eDreams ODIGEO It closed the first half of its fiscal year 2026 with strong growth, with a net profit 24 times greater than in the same period of the previous year. What have been the main drivers behind this jump in results?
Our results reflect the strength and, above all, the maturity that our subscription model has achieved. Our subscriber base continues to grow strongly, attracted by a platform that offers more and more travel products and services. We already have a community of 7.7 million members, after having grown 18% year-on-year in the first half and adding 1.2 million new net additions in twelve months. To understand the scalability of our model and the progressive increase in profitability and margins, we have to think that, during the first year of a subscriber, we incur the costs necessary to acquire them. However, from the second year onwards, these costs almost completely disappear, which significantly increases profitability. So, as our subscriber base not only increases in volume but matures (with more and more members making it past that first year), our profitability increases. It is clear that we have successfully completed our transformation into a subscription company: ¾ of our Cash revenue margin already comes from Prime, giving us a high-quality business profile, with recurring and predictable revenue. With a base already moving towards the goal of exceeding 13 million subscribers by 2030, we are excited about the scale of growth and exponential value we will generate in the coming years.
Prime already has 7.7 million subscribers and contributes 74% of the margin. How has the subscription model evolved and what role will it play in 2026?
Prime has established itself as the central axis of our relationship with the consumer. We have created a value proposition that generates loyalty and satisfaction that is difficult to see in the travel sector. The evolution has been qualitative. What started as discounts on flights eight years ago is today a comprehensive, multi-product platform that offers flexibility in hotels, vacation packages, car rentals and, soon, trains, all powered by AI-based personalization unique in the market.
By 2026, Prime’s role will be that of a growth accelerator. We are not satisfied with what has been achieved; We are going to further democratize access to the model by introducing more flexible subscription options, such as monthly and quarterly payments, and aggressively expanding into new categories such as the rail market. These operational levers are what will allow us to scale from the current 7.7 million to exceed 13 million subscribers in 2030.
What objective does the company pursue with its shareholder remuneration plan?
Our objective is to generate value for the shareholder. Thanks to the powerful cash generation of our subscription model, we have the unique ability to finance our organic growth and simultaneously maximize shareholder returns through disciplined capital allocation. In the first half, we have allocated 32.6 million euros to buybacks and redeemed nearly 9 million shares. We are going to continue with this plan, investing another 100 million euros in the next two years. It is a message of absolute confidence in our future: we believe in our roadmap and we want that generation of value to benefit those who bet on us.
How would you describe the balance between creating customer value and creating shareholder value?
In our subscription model, improving the value proposition to the subscriber is, mathematically, the most effective way to generate profitability for the shareholder. We have broken the traditional transactional logic where the margin is disputed on each sale; We build long-term assets. Every improvement we launch, whether it’s expanded products, greater flexibility, AI personalization or new monthly installments, boosts customer lifetime value. In fact, the recently announced implementation of monthly and quarterly payment options is born from a compelling fact: by offering this flexibility to the user, we increase their lifetime value by 13% compared to the single annual payment. By retaining the customer for longer, we eliminate the recurring cost of acquisition. Therefore, maximizing the subscriber experience is the financial engine that is expanding our margins, while guaranteeing the solid cash flow that we return to our investors today.
They have presented a new strategy for 2030 that includes diversification, international expansion and new subscription modalities. What will be the strategic priority for the coming years?
Our priority is clear: accelerate the scale of Prime to establish ourselves as the definitive global, multi-product travel subscription platform. To achieve this, we are going to execute a simultaneous expansion in three key axes that multiply our potential market.
First, product diversification, with a firm commitment to the train. We are entering a market of more than 40,000 million euros which, due to its greater frequency of use, is the perfect complement to encourage recurrence in our model. Second, and as a direct catalyst for the above, the evolution of the payment model. The introduction of monthly and quarterly installments not only eliminates entry barriers, but is strategically aligned with lower average value products such as trains. And third, geographical expansion. With this optimized model, we will scale Prime in high-potential international markets, where metrics already confirm 28% higher household penetration than our mature markets. This combination of levers is what will allow us to exceed 13 million subscribers in 2030, transforming our company into a comprehensive and truly global travel ecosystem.
What are the operational priorities in 2026? What do you think will be the most determining factor in sustaining growth?
Our operational priority will be to execute the investment phase planned in our strategic roadmap, focused on accelerating international expansion, deploying new subscription modalities and moving towards business diversification towards high-frequency categories such as trains. But the key that holds all this together is our technology. We have been developing our own Artificial Intelligence for more than a decade. We were pioneers in adopting an AI-first strategy and that early investment is what today allows us to offer personalization at a scale that no one else has. This proprietary technology will allow us to continue leading and capturing the demand of the modern traveler in an efficient and profitable way, while laying the foundations for our future growth.