lastminute (09B) Q4 2025 Earnings Report

The call presents a strongly positive operational and financial picture: double-digit revenue growth, outsized adjusted EBITDA expansion, a doubling of adjusted EBITDA minus CapEx, materially improved free cash flow and a stronger balance sheet with short-term debt repaid. Management balanced growth with disciplined cost control, launched customer-facing initiatives (PRO loyalty, app) and invested in AI/infrastructure to defend distribution as search paradigms evolve. The main negatives were one-off reorganization charges (~EUR 8m) that slightly reduced net profit, higher near-term marketing spend (to capture share) and the discontinuation of the cruise business. These drawbacks appear manageable and largely non-recurring, while the core business momentum and cash-generation improvements are substantial.

Management guided 2026 to continued market‑outperformance with revenues expected to grow ~10% and adjusted EBITDA targeted to grow broadly in line with revenues (building on 2025 adjusted EBITDA of €55m), while reported EBITDA should rise by more given that 2025 included ~€8m of one‑off charges that are not expected to repeat. They expect no increase in CapEx (CapEx at a plateau vs 2025), which—combined with revenue growth and favourable working‑capital dynamics—should drive materially higher cash generation than 2025 (2025 adjusted EBITDA‑minus‑CapEx doubled to €32.4m from €16.2m; full‑year free cash flow was €27m vs –€4.7m in 2024; FCF/EBITDA conversion improved to 58%). Management also expects net profit to be higher in 2026 (no recurring one‑offs), will continue debt reduction (net financial position ~€32m vs €19m end‑2024 and all short‑term debt repaid), maintain a dividend policy (Board to propose a 2025 dividend), and materially increase brand investment while preserving capital discipline.