#1February 2020 INVESTOR PRESENTATION eDreams ODIGEO eDreams GOVOYAGES *****opodo travellink liligo#2Disclaimer 1 2 3 4 5 6 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 presentations is extracted from the unaudited condensed consolidated interim financial statements of the Group and is qualified in its entirety by the additional information contained in the unaudited condensed consolidated interim financial statements of the Group. This presentation should only be read in conjunction with the condensed consolidated interim financial statements of the Group. Copies of the 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. 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. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. This presentation has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of transmission and, consequently, neither eDreams ODIGEO nor any of its subsidiaries, nor any director, officer, employer, employee or agent of theirs, or affiliate of any such person, accepts any liability or responsibility whatsoever in respect of any difference between the presentation distributed to you in electronic format and the hard copy version available to you on request. 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 certain non-GAAP measures, including “Bookings", "Gross Bookings”, “EBITDA”, “Adjusted EBITDA”, “Revenue Margin" and "Variable Costs", which are not accounting measures as defined by IFRS. 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. 2 eDreams ODIGEO#3eDREAMS ODIGEO, A GLOBAL ONLINE TRAVEL COMPANY One of the largest e-commerce businesses in Europe 261 Websites and Apps in 20 languages and 30 different currencies on one central platform eDreams ODIGEO Strong presence in 46 markets, covering 80% of total market with 5 leading brands eDreams GOVOYAGES ****opodo travellink liligo .com 3 INVESTOR PRESENTATION#4Why eDREAMS ODIGEO? Investment Highlights 1 Global OTA in attractive market, with leading position in flights 2 Sustainable scale advantages relative to competition 3 Large growth opportunities capitalizing on position 4 Proven high-margin, FCF-generating business model 5 Strong growth outlook with substantial optionality 6 Large value gap relative to peers eDreams ODIGEO Bulg Sa INVESTOR PRESENTATION 4#51 THE SCALE PLAYER IN FLIGHTS FOR EUROPE, AND ONE OF THE LARGEST WORLDWIDE ONLY 3 BIG GLOBAL PLAYERS IN FLIGHTS WITH EXPEDIA AND CTRIP, VERY LARGE IN THE US AND CHINA Ctrip GLOBAL FLIGHT REVENUE Estimated, latest FY (€m) 1,646 #1 eDO UNRIVALLED SCALE WITH 1.8X MORE EUROPEAN FLIGHT REVENUE THAN THE #2 PLAYER EUROPEAN FLIGHT REVENUE ESTIMATED, LATEST FY (ЄM) 343 1.8X Expedia 770 #2 eDreams ODIGEO 421 #3 Source: Phocuswright, Company data, eDO analysis eDreams ODIGEO 5 190 150 100 eDreams ODIGEO etraveli Expedia® lastminute.com INVESTOR PRESENTATION#61 STRATEGICALLY POSITIONED IN ENORMOUS ONLINE TRAVEL MARKET eDO's leadership in the €15B European online flight sector positions it strongly for growth in the €1.2T global travel market WORLDWIDE TRAVEL MARKET (GROSS BOOKINGS, 2019 – 2022, €B) - EUROPE A 4.8% 6.7% 1,2% €15B €63B €181B €59B €167B €391B REST OF WORLD 5.9% 10.1% FLIGHTS OTAS ONLINE 70% OF TRAVELLERS BOOK FLIGHT FIRST eDreams ODIGEO Source: Phocuswright, eDO analysis MOST COMMONLY USED INTERMEDIARY IN ONLINE TRAVEL וס 8.8% ALL 4.0% €361B €834B 2019 Primary Focus 2019 Secondary Focus 5.4% 2022 CAGR 19-22 INVESTOR PRESENTATION#72 SUSTAINABLE SCALE ADVANTAGES RELATIVE TO COMPETITION DRIVING GROWTH IN CLASSIC FLIGHTS AND DIVERSIFICATION 1 CLASSIC FLIGHTS WINNING CONTENT BETTER PRICE AND MARGIN BETTER PRODUCT AND CUSTOMER EXPERIENCE eDreams ODIGEO N DIVERSIFICATION RICHER PRODUCT PORTFOLIO SUNK MARKETING COSTS AT LOWER COST POINT CAN TRANSFER BENEFIT TO CONSUMER INCREASED LEVEL OF DATA FOR TARGETING PRODUCT DEVELOPMENT STRENGTH END TO END JOURNEY EXPERIENCE BRAND STRENGTH AI/ML INDIVIDUALISED MODELS & EXPERIENCES 7 INVESTOR PRESENTATION#82 CLASSIC FLIGHTS: LEVERAGING SCALE & POSITION TO DELIVER PRICING SUPERIORITY & BETTER CONTENT QUALITY 97% % OF TIMES EDO HAS A LOWER PRICE 96% 93% 91% 95% 90% 82% 100% MORE FLIGHT COMBINATIONS ON METAS THAN ANY OTHER OTA OR AIRLINE (INDEXED) 83% 75% 57% 45% 41% 29% 6% 5% Airline A Airline B Airline C Average OTA A OTA B Top Airlines Average Metas eDO OTA A OTA B OTA C OTA D OTA E OTAF AIRLINE AIRLINE A B Source: based on 25k datapoints collected between October 10th and October 26th 2019 on France, Germany, Italy & Spain. Comparison made on exact same content with airlines on their websites, other OTAs on their website and cheapest option available on Skyscanner & Kayak. eDreams ODIGEO 8 00 Source: eDO analysis based on +40,000 data points across FR, ES, IT, DE & UK markets for top 200 routes collected between April and October 2019 in metasearch Idealo, Jetcost, Skyscanner, KayakGroup & Liligo INVESTOR PRESENTATION#9CLASSIC FLIGHTS: 2 BEST END-TO-END (MOBILE) EXPERIENCE 1m 38s RETURN SINGLE CARRIER PENDING 4m 4m CONFIRMATION 01s 06s OF BOOKING 3m 05s TIME TO COMPLETE BOOKING RETURN MULTIPLE AIRLINES 7m 7m 07s 26s PENDING CONFIRMATION OF BOOKING 3m 3m 21s 12s 4m 10s 1m 40s 9m 36s 3m 58s eDO Meta (direct) Meta 1 Meta 2 Airline Source: eDO Analysis eDreams ODIGEO OTA eDO Meta (direct) Meta 1 Meta 2 Airline OTA Additional 20-25s can be saved if card payment details are stored 9 INVESTOR PRESENTATION#102 DIVERSIFICATION: OUR CUSTOMERS SAVE MONEY ON FLIGHT+HOTEL % OF TIMES EDO IS CHEAPER Average saving value (*) (€) % OF AVG. SAVING AT EDO DYNAMIC PACKAGES TOP 4 OTAS TOP AIRLINES + TOP HOTELIERS TOP AIRLINES + TOP HOTEL OTAS AVERAGE 90% 88% 85% 83% 80% 80% 75% €194 €184 €179 19% 18% €153 €153 17% €123 15% 15% 12% €61 6% OTA A OTA B Airline + Hotelier OTA A OTA B OTA C + Airline + Airline + Airline Source: Benchmark performed on November 5th in eDO websites for each market vs. the competitors and / or providers airlines and hotel website (*) Saving value estimated based on average gross booking value of our Dynamic Packages eDreams ODIGEO 10 INVESTOR PRESENTATION#113 LARGE GROWTH OPPORTUNITIES CAPITALIZE ON OUR SCALE ADVANTAGES Vision "YOUR TRUSTED TRAVEL COMPANION" Goals Growth Opportunities eDreams ODIGEO Strengthen and grow online flights offering to build strong travel relationships Leverage strong travel relationships to serve customers' full travel needs #1 Expand Prime membership subscription program #2 Deliver most innovative, end-to-end experience #3 Diversify and grow revenue / products sold around flights #4 Reinvest strong FCF in M&A & growth opportunities 11 INVESTOR PRESENTATION#123.1 PRIME: OUR GOAL TO GROW TO 2M MEMBERS IN 2023 We have reached ~450k members since launching 2 years ago 450k Launch of 1st pilot in France Launch of Prime in Italy Launch of Spain and Germany MEMBERS 2M MEMBERS 2017 eDreams Prime GOPrime opodo prime eDreams ODIGEO 2018 2 YEARS of testing and learnings 1st renewals France 2019 HOTEL 2020 2023 Launch of Hotels in France +27,000 customer interviews +1,000 AB tests Continuous display iterations 100s of discounts and pricing optimizations Variations in membership duration & pricing 12 INVESTOR PRESENTATION#133.1 PRIME: GREAT FOR OUR CUSTOMERS AND GREAT FOR US! Strong and unique value proposition for customers, with beneficial impact for our business дв M GREAT FOR OUR CUSTOMER Great flight prices: we are the cheapest in the market 90%+ of the times Great hotel prices: Members now also save on all hotels. NEW Priority customer service line: faster pick-up time and best agents on call RESULTING IN HIGHER NPS (*) GREAT FOR eDreams ODIGEO PRIME MEMBERS BOOK MORE THAN NON-PRIME USERS... 24M Bookings 1x 2.57x 2.6x ...AT A LOWER COST, DUE TO A HEALTHIER CHANNEL MIX... Repeat in Cheap Channels 1x 2.0x 1x ...RESULTING IN HIGHER LIFETIME VALUE 24M Marginal Profit 1x 3.6x 3.60x Non-Prime Prime Non-Prime Prime Non-Prime Prime RESULTING IN HIGHER LIFETIME VALUE (*) NPS Net Promoter Score (**) CVR = Conversion Rate eDreams ODIGEO Source: internal data, 24 month extrapolation based on 18 month historical datapoints for France 13 INVESTOR PRESENTATION#143.2 INNOVATIVE END-TO-END MOBILE EXPERIENCE: PROVIDING COMPREHENSIVE MOBILE SOLUTION FOR CUSTOMER PAIN POINTS MOBILE OUTGROWS DESKTOP BY 6.5X WITH A CAGR OF 20% FY16-22 VS. 3% IN DESKTOP European Online Travel Market gross bookings (€ Bn) growth by device CAGR +3% CAGR +20% Desktop Mobile Source: Phocuswright, Phocalpoint eDreams ODIGEO 14 APP RATINGS Booking.com 4,6 Lufthansa 2,7 Opodo 4,5 Omio 2,7 GoVoyages 4,5 Vueling 2,5 eDreams 4,4 Kiwi 2,3 Kayak 4,3 Ryanair 2,2 Lastminute 3,7 British Airways 2,0 Easyjet 3,5 Air France 1,8 Expedia 3,0 Skyscanner 2,9 Iberia 2,7 Source: App Rating Average for the Reviews (Aug to Oct 2019) INVESTOR PRESENTATION#153.2 INNOVATIVE END-TO-END MOBILE EXPERIENCE: COVERING THE WHOLE CUSTOMER JOURNEY AS ONLINE TRAVEL GOES MOBILE PROVIDE INNOVATIVE MOBILE SOLUTION FOR CUSTOMER PAIN POINTS COVER ALL PRODUCT RELATED NEEDS FLIGHT TRACKING Flight status 03488) De min Depart DCN Barc 10:11 Boarding Pass FLIGHT NO IB2012 BAG 10:07- CHECKER 1123 13 Teal O BARCELONA 12 BCN + MADRIC MAD 1400 1418 Te Ga 13:00 BOARDING DATE May 28 13:30 14:50 35 cm SEA Jeremy Fisher Iberia 188 MOBILE BOARDING CARDS Apple Wallet nel medidor? LEADING SEARCH EXPERIENCE AND COVERSION Voltar Brussels around 12 hours before departure. Request now Plan your trip Share GOING BEYOND FLIGHT ONLY RELATED FEATURES 10:05 <Back Cheapest weekend getaways London Nov 29 - Dec 1 Copenhagen 1 Adults Hotel deals Up to 40% off all our top hotels Car Rental Drive yourself from A to B €86 Prime t Paris €101 Prime fan Airport Transfers Private and shared NEW Hand luggage Check if it fits here! Questions? Find the answers and more in our Help Centre ENSURE OUR USERS CAN EASILY SELECT AND PURCHASE THE MOST RELEVANT CONTENT Dec 6-8 Stuttgart €51 Prime Dec 13-15 Paris Vien Flignis from €68 Prime f Cop eDreams ODIGEO WHOLE CUSTOMER JOURNEY PLAN - BOOK - PREPARE – TRAVEL 15 - INVESTOR PRESENTATION#163.3 LEVERAGING STRONG FLIGHT POSITION TO GAIN LARGE SHARE OF TOTAL CONSUMER TRAVEL SPEND Leisure travelers typically begin their travel planning process with the most time sensitive element - flights - and book other items around this FIRST PURCHASE IN TRAVEL PLANNING PROCESS GLOBAL SEARCH CPC PER PRODUCT (INDEXED 1x) 70% || || 시 Flight 30% 1x Others Source: Survey conducted in 5 countries (Fr, It, UK, De, Es). n = 2,080 eDreams ODIGEO 16 2-3x 2.3-4x Air Source: Industry data Accommodation Car Rental INVESTOR PRESENTATION#173.3 DIVERSIFICATION: LEVERAGING SCALE AND POSITION TO GROW INTO FULL- SERVICE TRAVEL PROVIDER NUMBER OF PRODUCTS SOLD (NUMBER OFFERED) ADDITIONAL PRODUCTS SOLD (PER 100 FLIGHTS) DIVERSIFICATION REVENUE (€ IN MILLIONS) 59% CAGR 4 6 FY16 FY17 16 23% CAGR 56 10 45 39 72 24% CAGR 179 146 124 237 FY18 FY19 FY16 FY17 FY18 FY19 FY16 FY17 FY18 FY19 Source: eDO BI and consolidated financial statements Note: CAGR FY16-FY19 eDreams ODIGEO 17 INVESTOR PRESENTATION#183.3 DIVERSIFICATION: WE HAVE A VERY MEANINGFUL OPPORTUNITY TO GROW DYNAMIC PACKAGES We have grown significantly our Dynamic Packages business over the past years and we will grow it further in coming years. We have an opportunity to grow our Dynamic Packages revenue margin by 10x in coming years, driven by an increase in attachment rate. +24% +28% FY18 FY19 FY20 Source: eDO Analysis eDreams ODIGEO 18 Customers that book a hotel after booking a flight with us Total opportunity to grow our Dynamic Packages attachment if all our customers booking a hotel book it with us x10 INVESTOR PRESENTATION#193.3 DIVERSIFICATION: WE HAVE SUBSTANTIAL OPPORTUNITIES TO EXPAND ANCILLARY REVENUE ACROSS ADDITIONAL TOUCHPOINTS ANCILLARY PRODUCTS Baggage Seats Car hire Transfers, Taxis & VTC Cancellation insurance Cancellation & medical assistance Customers premium service Lost baggage assistance Flight delay compensation Medical assistance SMS flight confirmation & details Posted tickets BOOKING PATH POST-BOOKING くくくく くくくく CHECK-IN AT-DESTINATION OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY くくくくさくくくく ☑ OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY - Visas Restaurants Tours Events & Activities Cancel for any reason Flexible flight dates Automated check-in & mobile pass Airport Parking Airport Lounges OPPORTUNITY OPPORTUNITY eDreams ODIGEO OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY OPPORTUNITY 19 INVESTOR PRESENTATION#203.4 STRONG GROWTH POTENTIAL FROM STRATEGIC M&A: SCALE AND PRODUCT SEVERAL TARGETS WOULD ALLOW US TO FURTHER INCREASE OUR SCALE We have identified many potential targets that would allow us to reach more customers than we do today These targets would allow us to grow through additional brands and content in more locations in regions across Europe, the Americas, the Middle East and Africa, or Asia Pacific TRAVEL TECH CONTINUES TO BE A VERY FERTILE GROUND FOR INNOVATION AND INVESTMENT In the last 5 years, >1000 travel startups founded, and $16bn were funded to these travel tech startups Travel tech is truly global with significant funding across geographies (Europe, APAC, Americas, Middle East and Africa) SELECTED POTENTIAL TARGETS WOULD ALLOW US TO GATHER GROWTH THROUGH NEW PRODUCTS There are currently large number of startups we are considering for strategic M&A to further enhance our platform with new types of contents for our customers, as well as technological innovations leveraging machine-based learning, messaging, and other innovations in e-commerce eDreams ODIGEO 20 INVESTOR PRESENTATION#21PROVEN HIGH-MARGIN, FCF-GENERATING BUSINESS MODEL 4 Solid Revenue, EBITDA and FCF Generation REVENUE MARGIN (€ in millions) ADJUSTED EBITDA (€ in millions) 5% +4-7% 7% CAGR CAGR 533 509 487 463 436 107.3 95.8 90.5 118.3 119.6 +9-12% Recurring FCF (*) (€ in millions) 17.9 14.7 65.5 35% CAGR 55.3 49.3 FY15 FY16 FY17 FY18 FY19 Note: CAGR FY15 - FY19 FY20 Outlook FY15 FY16 FY17 FY18 FY19 FY20 FY15 FY16 FY17 FY18 FY19 Outlook Source: eDO Financial Statements (*) Please refer to page 37 for the calculation of Recurring Free Cash Flow (FCF) eDreams ODIGEO 21 INVESTOR PRESENTATION#22UI STRONG GROWTH OUTLOOK WITH SUBSTANTIAL OPTIONALITY FY15-FY19 CAGR Actual FY20 Guidance vs FY19 FY20-FY23 CAGR Outlook OPTIONALITY Bookings 2% 4-7% High single digit to double-digit growth Increase in offer of in-destination services Further VIN investment Further technical conversion improvements M&A Revenue margin 5% 4-7% Growing somewhat less than Bookings, as we expect less revenue per booking from suppliers New Prime features launched in all markets Further DP and other product developments M&A EBITDA 7% 9-12% Relatively stable EBITDA margins vs FY20 guidance All of the above will have a positive impact on EBITDA Recurring FCF (*) 35% Will grow more than EBITDA, as Capex will grow marginally and Interest could decrease if current market conditions continue New refinancing if market conditions are favourable M&A (*) Please refer to page 37 for the calculation of Recurring Free Cash Flow (FCF) Source: eDO Financial Statements eDreams ODIGEO 22 INVESTOR PRESENTATION#236 Market Cap / FCFE (*) CY2020E 16x LARGE VALUE GAP RELATIVE TO PEERS 15x OO tripadvisor 14x 13x 12x lastminute.com 11x 10x 9x 8x H HOSTELWORLD 7x 0% 5% 10% BOOKING HOLDINGS Ctrip 15% Source: eDO analysis based on market data (*) FCFE = Operating Cash Flow - Capex - Net Interest Expense Date calculation: 15th November 2019 eDreams ODIGEO 20% 23 eDreams ODIGEO 25% 30% CLEAR VALUATION gap vs. key peers >Expedia® FCFE (*) CY2019-2021E CAGR 35% 40% INVESTOR PRESENTATION#24WHY INVEST IN EDREAMS ODIGEO? GLOBAL OTA IN ATTRACTIVE MARKET, WITH LEADING POSITION IN FLIGHTS SUSTAINABLE SCALE ADVANTAGES RELATIVE TO COMPETITION LARGE GROWTH OPPORTUNITIES CAPITALIZING ON POSITION PROVEN HIGH-MARGIN, FCF-GENERATING BUSINESS MODEL + eDreams ODIGEO STRONG GROWTH OUTLOOK WITH SUBSTANTIAL OPTIONALITY LARGE VALUE GAP RELATIVE TO PEERS b 24 INVESTOR PRESENTATION#2525 APPENDIX#26Customer habits 1 Supply EUROPEAN FLIGHT MARKET ESPECIALLY ATTRACTIVE FOR OTAS Highly fragmented European market US 224 EUROPE 60 58 208 NUMBER OF AIRLINES1 2016 2016 2019 2019 MARKET SHARE OF US 81% EUROPE 29% TOP 4 AIRLINES² AIRLINE BRAND RECOGNITION HIGH LOW NUMBER OF AIRLINES1 MARKET SHARE OF TOP 4 AIRLINES² AIRLINE BRAND RECOGNITION International 23% Domestic Domestic 20% International 80% 77% US Europe PROPORTION OF DOMESTIC VS. INTERNATIONAL TRAVEL¹ CONCENTRATION OF FLIGHT ROUTES 1,3 MULTI-LEGGED SEGMENTS 24% * FEWER 6% *MANY PROPORTION OF DOMESTIC VS. INTERNATIONAL TRAVEL¹ CONCENTRATION OF FLIGHT ROUTES 1,3 MULTI-LEGGED SEGMENTS Source: 1 Industry research ² OAG Analyser, based on number of seats for 2019; 3 Top 10 from-to city pairs - % of total passengers eDreams ODIGEO 26 INVESTOR PRESENTATION#272 SUSTAINABLE SCALE: INDUSTRY-LEADING TECHNOLOGY POWERFUL, REUSABLE PLATFORM... ... ARE POWERING REAL SCALE ADVANTAGES 1 1.7 BILLION 261 monthly searches platform websites/apps 160 MILLION supplier searches ... AND INDUSTRY LEADING TEAM ... DEVELOPMENT TEAM SIZE per day 36 BILLION pricing calculations per hour 340,000 PEAK searches per second Working with 660 AIRLINES = 0 eDO OTA A OTAB OTAC OTAD OTAE OTAF OTAG Source: Development Team Sizes researched via LinkedIn, Data pulled 21.10.2019, "Developer" or "Engineer" profiles at the most relevant European flight-centric OTAs. eDreams ODIGEO 27 INVESTOR PRESENTATION#282 BRAND STRENGTH REDUCES RELIANCE ON SEARCH & META-SEARCH Our scale advantages make us both a better partner to and less reliant long-term on the metas versus competition, especially fragile tier 2 OTAS eDO IS THE OTA WITH THE HIGHEST AVERAGE MONTHLY BRANDED QUERIES IN GOOGLE IN ALL EUROPEAN COUNTRIES BRAND QUERIES FOR EXPEDIA BLEND CUSTOMERS LOOKING FOR HOTELS AND FOR FLIGHTS eDO Expedia Lastminute Logitravel Atrapalo Kiwi Travelgenio ETI Source: webceo October 2019 eDreams ODIGEO 28 3 META DEPENDENCY BY MARKET, INDEXED 4 3 1 1 1 UK Top 4 competitor Germany eDreams ODIGEO leading local brand France Source: Industry data INVESTOR PRESENTATION#293 eDO'S ACCELERATING GROWTH STRATEGY FROM Flight-centric, Transactional Service Excel in online flights with best prices and flight options Significant customer needs / pain points unaddressed TO Flight-centric, Travel Relationships Leverage strategic flights position to engage with customers through full travel journey Build long-term customer relationships with Prime subscription membership program VISION "Your Trusted Travel Companion" Leverage customers relationships and best EZE mobile exp to address complete leisure travel needs Reinvest strong FCF to grow Ebitda through M&A and organically To continue to innovate and be best-in-class in online flights and leverage that strategic position to grow organically and through M&A, driving strong profitable growth in the medium term (three years), while creating an option for substantial long-term growth eDreams ODIGEO 29 INVESTOR PRESENTATION#303.1 PRIME IS DRIVING SUSTAINABLE LONG-TERM IMPACT It is not a self-selection of existing heavy users, it generates incremental bookings for every cohort UPLIFT IN 12 MONTH REPEAT BOOKINGS - COHORT ANALYSIS (INDEXED TO 1x) NEW USERS NO PURCHASES OF ANY KIND IN THE 11 MONTHS BEFORE CONTROL PURCHASE LIGHT USERS HEAVY USERS +1 NON PRIME PURCHASES IN THE ONE NON PRIME PURCHASE IN THE 11 MONTHS BEFORE CONTROL PURCHASE 11 MONTHS BEFORE CONTROL PURCHASE 1x +165% 2.65x +95% 1.95x 1x 1x +45% 1.45x Non Prime Prime Non Prime Prime Non Prime Prime Source: Data Science analysis, France eDreams ODIGEO 30 INVESTOR PRESENTATION#313.1 OVERWHELMING RESPONSE FROM CUSTOMERS IN OUR KEY MARKETS Strong performance of the main KPIs 22% 026% SHARE OF BOOKINGS Prime has become a high share of the total bookings made in the main markets 2% 03% VOLUNTARY CHURN RATE Very few customers requested to unsubscribe from Prime 065% 064% REVENUE RENEWAL RATE Percentage of subscriptions renewed and collected after 12 month +16% O+24% NET PROMOTER SCORE (NPS) NPS of Prime members is higher than for non-prime 3.7x 1.7x SHARE OF REPEAT BOOKINGS IN APP Higher share of app bookings for Prime vs. non-Prime members Notes: Share of bookings and App repeat share refer to current KPIs as of mid-October; Renewal Rate if FY to date Apr-Oct; NPS is last 3 month average eDreams ODIGEO 31 INVESTOR PRESENTATION#323.2 COVERING THE WHOLE CUSTOMER JOURNEY: CUSTOMER PAIN POINTS AND NEEDS eDreams Planning the perfect trip: Price alerts, week- end deals, travel anniversary, etc... The price has dropped even lower for your trip to London (PAR) (LON) 19/04/2019-26/04/2019 166.99 147.25*+ Book now before the deal disappears! Go to flights This is the cheapest fight seen recently, compared with the one you saw on 09/04/2019. Orange 61% <Back Flight status Real time information Flight number Route Live Flights BCN--BarcelonaEl Prat Airport Departures Arrivals Departs To: Status Flight 10:45 AUH On time @UX2735 10:45 AUH On time EY50 MH5228 MH5228 BA8081 about the flight & in- destination activities All flights status available in the APP, Push notifications sent when status changes, access to boarding passes... 10:45 AUH On time 10:45 AUH On time a UX2735 10:45 AUH On time EY50 10:45 AUH On time 10:50 LGW On time VY7836 10:50 LGW On time Q ✓ Search My trips Status Profile eDreams ODIGEO Book Plan CUSTOMER JOURNEY Prepare Travel 32 After the booking, we manage the check in: Convenient fast booking process and receive all your boarding passes in one place independent of airline, they automatically appears in the App and sent via email 09:53 1 17:30 Boarding Pass 67% LONDON GATWICK AIRPORT LGW FLIGHT NO. VY7833 BARCELONA EL PRAT AIRPORT BCN BOARDING DATE DEPARTURE ARRIVAL 21:10 Oct 13 21:40 00:50 NAME AIRLINE SEAT Vincentius Jacobus Vernooij Vueling 21D Hola Mathieu, Reserva tu coche hoy y ahorra un 10% Buscamos entre 1.500 proveedores de vehículos de alquiler para ofrecerte: el mejor precio. Disfruta de una libertad absoluta durante tu viaje. Ver todas las ofertas Los mejores precios de alquiler de coches para tus fechas Opel Corsa ter Ford Ka 412 €24.47/dia Seat Leonmilar 512 Europcar €26.40/dia €105 Total 4 dias 106 Total 4 dias 513 Hertz €34.22/dia €136 Total 4 dias ¿Por qué reservar tu coche con eDreams? Soporte telefónico Modificación y cancelación gratis 24 horas Haz clic y reserva con descuento Fechas ✔Protección contra daños y robo Buscar Exclusive deals on other products: • Post-booking: Hotel, Car • Travel preparation: Bag, Seat In destination: Ground Transport, Activities, Restaurants Travel links Home Low Cost flights Airlines Airport: eDreams Follow us on: Terman Condo Eat way 1999-2013 Dreams Tu conni mervati Secured by thawte INVESTOR PRESENTATION#33INCREASING OUR COMPETITIVENESS IN FLIGHT 3.3 REVENUE DISTRIBUTION ON A € PER BOOKING BASIS 2.3 2.4 3.0 2.1 6.6 7.2 2.7 6.2 6.6 5.8 22.6 ...... 20.7 -36% FY16- H1FY20 19.3 14.5 17.4 24.5 21.2 15.2 11.6 12.6 +111% FY16- H1FY20 FY16 FY17 FY18 FY19 1H FY20 Diversification revenue ■Classical Revenue - customer ■Classical revenue-supplier Advertising & Meta clicks-outs Source: eDO Financial Statements eDreams ODIGEO 33 Over the recent years we have focused on providing more and better product / service to our customers. This has been instrumented through strong investments in revenue diversification which have resulted in i) an improvement of our competitiveness in flights via reduction of services fees and ii) higher value for our customers as the increase in the RM per booking (+€5) proves. INVESTOR PRESENTATION#343.3 REVENUE DIVERSIFICATION: SUBSTANTIAL MARKET OPPORTUNITY GLOBAL FLIGHT ANCILLARIES MARKET Gross sales in 2018 13% increase over 2017 GLOBAL PACKAGES MARKET Gross sales in 2018 4-5% CAGR expected 2018-22 MARKET SIZE חה €81Bn FLIGHT ANCILLARIES Large and fast growing market Help us to differentiate vs airlines and increase customer ownership Still some ample room for us to grow our ancillaries revenue over coming years with new products and customers touchpoints 25 Source: IdeaWorks Company.com €185Bn DYNAMIC PACKAGES (DP) Fast growing market with lower online penetration vs. flight Our scale in flight provides us with a large advantage Fragmented market with many players focused on capturing demand in mostly one single market Growing vs Hotels and traditional Tour Operators Source: Statista eDreams ODIGEO 34 INVESTOR PRESENTATION#353.3 EXAMPLE OF A HOTEL SEARCH IN NYC Members will have special Member-only deals, as well as always-on vouchers SEARCH RESULTS PAGE PAYMENT PAGE AFTER APPLYING PRIME10 VOUCHER (10% EXTRA DISCOUNT) Chambre Signature, 1 grand lit Hotel Edison 228 W 47th St, New York, NY, 10036, États-Unis, 01 86 99 55 89 Midtown West Bien 7,8 • Times Square à 0,4 km HOTEL EDISON ⚫ Aéroport international John F. Kennedy (JFK) à 21 km 5 297 avis voyageurs vérifiés Réduction Membre Prime 2-231 € 1 564 € pour 1 chamore pour 5 nuits taxes et frais compris Annulation gratuite OO 00000 Payez maintenant ou à l'hôtel 12 861 avis Votre Réduction Membre Prime Contactez-nous Réservez en ligne. Annulation gratuite Prix moyen par nuit Service clients : 01 86 99 55 89 > 5 nuits Taxes Sélectionnez The Kimberly Hotel 145 E 50th St, New York, NY, 10022, États-Unis, 01 86 99 55 89 Midtown East Times Square à 1,3 km ⚫ Aéroport international John F. Kennedy (JFK) à 20 km Très apprécié de nos clients Réduction Membre Prime Exceptionnel 9,4 1 678 avis voyageurs vérifiés oo 00000 2-197 € 1 870 € pour 1 chambre pour 5 nuits taxes et frais compris Annulation gratuite ✓ Payez maintenant ou à l'hôtel The Gotham Hotel 16 E 46th St, New York, NY, 10017, États-Unis, 01 86 99 55 89 Midtown East • Times Square à 0,7 km eDreams ODIGEO 2 506 avis Sélectionnez Réduction Membre Prime XXX OTA 258.22€ - Elige tu habitación LEADING HOTEL OTA PRICE SAME DATES, SAME HOTEL, SAME ROOM... WE ARE 275€ CHEAPER € Registra tu alojamiento Hazte una cuenta Inicia sesión 2 Escribe tus datos 3 Últimos datos 1.234,87€ Los datos de tu reserva 179,73€ Entrada: jueves, 26 de diciembre de 2019 a partir de las 15:00 HOTEL EDIN Comprend votre Réduction Membre Prime : Vous économisez 32 % en vous abonnant à la newsletter Salida: martes, 31 de diciembre de 2019 hasta las 12:30 HOTEL EDISON Bon de réduction appliqué Duración total de la estancia: -123,49€ Supprimez 5 noches Hotel Edison Times Square *** Traslado aeropuerto P) Aparcamiento (1) Tiene 2 restaurantes 228 West 47th Street, Nueva York, NY 10036, Estados Unidos - En el centro de la ciudad Este alojamiento tiene una ubicación excelente. ¡Los clientes le han dado una puntuación de 9,4! - Volver a ver los puntos fuertes Está en nuestra selección para Nueva York Cancelación GRATIS antes de las 23:59 del 24 de diciembre de 2019 ¿Viajas en otras fechas? Montant total 1.291,11€ Tu selección: No es necesario pagar hoy. ¡Pagarás el alojamiento durante tu estancia! taxes comprises Habitación de diseño - Cama extragrande Cambia tu selección Hotel Edison New York, NY, US Bien 7.8 Avis voyageurs OO 00000 Note des voyageurs sur TripAdvisor 2-428 € 1 776 € Très bien 8,0 pour 1 chambre pour 5 nuits 1 108 avis voyageurs • Aéroport international John F. Kennedy taxes et frais compris vérifiés (JFK) à 21 km Annulation gratuite Arrivée Départ jeudi, 26 décembre 2019 mardi, 31 décembre 2019 ✓ Payez maintenant ou à l'hôtel 1 108 avis Sélectionnez 5 nuits, 1 chambre Bingo! Te llevas la habitación más barata, así que te ahorras un 6% en comparación con otras habitaciones de alojamientos parecidos en Nueva York. No te pierdas nuestro mejor precio, ¡reserva ahora! Le prix pourrait augmenter si vous réservez plus tard. Le montant total sera débité lors de la réservation Frais obligatoires à régler à l'hôtel Desglose del precio 130,94€ Habitación de diseño - Cama extragrande € 1.334 Introduce tus datos 14,75% Impuesto € 216 Suplemento de resort € 131 € 16 Des frais d'établissement imposés par l'hôtel et s'élevant à $145.01 (130,94€) vous seront facturés par l'hôtel, à votre arrivée ou à votre départ. Ces frais sont calculés sur la base de 2 adultes et 0 enfants. Total de cette réservation 1.422,05€ Impuesto municipal Precio (tu moneda) € 1.697 * ¿Viajas por trabajo? O sí No Votre code de réduction a bien été appliqué. Conditions générales d'utilisation 35 ¡Inicia sesión para reservar con los datos que tienes guardados o crea una cuenta para gestionar tus reservas sobre la marcha! ¡Ya casi estás! Solo tienes que rellenar los campos marcados con * INVESTOR PRESENTATION#363.3 HOTELIERS ARE WILLING TO INCENTIVISE US FOR HIGH VALUE CUSTOMERS Our Dynamic Packages customers book more in advance and drive low cancelation... VS ... compared with the average in the hotel industry Source: Phocuswright eDreams ODIGEO O HOTEL 52% Book with more than 31 days in advance 4% 19% Book with more than 31 days in advance 36 35% Cancel their Dynamic Package booking Cancel their hotel booking INVESTOR PRESENTATION#373.3 WE HAVE SUCCESSFULLY GROWN SHARE OF HOTELS SOURCED DIRECTLY Since the launch of our own inventory, we have signed >54k hotels In only 2 years, our hotel inventory has grown to represent -30% of DP bookings Increasing the share of own inventory hotels has allowed us to significantly increase our price competitiveness in Dynamic Packages 6% 3% 24% 23% 20% 17% 14% 28% ...by reducing our service 36% fees in 28% 27% 19% 17% 11% 11% Dynamic 5% Packages Q3 Q4 01 02 03 04 Q1 Q2 FY18 FY19 FY20 ...While growing +6% YoY our Revenue Margin per Q3 Q4 Q1 Q2 Q3 04 01 Q2 FY18 FY19 FYZO booking at the same time Source: eDO BI and internal analysis eDreams ODIGEO 37 +6% FY19 FY20 INVESTOR PRESENTATION#38OUR CAPITAL ALLOCATION POLICY 3.4 1. Our overriding objective is to generate value for our shareholders, through both share price appreciation and eventually by returning cash to shareholders. 2. We expect that the business will continue to generate robust cash flow. 3. We also believe that EDR is well positioned to pursue growth opportunities, and for the time being our top financial priority is to reinvest in organic and inorganic growth opportunities that enhance shareholder value. 4. We will maintain a solid balance sheet to be able to pursue these opportunities as they arise. We do not anticipate that Net Debt to Adjusted EBITDA will exceed 3x except in unusual circumstances such as to finance a large acquisition, following which we would prioritize reducing leverage in line with our long term objectives. 5. We believe it is appropriate to finance the business in part with debt, which enhances our cost of capital, and do not expect leverage to fall below 1.5x. 6. At any point, depending on market conditions, we may undertake opportunistic share repurchases to provide for equity compensation programs, to enhance market liquidity, or for such other purposes as our Board may determine. 7. Given our growth outlook, we don't anticipate paying a dividend in the near or medium term. If at any point we no longer believe that there are value accretive investment opportunities available over a medium term horizon, we will return cash to shareholders through dividends or share repurchases. eDreams ODIGEO 38 INVESTOR PRESENTATION#394 A BUSINESS MODEL THAT HAS PROVEN A STRONG CASH GENERATION (IN EUROS MILLION) FY15 FY16 FY17 FY18 FY19 RECURRING EBITDA 90,5 95,8 107,3 118,3 119,6 CAPEX (35,2) (30,5) (29,5) (28,9) (28,8) REC. EBITDA - CAPEX 55,3 65,3 77,8 89,4 90,8 NWC (*) 8,5 (2,3) 36,0 14,4 TAXES (6,0) (4,8) (7,4) (8,1) (13,8) FINANCIAL EXPENSES (43,1) (40,3) (40,9) (40,4) (27,7) RECURRING FCF 14,7 17,9 65,5 55,3 WC INVES. IN CHANGE OF REVENUE MODEL DEBT REPAYMENTS 0,1 (0,7) (52,7) (10,9) 49,3 (30.0) (7,1) REFINANCING / IPO (18,1) (33,7) RESTRUCTURING (8,6) (2,5) (1,0) (13,1) OTHER NON RECURRING (12,3) (4,5) (0,3) (3,3) NON-RECURRING FCF (38,9) (7,7) (54,0) (27,3) (1,2) (42,0) CASH VARIATION (24,2) 10,2 11,5 28,0 (22,7) TOTAL CASH 121,8 132,0 143,5 171,5 148,8 RECURRING FCF TO EBITDA 16% 19% 61% 47% 41% (*) Includes operating NWC variation as well as non cash items impact to show actual cash variation. Source: eDO Financial Statements eDreams ODIGEO 39 1. EBITDA - Capex annual cash flow improved by €36m between FY15 and FY19 from €55m to €91m. 2. WC items have contributed to generate cash, on average €14 million annually in the four years up to FY18. In FY19 WC absorbed the one- off impact of accelerating the change in the business model. 3. The successful refinancing has allowed us to improve the recurring FCF by c.€13m per year. 4. A significant amount of that recurring FCF has been reinvested into different initiatives to improve the robustness of our business in the long term. 5. Despite those investments and the significant FY19 WC headwinds total cash has increased by €30m between FY15 and FY19. 6. Recurring FCF to EBITDA above 40% the last three years INVESTOR PRESENTATION#404 STRONG BALANCE SHEET AND RETURNS Net leverage reduced by 30% and Adj. Net Income doubled in only 3 years ROBUST DELEVERAGING PROFILE NET DEBT (ЄM) -13% ... AND DELIVERING STRONG RESULTS (**) ADJUSTED NET INCOME (ЄM) 329.1 285.3 282.7 253.8 FY16 FY17 FY18 FY19 NET LEVERAGE RATIO (*) 3.4 2.7 -30% 2.4 2.1 20.1 +100% 40.2 31.6 32.3 FY16 Source: eDO Financial Statements FY17 FY18 FY19 FY16 FY17 FY18 FY19 (*) Net Leverage Ratio: means the total amount of outstanding Net Financial Debt on a consolidated basis divided by "Adjusted EBITDA". This measure offers to the reader a view about the capacity of the Group to generate enough resources to repay the Gross Financial Debt, also considering the available cash in the Group. (**) Adjusted Net Income: means our IFRS net income less certain share-based compensation, restructuring expenses and other income and expense items which are considered by management to not be reflective of our ongoing operations. Adjusted Net Income provides to the reader a better view about the ongoing results generated by the Group. eDreams ODIGEO 40 INVESTOR PRESENTATION#41UI SUBSTANTIAL GROWTH UPSIDE AND OPTIONALITY TO BASE CASE Bookings OUR PLAN DRIVERS Taking advantage of a growing market. Strong position in Metas. Virtual interlining (VIN) development with in-house resources. Investments in cheap channels materialising Continuous investments in reduction of Classical Customer Revenues to keep driving value for both customers and eDO and increasing competitive pressure to sub-scale competitors OPTIONALITY Increase in offer of in-destination services Further VIN investment Further technical conversion improvements M&A Revenue margin EBITDA Revenue diversification keeps being a key driver. Current Prime model further penetration in Spain and Germany, and rollout in the UK. Continuous investments in reduction of Classical Customer Revenues to keep driving value for both customers and eDO and increasing competitive pressure to sub-scale competitors. Doubling Dynamic Packages (DP) attachment rate Improvement of acquisition cost per booking index following cheap channels focus and effect of Prime. Decrease of other variable costs following cost optimisation measures (e.g. CS outsourcing). Fixed cost control. New Prime features launched in all markets. Further DP and other product developments M&A All of the above will have a positive impact on EBITDA Recurring FCF Given our business model, most improvements at EBITDA level drop straight to Free Cash Flow as relevant cash out flows grow less (CapEx) or have room to decrease depending on market conditions (Interest) New refinancing if market conditions are favourable M&A eDreams ODIGEO 41 INVESTOR PRESENTATION#425 MORE DETAIL ON GROWTH MODEL DRIVER KPI FY21 FY22 FY23 Volume Market growth + + + ++ eDO growth ++ ++ ++ Revenue Revenue Margin ++ diversification ++ ++ ++ Prime Classical business Variable costs Cost base + EBITDA Fixed costs ++ +++ +++ + ¦ +++ +++ Basis for growth is an OTA flights market growing at 1-2% plus our own growth on top of that based on market share gains within OTAs (superior end-to-end customer experience, more loyalty and repeat driven by Prime), and growing outside of the pure flights market as we sell a more diversified basket of products EBITDA expected to grow very healthily broadly in line with FY20 guidance but less than volumes, as we prioritise the strategic objective of continuing to grow scale and dominate the market, and therefore meaningfully reduce service fees on the flight intermediation. eDreams ODIGEO 42 INVESTOR PRESENTATION