EDreams ODIGEO S A : Investor Day 2021

REINVENTING TRAVEL

INVESTOR DAY 2021

17th November 2021

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CMD Presentation Disclaimer

This presentation has been prepared by eDreams ODIGEO S.A. (the "Company" and, together with its subsidiaries, the "Group") solely for information and background purposes and for use at the Company's November 2021 Investor Day and has not been independently verified by any third party.

This presentation contains financial information for the year ended March 31, 2021 and for the six months ended September 30, 2021, which has been extracted from the Group's audited consolidated financial statements for the year ended March 31, 2021 and the Group's unaudited condensed financial statements for the six months ended September 30, 2021, respectively, and which is qualified in its entirety by the financial information contained in such financial statements of the Group, copies of which are available on the Group's website at https://www.edreamsodigeo.com/.

Certain information contained in this presentation, including certain industry, market and competitive position data, has been obtained from third-party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Group believes that each of these publications, studies and surveys has been prepared by a reputable source, the Group has not independently verified the data contained therein. Therefore, whilst all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions and expectations contained herein are fair and reasonable, no representation or warranty, express or implied, is made as to the fairness, accuracy, correctness, reasonableness or completeness of the information contained herein. None of the Group, its advisers, auditors, connected persons or any other person accepts any liability for any loss howsoever arising, directly or indirectly, from this presentation or its contents). Statements in this presentation reflect the knowledge and information available at the time of its preparation and 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, except as required by law or by the rules and regulations of the Spanish Securities Market Commission.

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 in any jurisdiction, 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 any securities of the Company.

This presentation is addressed to analysts and to institutional or specialized investors only. This presentation is not for release, publication or distribution, directly or indirectly, in or into the United States and the distribution of this presentation in certain other jurisdictions may be restricted by law. Consequently, persons to which this presentation is distributed must inform themselves about and observe such restrictions. By receiving this presentation the recipient agrees to observe any such restrictions.

Certain financial and statistical information contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

The information contained in this presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information. You are solely responsible for seeking independent professional advice in relation to the information contained herein and any action taken on the basis of the information contained herein. No responsibility or liability is accepted by the Group for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information.

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Cautionary Statement Regarding Certain Financial Forecasts and Other Forward-Looking Statements

This presentation includes forward looking statements regarding the Group's intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition and performance, liquidity, prospects, growth, strategy and the industry in which it operates. In particular, these forward looking statements include, but are not limited

to, the discussion of the changing dynamics in the travel industry, the Group's growth outlook

in its Top 6 and Rest of the World markets, the transformation of its business model through Prime, its financial outlook for fiscal year 2025 (including with respect to the number of Prime members, Cash Revenue, Cash Marginal Profit, Cash EBITDA, Cash Marginal Profit, Average Revenue Per User (ARPU), Variable Costs, Fixed Costs, Capital Expenditure and Leverage) and the COVID-19 pandemic and the impact thereof on its business. These forward looking statements can be identified by the use of forward looking terminology, including the terms "aims," "anticipates," "believes," "continues," "could," "estimates," "expects," "forecasts," "guidance," "intends," "may," "plans," "should" or "will" or, in each case, their negative, or other variations or comparable terminology, and include all matters that are not historical facts.

By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions, including in relation to: general economic conditions, the COVID-19 pandemic, consumer confidence, spending patterns and disruptions (including those related to natural disasters and health pandemics) affecting the travel industry specifically; the Group's inability to successfully compete against current and future competitors; the impact of seasonal fluctuations; the increasing number of laws, rules and regulations to which the Group is subject; adverse changes affecting the Group's relationships with travel product suppliers and suppliers'

intermediaries which could reduce the Group's access to travel products content and/or increase

its costs. As a result, the Group's 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 no undue reliance should 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.

The financial forecasts presented herein are based on the Group's business plan which reflects, among others, forecasts of economic indicators, the expected economic, market and regulatory conditions, and the Group's strategic priorities for the upcoming years. The development of these forecasts is the result of a process of prospective simulation of economic, proprietary and financial conditions and, in particular, the transformation of the Group's business model from a transactional business to a subscription based business through the roll-out of Prime. While the Group believes these forecasts were prepared on a reasonable basis, reflecting the best estimates and judgments available to it at the time, forecasts are not facts and should not be relied upon as being necessarily indicative of future results.

The financial forecasts are by their nature uncertain, as they are based on assumptions which are subject to risks, uncertainties and assumptions, many of which are beyond the Group's control, including those described above. Due to these and other factors, the forecasts are not a guarantee of future results and the Group is not responsible for the deviations that may occur. The Group's independent accountants have not compiled, examined or performed any procedures with respect to the forecasts, nor have they expressed any opinion or any other form of assurance on the forecasts or their achievability

The financial forecasts include estimates of indicators used to measure the results of the Group's activity. The Group has considered the effects of the recovery of the travel industry post COVID-19 and the impact of the transformation of its business model to a subscription based model; as a result, the forecasts are not directly comparable to the Group's financial situation and results of operations for the past periods.

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Non-GAAP and Alternative

Performance Measures

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", "Capital Expenditure", "Cash EBITDA", "Cash Revenue", "Cash Marginal Profit", "Revenue Margin", "Cash Revenue Margin" 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.

Average Revenue per User (ARPU): Prime ARPU refers to the Cash Revenue Margin generated from Prime users on a last twelve months basis. It is calculated considering all the Cash Revenue Margin elements linked to the bookings done by Prime members (such as, but not limited to, the Prime fees collected, GDS incentives, overcommissions, ancillary services, etc.) divided by the average number of Prime members during the same period. Management considers this is a relevant measure to follow the Prime performance.

The Group has presented these APMs and non-IFRS measures because it believes that they are useful indicators of its financial performance and its ability to incur and service its indebtedness and can assist analysts, investors and other parties to evaluate its business. However, these APMs and non-IFRS 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, calculation and reconciliation between APMs and Non-IFRS Measures and any applicable management indicators and the financial data of the six-month period ended 30 September 2021 please see the section on "Alternative performance measures" (page 50 et seq.) of the Group's unaudited condensed financial statements for the six months ended 30 September, 2021, published on 17 November, 2021, which is available on our website (https://www.edreamsodigeo.com/).

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AGENDA

Overview, Prime subscription	05	Coffee break
01 model, investment highlights	(16h00 -16h15)
(12h00 -13h30)

02

03

04

Lunch break	06	Closing remarks
(13h30 -14h00)	(16h15 -17h00)
Prime economics, financial	07	Dinner with the team
model and outlook	(19h30)
(14h00 -15h00)

Breakouts (15h00 -16h00)

• Revenue Diversification "Travel Shop"
• Artificial Intelligence
• Customer Self Service

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