eDreams ODIGEO Grows Subscribers to 8.1 Million, Beats Estimates…

Event summary

eDreams ODIGEO added 173,000 net Prime subscribers in Q1 FY2027, reaching 8.1 million total subscribers, an 8% year-on-year increase.
Prime revenues grew 1% to €128.4 million, contributing 77% of total revenues and 90% of Cash Marginal Profit.
Adjusted EBITDA and Cash EBITDA both exceeded market estimates at €28.9 million and €23.0 million, respectively.
The company repurchased €5.3 million in shares, bringing total repurchases to €38 million since October 2025.
Cash and cash equivalents increased to €73.0 million, with net financial debt reduced by €14.6 million year-on-year.

The big picture

eDreams ODIGEO is in the midst of a strategic investment phase aimed at transforming its Prime subscription service into a multi-product, global travel platform. The company is deliberately accepting higher acquisition costs to drive long-term growth, targeting 13 million Prime members and €270 million in Cash EBITDA by March 2030. This strategy aligns with broader industry trends toward subscription-based travel services and geographic diversification, positioning eDreams ODIGEO to capture a larger share of the global travel market.

What we're watching

Geographic Expansion: Whether eDreams ODIGEO can sustain its 5% revenue growth in non-European markets, lifting their share to 27% of total revenues.
Rail Adoption: The pace at which rail services gain traction in Europe, particularly in liberalized markets like Spain, where it already accounts for a double-digit share of new Prime members.
Profitability Recovery: How quickly eDreams ODIGEO can return to year-on-year Cash EBITDA growth, as guided, starting in the fourth quarter of this year.