FY23 FY22 FY23 FY22
Revenue Margin 143.3 99.9 43% 289.0 168.4 72%
Cash Revenue Margin (*) 157.4 113.5 39% 316.5 187.0 69%
Adjusted EBITDA (*) 6.4 2.7 138% 7.0 0.7 837%
Adjusted EBITDA Margin (*) 4.5 % 2.7 % 1.8ppt 2.4 % 0.4 % 2ppt
Cash EBITDA (*) 20.5 16.2 26% 34.5 19.4 78%
Cash EBITDA Margin (*) 13.0 % 14.3 % (1.3)ppt 10.9 % 10.4 % 0.5ppt
Adjusted net income (*) (7.5) (12.2) N.A. (19.0) (27.7) N.A.
Cash - end of period (**) 2.8 33.4 (92)% 2.8 33.4 (92)%
Net Debt (382.6) (465.7) (18)% (382.6) (465.7) (18)%
Gross debt/Cash EBITDA LTM 7.2x N.A. 7.2x N.A.

(*) See definition and reconciliation of Non-GAAP measures in section 5. "Alternative Performance Measures" of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30th September 2022, published on 15th November 2022. The documents are available on the Company's website (https://www.edreamsodigeo.com). (**) Net of bank overdrafts and bank facilities.

P&L
2Q 2Q Var % 6M 6M Var % 1Q 1H 9M 12M
(In Euros Million) FY23 FY22 FY23 FY22 June.22 Sep.22 Dec.22 March.22
Revenue margin 143.3 99.9 43% 289.0 168.4 72% 145.7 289.0
Variable costs (116.5) (82.8) 41% (242.1) (137.8) 76% (125.6) (242.1)
Fixed costs (20.4) (14.4) 41% (39.9) (29.8) 34% (19.5) (39.9)
Adjusted EBITDA (*) 6.4 2.7 138% 7.0 0.7 837% 0.6 7.0
Adjusted items (3.5) (1.9) 79% (5.9) (4.2) 40% (2.4) (5.9)
EBITDA 2.9 0.7 294% 1.1 (3.5) N.A. (1.8) 1.1
D&A incl. Impairment (8.0) (8.5) (5%) (16.1) (17.1) (6%) (8.1) (16.1)
EBIT (5.1) (7.7) N.A. (15.1) (20.5) N.A. (10.0) (15.1)
Financial result (6.9) (8.4) (17%) (13.5) (15.8) (14%) (6.6) (13.5)
Income tax 1.9 2.5 (22%) 4.6 (1.2) (490%) 2.6 4.6
Net income (10.1) (13.6) N.A. (24.0) (37.5) N.A. (13.9) (24.0)
- -
Adjusted net income (*) (7.5) (12.2) N.A. (19.0) (27.7) N.A. (11.5) (19.0)

(*) See definition and reconciliation of Non-GAAP measures in section 5. "Alternative Performance Measures" of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30th September 2022, published on 15th November 2022. The documents are available on the Company's website (https://www.edreamsodigeo.com).

PRIME
P&L with increase in Prime Deferred Revenue Evolution of Prime Cash Revenue Margin (*) (LTM)
2Q 2Q 6M 6M
(In Euros Million) FY23 FY22 Var. % FY23 FY22 Var. %
Revenue Margin 143.3 99.9 43% 289.0 168.4 72%
Increases Prime Deferred Revenue 14.1 13.6 4% 27.5 18.6 48%
Cash Revenue Margin (*) 157.4 113.5 39% 316.5 187.0 69%
Variable Cost (116.5) (82.8) 41% (242.1) (137.8) 76%
Cash Marginal Profit (*) 40.9 30.7 33% 74.4 49.2 51%
Fixed Cost (20.4) (14.4) 41% (39.9) (29.8) 34%
Cash EBITDA (*) 20.5 16.2 26% 34.5 19.4 78%
Increases Prime Deferred Revenue (14.1) (13.6) 4% (27.5) (18.6) 48%
Adjusted EBITDA (*) 6.4 2.7 138% 7.0 0.7 837%
Adjusted items (3.5) (1.9) 79% (5.9) (4.2) 40%
EBITDA 2.9 0.7 294% 1.1 (3.5) N.A. Evolution of Prime Cash Marginal Profit (*) (LTM)

(*) See definition and reconciliation of Non-GAAP measures in section 5. "Alternative Performance Measures" of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30th September 2022, published on 15th November 2022. The documents are available on the Company's website (https://www.edreamsodigeo.com).

Balance Sheet
FY22 FY22 1Q 1H 9M FY23
(In Euros Million) Sept.21 March.22 June.22 Sept.22 Dec.22 March.23
Goodwill 632.0 631.8 631.2 631.0
Other fixed assets 306.4 316.4 315.8 318.8
Total fixed assets1 938.4 948.2 947.0 949.8
Total working capital2 (218.0) (275.9) (302.9) (291.0)
Deferred tax (14.0) (5.9) (3.2) (1.1)
Provisions (15.3) (14.8) (20.3) (22.1)
Other non current assets / (liabilities) - - - -
Financial debt (501.6) (425.0) (408.5) (423.8)
Cash and cash equivalents 36.0 45.9 48.1 41.2
Net financial debt (465.7) (379.1) (360.4) (382.6)
Net assets 225.5 272.5 260.3 252.9
1 Including non-current deposits and guarantees
2 Including non-current deferred revenue and other non-current liabilities
Cash Flow
2Q 2Q 6M 6M 1Q 1H 9M FY23
(In Euros Million) FY23 FY22 FY23 FY22 June.22 Sept.22 Dec.22 March.23
Adjusted EBITDA 6.4 2.7 7.0 0.7 0.6 7.0
Adjusted items (3.5) (1.9) (5.9) (4.2) (2.4) (5.9)
Non cash items 3.4 0.1 12.7 4.7 9.2 12.7
Change in working capital (9.4) 26.4 19.5 61.8 28.9 19.5
Income tax (paid) / collected - - (0.1) 2.2 - (0.1)
Cash flow from operating activities (3.1) 27.3 33.1 65.2 36.2 33.1
Cash flow from investing activities (9.4) (6.0) (16.2) (11.7) (6.9) (16.2)
Cash flow before financing (12.5) 21.2 16.9 53.4 29.4 16.9
Acquisiton of Treasury Shares - - - - - -
Issue of shares (0.3) - (3.4) - (3.1) (3.4)
Other debt issuance/ (repayment) (4.2) (19.6) (34.6) (1.1) (30.4) (34.6)
Financial expenses (net) (11.0) (12.8) (12.3) (13.8) (1.3) (12.3)
Cash flow from financing (15.5) (32.4) (50.3) (14.9) (34.8) (50.3)
Net increase / (decrease) in cash and cash equivalents (28.0) (11.2) (33.5) 38.5 (5.4) (33.5)
Cash and cash equivalents at beginning of period (net of bank facilities and bank overdrafts) 30.8 45.2 36.0 (4.5) 36.0 36.0
Change in perimeter - - - - - -
Effect of foreign exchange rate changes - (0.6) 0.2 (0.5) 0.3 0.2
Cash and cash equivalents at end of period (net of bank facilities and bank overdrafts) 2.8 33.4 2.8 33.4 30.8 2.8
Adjusted Net Income
2Q 2Q Var % 6M 6M Var %
(In Euros Million) FY23 FY22 FY23 FY22
Net Income (10.1) (13.6) N.A (24.0) (37.5) N.A
Adjusted items (included in EBITDA) 3.5 1.9 5.9 4.2
2023 Notes Repayment - - - -
Modification of the SSRCF - - - -
Impairment loss/(reversal) on brands - - - -
Impairment loss on goodwill - - - -
Tax effect of the above adjustments (0.9) (0.5) (0.9) (0.5)
Impact of change in tax rate in the UK - - - 6.1
Derecognition of tax losses carried forward in the UK - - - -
Adjusted net income (*) (7.5) (12.2) N.A (19.0) (27.7) N.A

(*) See definition and reconciliation of Non-GAAP measures in section 5. "Alternative Performance Measures" of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30th September 2022, published on 15th November 2022. The documents are available on the Company's website (https://www.edreamsodigeo.com).

Adjusted items
2Q 2Q 6M 6M
(In Euros Million) FY23 FY22 FY23 FY22
Long term incentives expenses (3.3) (1.9) (5.5) (4.2)
Redomicile to Spain - - - -
Goverment loan application process (0.1) - (0.1) -
Other (0.1) - (0.2) -
Adjusted items (*) (3.5) (1.9) (5.9) (4.2)

(*) See definition and reconciliation of Non-GAAP measures in section 5. "Alternative Performance Measures" of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30th September 2022, published on 15th November 2022. The documents are available on the Company's website (https://www.edreamsodigeo.com).

Working Capital
Sept Dec Mar June Sept Sept Sept
2021 2021 2022 2022 2022 2021 2022
(In Euros Million)
Working capital excl. Non current deferred revenue and other liabilities (218.0) (196.2) (275.9) (302.9) (291.0) (218.0) (291.0)
Deferred revenue - non current - - - - - - -
Other liabilities - non current - - - - - - -
Total Working capital (218.0) (196.2) (275.9) (302.9) (291.0) (218.0) (291.0)
Net Debt
Sept Dec Mar June Sept Sept Sept
(In Euros Million) 2021 2021 2022 2022 2022 2021 2022
2027 Notes - - (375.0) (375.0) (375.0) - (375.0)
2023 Notes (425.0) (425.0) - - - (425.0) -
Super Senior Revolving Credit Facility (55.0) (55.0) (30.0) - - (55.0) -
Government Sponsored Loan (15.0) (15.0) (11.3) (11.3) (7.5) (15.0) (7.5)
Others (SSRCF, overdrafts, financing costs captalised and amortisation) (0.3) (25.3) (2.7) (16.1) (34.0) (0.3) (34.0)
Gross Debt for Covenant (495.4) (520.2) (418.9) (402.3) (416.5) (495.4) (416.5)
Leases under new IFRS16 (6.2) (6.1) (6.1) (6.1) (7.3) (6.2) (7.3)
Gross Financial Debt (501.6) (526.2) (425.0) (408.5) (423.8) (501.6) (423.8)
Cash and cash equivalents 36.0 23.2 45.9 48.1 41.2 36.0 41.2
Net Financial Debt (465.7) (503.0) (379.1) (360.4) (382.6) (465.7) (382.6)
Cost analysis
Variable cost per booking
Euros per booking YoY Change (%)
Fixed cost per booking
Euros per booking YoY Change (%)
KPI historic evolution
Jun-18 Sep-18 Dec-18 Mar-19 FY 2018/19 Jun-19 Sep-19 Dec-19 Mar-20 FY 2019/20 Jun-20 Sep-20 Dec-20 Mar-21 FY 2020/21 Jun-21 Sep-21 Dec-21 Mar-22 FY 2021/22 Jun-22 Sep-22
Number of bookings (in '000)
Total 2,970 2,805 2,398 3,008 11,182 2,927 2,873 2,527 2,442 10,768 377 1,092 875 900 3,244 2,227 3,513 3,189 3,602 12,530 4,402 4,181
Top 6 2,310 2,154 1,815 2,298 8,577 2,194 2,139 1,872 1,877 8,082 268 858 639 597 2,363 1,640 2,673 2,371 2,719 9,403 3,299 3,111
Rest of the World 660 651 584 710 2,604 733 734 655 565 2,686 109 234 236 303 882 588 840 818 883 3,128 1,103 1,070
P&L (in € million)
Revenue Margin 134.6 132.9 114.0 151.4 533.0 141.5 139.7 131.7 115.7 528.7 16.6 34.4 30.0 30.1 111.1 68.4 99.9 95.4 118.9 382.6 145.7 143.3
Cash Revenue Margin (**) 135.7 133.6 114.4 153.4 537.1 142.8 139.2 134.1 118.2 534.3 18.9 37.9 32.9 32.1 121.8 73.5 113.5 110.0 126.8 423.8 159.1 157.4
By product:
Diversification 57.7 60.2 51.3 67.3 236.5 72.2 69.9 75.7 60.1 278.0 10.7 20.6 15.9 16.6 63.9 50.0 70.4 70.5 90.2 281.0 110.7 94.3
Classsic customer 52.2 49.6 43.7 49.6 195.1 46.0 38.3 32.8 39.3 156.5 3.3 10.6 10.3 8.6 33.0 5.5 13.2 9.4 9.7 37.8 12.3 28.2
Classic Supplier 18.0 15.7 13.2 27.4 74.3 16.8 24.8 21.4 13.2 76.3 2.1 1.7 2.6 4.2 10.6 11.5 14.6 13.1 16.6 55.8 19.8 18.0
Advertising & Meta 6.7 7.3 5.9 7.2 27.1 6.5 6.6 1.7 3.1 17.9 0.5 1.5 1.1 0.7 3.7 1.5 1.8 2.4 2.4 8.0 2.8 2.8
By region:
Top 6 108.0 104.8 87.6 117.6 418.1 108.3 106.0 98.7 92.2 405.2 12.9 27.8 21.7 23.5 85.9 51.6 76.4 70.1 86.6 284.8 105.8 103.3
Rest of the World 26.6 28.1 26.4 33.8 114.9 33.2 33.7 33.1 23.5 123.4 3.7 6.7 8.3 6.6 25.2 16.8 23.6 25.2 32.2 97.8 39.8 40.1
NEW (Proforma) *
Variable costs (91.1) (85.3) (69.6) (91.9) (337.9) (95.7) (91.0) (81.3) (82.8) (350.8) (15.4) (22.9) (24.0) (23.6) (86.1) (55.0) (82.8) (79.0) (99.5) (316.3) (125.6) (116.5)
Fixed costs (17.4) (21.1) (18.0) (19.1) (75.6) (17.7) (19.6) (20.9) (4.6) (62.8) (15.9) (13.6) (16.4) (17.4) (63.2) (15.4) (14.4) (17.1) (16.5) (63.3) (19.5) (20.4)
Marginal Profit (**) 43.5 47.6 44.4 59.6 195.1 45.8 48.7 50.4 32.9 177.9 1.1 11.5 5.9 6.5 25.0 13.4 17.1 16.4 19.3 66.2 20.1 26.8
Cash Marginal Profit (**) 44.6 48.2 44.8 61.5 199.2 47.1 48.2 52.8 35.4 183.5 3.5 15.0 8.8 8.5 35.7 18.5 30.7 31.0 27.2 107.4 33.5 40.9
Adjusted EBITDA (**) 26.1 26.5 26.5 40.4 119.6 28.1 29.1 29.6 28.3 115.1 (14.7) (2.1) (10.4) (10.9) (38.2) (1.9) 2.7 (0.7) 2.9 3.0 0.6 6.4
Adjusted EBITDA margin (**) +19.4% +19.9% +23.2% +26.7% +22.4% +19.9% +20.9% +22.4% +24.4% +21.8% (88.9)% (6.0)% (34.8)% (36.2)% (34.3)% (2.8)% +2.7% (0.7)% +2.4% +0.8% +0.4% +4.5%
Cash EBITDA (**) 27.2 27.1 26.8 42.4 123.6 29.4 28.6 31.9 30.8 120.7 (12.4) 1.4 (7.5) (8.9) (27.4) 3.1 16.2 14.0 10.8 44.2 14.0 20.5
Cash EBITDA margin (**) +20.0% +20.3% +23.4% +27.6% +23.0% +20.6% +20.5% +23.8% +26.1% +22.6% (65.6)% +3.7% (22.8)% (27.7)% (22.5)% +4.2% +14.3% +12.7% +8.5% +10.4% +8.8% +13.0%
P&L per booking
Revenue margin 45.3 47.4 47.5 50.3 47.7 48.4 48.6 52.1 47.4 49.1 44.0 31.6 34.3 33.4 34.2 30.7 28.5 29.9 33.0 30.5 33.1 34.3
Cash Revenue margin (**) 45.7 47.6 47.7 51.0 48.0 48.8 48.5 53.1 48.4 49.6 50.1 34.7 37.6 35.7 37.5 33.0 32.3 34.5 35.2 33.8 36.1 37.6
Top 6 46.7 48.7 48.3 51.2 48.7 49.4 49.6 52.7 49.2 50.1 48.1 32.4 33.9 39.4 36.4 31.5 28.6 29.6 31.9 30.3 32.1 33.2
Rest of the World 40.3 43.2 45.3 47.6 44.1 45.3 45.9 50.5 41.6 45.9 33.8 28.5 35.1 21.7 28.6 28.6 28.1 30.9 36.5 31.3 36.1 37.4
NEW (Proforma) *
Variable costs (30.7) (30.4) (29.0) (30.5) (30.2) (32.7) (31.7) (32.2) (33.9) (32.6) (40.9) (21.0) (27.5) (26.3) (26.5) (24.7) (23.6) (24.8) (27.6) (25.2) (28.5) (27.9)
Fixed costs (5.9) (7.5) (7.5) (6.4) (6.8) (6.1) (6.8) (8.3) (1.9) (5.8) (42.1) (12.4) (18.7) (19.3) (19.5) (6.9) (4.1) (5.4) (4.6) (5.1) (4.4) (4.9)
Total costs (36.5) (37.9) (36.5) (36.9) (37.0) (38.7) (38.5) (40.4) (35.8) (38.4) (83.1) (33.4) (46.2) (45.5) (46.0) (31.6) (27.7) (30.1) (32.2) (30.3) (32.9) (32.8)
Marginal Profit (**) 14.7 17.0 18.5 19.8 17.5 15.7 17.0 20.0 13.5 16.5 3.0 10.5 6.8 7.2 7.7 6.0 4.9 5.1 5.4 5.3 4.6 6.4
Cash Marginal Profit (**) 15.0 17.2 18.7 20.5 17.8 16.1 16.8 20.9 14.5 17.0 9.2 13.7 10.1 9.4 11.0 8.3 8.7 9.7 7.6 8.6 7.6 9.8
Adjusted EBITDA (**) 8.8 9.4 11.0 13.4 10.7 9.6 10.1 11.7 11.6 10.7 (39.1) (1.9) (11.9) (12.1) (11.8) (0.9) 0.8 (0.2) 0.8 0.2 0.1 1.5
Cash EBITDA (**) 9.2 9.7 11.2 14.1 11.1 10.0 10.0 12.6 12.6 11.2 (32.9) 1.3 (8.6) (9.9) (8.5) 1.4 4.6 4.4 3.0 3.5 3.2 4.9
(*) The split between variable costs and fixed costs for the period from Q1 FY19 to Q4 FY20 has been restated in order to present pro format data with our new reporting classification for Cloud, customers' check-in cost and call center telecommunications costs
(**) See definition and reconciliation of Non-GAAP measures in section 5. "Alternative Performance Measures" of the Group's unaudited condensed consolidated interim financial statements and notes for the quarter ended on 30th September 2022, published on 15th November 2022. The documents are available on the Company's website (https://www.edreamsodigeo.com).

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eDreams Odigeo SA published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 08:40:07 UTC.