eDreams ODIGEO SA：总体符合预期的业绩

Broadly in-line results Headline numbers are in line with the FY25 guidance andconsensus. All guidance reiterated. So big picture not muchchange. Q1 language a tadsoft+ gross bookings a tadsoftinQ4 areas of focus for call. EDRE.MC/EDR SQOVERWEIGHTEuropean InternetPOSITIVEPrice TargetEUR 12.00Price (28-May-25)EUR 8.37Potential Upside/Downside+43.4%Source: Bloomberg, Barclays Research FY results (to end March) are broadly in line with our expectationswith 7.26m Primemembers vs guide 7.25m (with a strong Q4) and cash EBITDA of €180.4 vs guide €180m. Lookingat the KPIs in Q4, gross bookings were -5% yoy in Q4after-1% in Q4. Non-Prime bookings weresoftin Q4; partly explaining this. Question for conf call thisafternoonto understand thedynamics of Prime frequency in Q4. The cash flow is marginally better with FCF ex non Prime of€100m (vs guide €90m) and the non Prime elements look broadly in line with our model. European Internet Andrew Ross, CFA+44 (0)20 7773 3023andrew.ross@barclays.comBarclays, UK Sarah Roberts+44 (0)20 7773 0959sarah.roberts3@barclays.comBarclays, UK All guidance is reiterated for FY26 and beyond from CMD.For FY26, this is >1 Prime members,€215-220m cash EBITDA, FCF ex Non Prime >€120m. Guillaume Galland, CFA+44 (0)20 7773 4061guillaume.galland@barclays.comBarclays, UK Slightly cautious comment on Q1. Expect 190-210k Prime net adds, cash EBITDA €38-40m.There is no precise consensus for Q1 but this infers a back end loading to the year. This was alsothe shape of FY25 and the numbers ultimately came through. Yash Jain+91 (0)22 6175 3418yash.jain2@barclays.comBarclays, UK No change to capital allocation framework.Note announced a further €20m buybackrecently. Olivia Venancio+44 (0)20 3555 0278olivia.venancio@barclays.comBarclays, UK Valuation.12% FCF yield in cal ‘26E. Analyst(s) Certification(s): We, Andrew Ross, CFA and Sarah Roberts, hereby certify (1) that the views expressed in this research report accurately reflect our personal views aboutany or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly orindirectly related to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise. In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm. Primary Stocks (Ticker, Date, Price) eDreams ODIGEO SA(EDRE.MC, 28-May-2025, EUR 8.37), Overweight/Positive, A/CD/D/FA/J/K/L/M/N Unless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the re