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Board Meeting Notes January 2016 Investors Presentation AGENDA Overview Key Post IPO events & actions taken Strategy H1 Results Highlights Outlook 1 H1 2015-16 Results Roadshow eDreams ODIGEO has built a highly successful travel business over the past 15 years BRANDS #1 Flight retailer in Europe 325M monthly searches 16M customers served last year 139 Web sites1 44 countries where we operate 1 Includes sites across all markets, brands, and devices 2 H1 2015-16 Results Roadshow Online travel is a large and growing market with untapped opportunities 1 Online Leisure Travel is the 2 Improving world economy, with 3 Online travel gaining share from largest eCommerce category with air travel historically growing offline, with OTAs gaining share untapped segments faster than GDP vs. supplier direct Worldwide Business to consumer Passenger traffic growth vs. world eCommerce spending (US$bn, 14-15E) GDP growth Online travel penetration of total travel 1 4 2014 A Passenger traffic growth 2013A 2015E 2015E World GDP growth 2 45% 43% 45% Travel/GDP Ratio 3 42% 600 3.0x 31% 2.8x 25% 23% 20% 324 329 500 2.6x Last 10 years 2.4x average ratio EU APAC LatAm US 400 of 1.9x2 2.2x 1.9x OTA share of online travel evolution 2.2x 2.0x 174 5 152 151 300 1.8x 2013A 2015E 134 41% 39% 40% 41% 40% 1.6x 37% 35% 36% 200 1.4x 1.2x 100 1.0x Leisure Apparel Consumer 1980 1985 1990 1995 2000 2005 2010 2015 EU APAC LatAm US Source: PhoCusWright European Online Travel Overview 10th Edition (2015), Travel electronics PhoCusWright U.S. Online Travel Overview 14th Edition (2015), PhoCusWright Asia Source: Euromonitor Source: IATA 2010, Economist Intelligence Unit (EIU), ICAO Pacific Online Travel Overview 8th Edition (2015); PhoCusWright Latin America Second Edition Online Travel Overview (2014) 1 ICAO/IATA for scheduled passenger traffic figures indexed to 1980 (IATA forecast for 2015); 2 Economist Intelligence Unit GDP in constant US$ (2005) indexed to 1980; 3 Calculated as passenger traffic growth index divided by World GDP growth index; 4 2015E for LatAm; 5 2015E for US and LatAm 3 H1 2015-16 Results Roadshow eDreams ODIGEO has a strong presence in the most attractive geographic markets worldwide eDreams ODIGEO has strong presence in the fragmented and eDreams ODIGEO is present & growing in 15 out of 16 complex European travel market which is highly attractive to OTAs largest online travel markets identified by PhoCusWright Europe US Online travel gross bookings 2013 growth by market in increasing order of 2015 gross bookings8 c. 120 Number of c. 60 eDreams ODIGEO airlines1 presence China 110% Market share of 75% 29% top 4 airlines1 Supply Colombia 50% Airline brand Low High recognition Peru 47% Proportion of Domestic 20% Int’l India 36% domestic vs. 23% Int’l International 80% 1 Domestic Brazil 36% travel 77% Fragmentation of c. 24% c. 6% Mexico 33% flight routes1,2 Multi-legged Spain Customer habits Customer Many Fewer segments 25% Chile 25% Other 20% OTA market Other Top 3 Italy 25% 3 concentration 37% players Top 3 63% players4 Japan 20% 80% Service fee by airlines/OTAs / / US 20% Distribution # of affiliates Large Large Germany 16% Number of ANZ 13% 50 1 countries UK 13% Languages 235 26 Scandinavia 9% 7 Other Currencies 11 1 Legal, Tax, France 8% Payment methods Many Fewer 1 Industry research; 2 Top 10 from-to city pairs - % of total passengers; 3 Priceline, Expedia and eDreams ODIGEO, based on gross bookings as reported and defined in PhoCusWright reports; 4 Expedia, Orbitz and Travelocity, based on gross bookings as reported and defined in PhoCusWright reports; 5 European Union designated by agreement with member states; 6 English and Spanish taken into account; 7 Includes Norway, Switzerland and 9 countries belonging to the EU but not to the Eurozone; 8 Asia Pacific Online Travel Overview Eighth Edition, European Online Travel Overview Tenth Edition, Latin America Online Travel Overview Second Edition, U.S. Online Travel Overview Fourteenth Edition 4 H1 2015-16 Results Roadshow Online intermediary players successfully link customers to products and thereby capturing above market-average value Average ROC, FY’95-’14, Percent Average EBIT margin, FY’95-’14, % 12 15-25% Typical OTA 11 commission per 15 Hotels Online Travel booking charged to 10 Agencies hotels 9 Priceline has a 8 Cruise Ships 55 current market 7 capitalization of $66 15 billion. This is more 6 18 than the three largest 5 Motor Vehicle Rental and Leasing hotel chains combined: 4 Hilton ($26b), Marriott 3 15 Airlines ($19b), Starwood 25 2 ($13b) 1 Tour Operators 0 0 5 10 15 20 25 30 35 40 45 50 55 Revenue CAGR, NOTE: ROC = EBIT/Ave (FY, FY-1) FY’95-’14, % SOURCE: Capital IQ 5 H1 2015-16 Results Roadshow AGENDA Overview Key Post IPO events & actions taken Strategy H1 Results Highlights Outlook 6 H1 2015-16 Results Roadshow Key Post IPO Events: Changes in business environment and PR by suppliers 1 Disappointed the market in two occasions last year: FY 2013-14 Results (20th of June 2014) and Q1 2014-15 Results (29th of August 2014), with changes in the Outlook for 2014-15 fiscal year, driven by a change in Google Algorithm and higher competition from smaller players in France & Italy: From: Business to grow revenue margin close to 10% and stable Adjusted EBITDA margins (last fiscal year 27%) To: Flat revenue margin and €90 million of Adjusted EBITDA (21% margin) 2 BA/Iberia Announcement (24th of October 2014) to remove their fares from 3 out of our 67 branded websites: Huge overreaction by the market on something that it was really small for the company – only 3 out of 67 websites were fares removed. We sell over 400 other airlines so saw no impact on our bookings. Bookings theoretically at risk at the time only represented 1,4% of our total flight bookings, and in less than 24 hours represented only 0,2% as BA/IB reassumed fares in most of our websites. 7 H1 2015-16 Results Roadshow Actions Taken: Change in Management, New Strategy and New Organisation Change in Management (26th of Top line growth trend improving January 2015) - The Board of Directors YoY variation of eDreams ODIGEO announced the +15% Bookings growth +13% appointment of Dana Dunne as New Chief Revenue Margin growth Executive Officer +10% +5% +6% +5% +2% +2% +6% NEW STRATEGY AND ORGANISATION (2)% +4% +2% − New strategy – More customer focus +2% − Management reorganization to (5)% (4)% (3)% June-14 Sep-14 Dec-14 Mar-15 Jun-15 Sept-15 become more lean and nimble Old Old Old Old EARLY RESULTS Positive trends in Adjusted EBITDA − 4 earnings releases meeting or YoY variation 1.4% exceeding guidance +5% 0.7% − Return to growth in (5)% (10.8)% • Bookings (15)% • Revenue margin (25)% (29.2)% (29.5)% • and Adjusted EBITDA (21.5)% (35)% June-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Old Old Old Old Restated Restated Note: Following a change in revenue recognition in Q4 of fiscal year ending March 2015, from departure date to booking date for hotels, cars and dynamic packages, figures of fiscal year ending March 2015 have been restated 8 H1 2015-16 Results Roadshow AGENDA Overview Key Post IPO events & actions taken Strategy H1 Results Highlights Outlook 9 H1 2015-16 Results Roadshow Management reorganisation, team in place to significantly improve the business New CEO Dana Philip Dunne New New New New Strong senior Chief Chief management Operating Chief Chief Chief Chief Customer Chief People Office & Chief Marketing Vacation Revenue team with Financial Services Officer Technology Officer Products Officer Officer Officer Blandine diverse Officer Jerome Officer Sophie David Elizaga Gerrit Kouyaté Philippe Laurent Juan Uribe Bernard industry Goedkoop Vimard experience Review of Building one “eDreams ODIGEO” (brand agnosticism) employee engagement Focus on empowerment and aligning incentives 10 H1 2015-16 Results Roadshow New Strategy – Strategic progress – Overview 1 Traffic source (channel mix) Successful shift in mix to less expensive traffic sources Improved individual channel performance 2 Mobile Mobile bookings now accounting for 24% of total eDreams ODIGEO bookings Mobile bookings increased 55% y-o-y; Quarterly mobile downloads increased 44% y-o-y 3 Customer experience One Front roll-out completed for all our brands (except Travellink) Customer satisfaction significantly increasing 4 Lean and nimble, with enhanced product quality 36% of our engineers already in the new agile product development methodology Faster product development - Significant number of new functionalities launched for both Mobile and Desktop 5 Revenue diversification Meta business growing 54% The proportion of bookings with service options growing by 64% in calendar year 6 Culture and talent Skills level in Middle management increasing Empowering management in the organization to deliver results in a more agile way 11 H1 2015-16 Results Roadshow Channel Mix Optimization Successful shift in mix to less expensive Variable cost per booking In Euros traffic sources 35 Focus on lower cost channels and 30 2.6 customer retention 25 Change in mix to less expensive traffic -8% 20 sources and improved individual channel 30.6 15 28.0 performance 10 15% growth in bookings in Q2 in our flight 5 business coupled with reduction of our - Sep.15 Reduction Sep-16 variable costs per booking Variable costs per booking lower compared to last year as strategic initiatives start to pay off on our marketing costs 12 H1 2015-16 Results Roadshow Mobile development program: Strong growth in Mobile Bookings Flight Mobile bookings BRANDS As a % of flight bookings Android launch across One Front + New Functionalities all brands 25% eDreams 24% Opodo Go Voyages 20% 20% iOS Apps Live 18% 18% 18% 15% 15% 10% Q1 Q2 Q3 Q4 Q1 Q2 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 +55% +44% y-o-y increase of Flight mobile quarterly Mobile bookings increase downloads, reaching y-o-y 5.3 million Note: On previous presentations, data was based on flight orders since past data were not available for bookings.
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