Earnings Release • Aug 8, 2024
Earnings Release
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Ad hoc announcement pursuant to Art. 53 LR
Media Release
lastminute.com’s Dynamic Packages continue to grow despite softer-than-expected H1 2024
Amsterdam / Chiasso, 8 August 2024 – lastminute.com N.V. (“lastminute.com”), the European Travel-Tech leader in Dynamic Holiday Packages (DP), today announced its unaudited results for the first half of 2024. Despite a weaker semester, the Group's core product, Dynamic Holiday Packages, continues to grow, maintaining lastminute.com's leading position in the fastest-growing segment of the European travel market.
H1 2024 - key figures
Continued expansion of Dynamic Holiday Packages
In the first six months of the year, Dynamic Packages achieved €823.2 million in Gross Travel Value (GTV) (+3% vs. H1 2023), €99.8 million in Revenues (+16%), and €45.3 million in Gross Profit (+25%). The DP take rate is also up 1.4% vs. the same period of 2023, reaching 11.9%, which is additional evidence of the ability to generate revenue through the Group’s core business.
lastminute.com continues to invest in Dynamic Packages by entering new markets - namely Iceland, Mexico, and Chile - and further enhancing the product with new services and features. These include experiences (through a partnership with TUI Group), deferred payments, and insurance protection, all designed to provide customers with a more personalised and flexible travel experience .
Agreement with Ryanair strengthening mid-term strategic outlook
In the first half of 2024, Revenues were impacted by the restrictions Ryanair imposed on its ticket inventory for all Online Travel Agencies. The signing of an agreement with Ryanair at the beginning of July strengthens the outlook of lastminute.com’s mid-term strategic plan. The full benefits of this agreement will become visible in 2025, after the completion of a technical integration phase, which is on track and is expected to be completed by the end of the year.
Key financials of Q2 2024
In the second quarter, Revenues were €86.2 million compared to €90.9 million in Q2 2023 (-5.2%), while Gross Profit was almost in line. DP compensated for the lower performances of the Flight business, mainly caused by Ryanair’s restrictions. Adjusted EBITDA of €13.7 million in the second quarter was down 12.1% vs Q2 2023.
Current trading and future outlook
Luca Concone, CEO of lastminute.com commented: “ The results of the first half of 2024 confirm our strategic decision to focus on our core product, Dynamic Holiday Packages. Our proprietary DP technology - paired with a vast inventory and supply, exclusive Fintech solutions, and the regulatory advantage of being one of the few fully licensed European Tour Operators - makes us stand out in the competitive OTA sector.
Although we experienced a slower start to 2024, we expect to improve our performance in the second half of the year, bolstered by the implementation of our strategic actions, the summer peak period and the effects of our new Ryanair partnership.”
Diego Fiorentini, CFO of lastminute.com added: *“In the first semester of the year, our Net Result surged by 35% to € 10 million, already surpassing FY 2023 level. Our Net Financial Position also improved significantly, reaching €142.9 million compared to . €102.5 million by mid-year 2023 , thanks t o our strong cash-generating capabilities.
I am also pleased to highlight that the company has started generating a return on its liquidity, and the related effects will be visible in the second half of the year. These positive results reflect our continued focus on strategic execution, operational excellence, and financial discipline, which will continue to drive sustained growth and value creation for our stakeholders* .”
H1 2024 results
| € million | H1 2024 | H1 2023* | % |
| Gross Travel Value (GTV) | 1,574.9 | 2,011.0 | (22%) |
| Revenues** | 164.6 | 180.0 | (9%) |
| Gross Profit | 70.2 | 69.1 | +2% |
| Adjusted EBITDA*** | 23.0 | 24.9 | (8%) |
| Net Result | 10.0 | 7.4 | +35% |
The comprehensive half-year report 2024 can be found here .
| € million | 30 June 2024 | 31 December 2023 | % |
| Gross Cash | 153.4 | 100.0 | +53% |
| Net Financial position | 142.9 | 27.8 | >100% |
| Total Equity | 46.0 | 43.3 | +6% |
Dynamic Holiday Packages results - H1 2024
| € million | H1 2024 | H1 2023 | % |
| Gross Travel Value (GTV) | 823.2 | 796.1 | +3% |
| Revenues | 99.8 | 85.8 | +16% |
| Gross Profit | 45.3 | 36.3 | +25% |
Q2 2024 results
| € million | Q2 2024 | Q2 2023* | % |
| Gross Travel Value (GTV) | 792.6 | 941.0 | (16%) |
| Revenues | 86.2 | 90.9 | (5%) |
| Gross Profit | 36.4 | 36.9 | (1%) |
| Adjusted EBITDA | 13.7 | 15.6 | (12%) |
| Net Result | 7.4 | 5.1 | +44% |
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*(*) Starting from the publication of our FY 2023 results, Revenues and Gross Profit include the effects of cancellations. As a consequence, the comparative figures of H1 2023 have been restated.
*
*(**) Revenues refer to ‘Managerial revenues’ which differ from Revenues as presented in the consolidated statement of profit or loss, as they do not include previous years’ adjustments, non-recurring revenues and other income not business-related.
*
(***) Adjusted EBITDA means operating profit/loss before depreciation, amortisation and impairment, adjusted for the effects of certain non-recurring and non-cash items
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Investor & media conference call
Please find below the details of the investor and media conference call to discuss the H1 2024 financial results. The conference will be held in English and in the form of an audio webcast.
Date: Thursday, 8 August 2024
Time: 10.00am CEST (1 hour)
Registration link for the audio webcast:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=U0XpHOQx
Dial-in numbers for phone – please note that questions during the call can only be made in written form by accessing via the webcast link above:
From Switzerland/Europe: +41 (0) 58 310 50 00
From Italy: +39 02 802 09 11
From UK: +44 (0) 207 107 06 13
From United States: +1 (1) 631 570 56 13
Please find below the link to the presentation for the conference:
https://corporate.lastminute.com/investors/investors-hub/reports-presentations/presentations/
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Financial Calendar
19 September - Presentation at Investora, Zurich
25 September - Presentation at Baader Investment Conference, Munich
13 November - Publication of Q3 Trading Update
25-27 November - Presentation at Deutsches Eigenkapitalforum, Frankfurt
Date TBD - Capital Markets Day in Zurich
About lastminute.com
lastminute.com is the European Travel-Tech leader in Dynamic Holiday Packages. Our mission is to simplify, personalise, and enhance customers' travel experience by leveraging our technology. Thanks to the iconic brand lastminute.com and a rich portfolio of vertical brands, we meet the most diverse needs of travellers across the entire holiday experience. As one of the few fully licensed European tour operators, we offer unlimited real-time travel combinations thanks to our proprietary Dynamic Holiday Packaging engine, providing additional customer protection and exclusive deals. lastminute.com N.V. is a publicly traded company listed under the ticker symbol, LMN on the SIX Swiss Exchange.
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