March Investors Presentation

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1 March 2016 Investors Presentation

2 AGENDA Overview Results post management change Strategy Outlook 9 Months Results Highlights 1

3 edreams ODIGEO has built a highly successful travel business over the past 15 years #1 Flight retailer in Europe 16M customers served last year 44 countries where we operate 325M monthly searches 139 Web sites 1 BRANDS 1 Includes sites across all markets, brands, and devices 2

4 Industry Overview: Faster European Online and OTA travel market penetration. OTAs gaining share Faster European online travel penetration 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 43% 41% 25% 20% 47% 52% 45% 45% 31% 23% 37% 27% European Online Travel Market, OTA vs. Supplier-Direct Share 2015 & % E 57% Supplier-Direct OTA 44% 56% US Europe Latin America APAC Continued shift from offline to online. Global OTAs winning share vs local players with its scale advantage 59% 53% 48% % 30% 16% 20% 23% % 26% 25% 27% 29% % 23% Supplier-Direct Online OTA Other Source: Phocuswright European Travel Overview Eleventh Edition Global OTA Local OTA 3

5 Customer habits Other Supply Distribution Strong presence in the fragmented and complex European travel market which is highly attractive to OTAs Europe US Europe US Number of airlines 1 Market share of top 4 airlines 2 c % c % OTA market concentration Other Top 3 Other 37% Top players 3 37% players 63% 63% 4 Other 20% Top 3 Top players 3 5 players 80% 5 80% Airline brand recognition Low High Service fee by airlines/otas / / Proportion of domestic vs. International travel 1 Int l 80% Domestic 20% Int l 23% Domestic 77% # of affiliates Large Large Number of countries 50 1 Fragmentation of flight routes 1,3 c. 6% c. 24% Languages Currencies Multi-legged segments Many Fewer Legal, Tax, Payment Many Fewer methods 1 Industry research 2 OAG Analyser, based on number of seats for 2015; 3 Top 10 from-to city pairs - % of total passengers; 4 Priceline, Expedia and edreams ODIGEO, based on 2013 gross bookings as reported and defined in PhoCusWright reports; 5 Expedia, Orbitz and Priceline, based on 2013 gross bookings as reported and defined in PhoCusWright reports; 6 European Union designated by agreement with member states; 7 English and Spanish taken into account; 8 Includes Norway, Switzerland and 11 countries belonging to the EU but not to the Eurozone 4

6 AGENDA Overview Results post management change Strategy Outlook 9 Months Results Highlights 5

7 Actions Taken: Change in Management, New Strategy and New Organisation Change in Management (26 th of January 2015) - The Board of Directors of edreams ODIGEO announced the appointment of Dana Dunne as New Chief Executive Officer NEW STRATEGY AND ORGANISATION New strategy More customer focus Management reorganization to become more lean and nimble Top line growth trend improving YoY variation +15% +10% +5% (5)% +5% +2% June-14 Old +2% Bookings growth Revenue Margin growth (2)% (4)% (3)% Sep-14 Dec-14 Old Old +2% +2% Mar-15 Old +6% +4% +13% +14% +6% +6% Jun-15 Sept-15 Dec-15 EARLY RESULTS 5 earnings releases meeting or exceeding guidance Return to growth in Bookings Revenue margin and Adjusted EBITDA Adjusting for no bonus payment last year, yet we are accruing 100% of the bonus this year, the Adjusted Ebitda growth is +13% in Q3. Positive trends in Adjusted EBITDA YoY variation +5% (5)% (15)% (25)% (35)% (29)% (22)% (30)% June-14 Old Sep-14 Old Dec-14 Old (11)% Mar-15 Old 1% 1% 6% Jun-15 Sep-15 Dec-15 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 6

8 AGENDA Overview Results post management change Strategy Outlook 9 Months Results Highlights 7

9 Management reorganisation, team in place to significantly improve the business CEO Dana Philip Dunne New Strong senior management team with diverse industry experience New Chief Operating & Technology Officer Philippe Vimard Chief Financial Officer David Elizaga New Chief Marketing Officer Jerome Laurent New Chief Revenue & Vacation Products Officer Sophie Bernard New Chief Customer Services Officer Gerrit Goedkoop Chief People Officer Blandine Kouyaté New additions in product, UX, marketing, Mobile, suppliers, vacation products 8

10 Strategic progress overview 1 Traffic source (channel mix) Consolidated our global traffic acquisition performance and ROI improvements initiated in Q1 Growth in bookings of 14% while reducing variable costs per bookings by 10% in Q3 2 Mobile Mobile bookings now accounting for 25% of total flight bookings. Mobile bookings increased 60% y-o-y; Quarterly mobile downloads increased 53% y-o-y 3 Customer experience Number of calls and s received reduced by 20%. Significant decrease in backlog (-81%). 11% improvement in answering calls 4 Lean and nimble, with enhanced product quality 78% of our product teams 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 Metasearch business growing revenues by 59% in Q3 Ancillaries revenues growing by 89% in Q3 6 Culture and talent Senior and Middle management talent improving. Adding new talent in areas such as product, marketing, mobile, business intelligence, suppliers and vacation products, among others 9

11 Traffic source (Channel Mix) Optimisation In Q3 we have been consolidating our global traffic acquisition performance and ROI improvement initiated in Q1 Continued focusing on operational excellence on a per channel basis, Variable costs per booking In Euros driving incremental net revenue margin and reducing our marginal cost per booking And we achieve this by making a more sustainable balance in our marketing mix Achieving growth in bookings of 14% while reducing variable costs per bookings 10% in Q June.15 Sep.15 Dec.15 YoY Change 6% 4% 4% 2% 0% -2% -4% -6% -8% -8% -10% -10% -12% June.15 Sep.15 Dec.15

12 Strong growth in Mobile Bookings. As a % of total bookings well ahead European industry average Flight Mobile bookings As a % of flight bookings One Front + New Functionalities 30% edreams 25% Opodo Go Voyages Android launch across all brands 24% 25% 20% 15% 10% ios Apps Live 15% Q1 Jun-14 20% 18% 18% 18% Q2 Sep-14 13% Q3 Dec-14 Q4 Mar-15 Q1 Jun-15 Q2 Sep-15 17% Q3 Dec-15 +8pp EU industry average +60% Flight mobile bookings increase y-o-y +53% y-o-y increase of quarterly Mobile downloads, reaching 6.1 million Source: Unaudited company data and Phocuswright European Online Travel Overview Eleventh Edition 11

13 Significant improvement in Customer Experience and client satisfaction Trustpilot average scores continues to improve Significant improvement in the contact rate of service calls and s -20% Significant reduction in backlog Source: Trustpilot, average scores France, Italy, Spain, Germany & UK Note: Not weighted by country n.a: Not available % -81% -52% -33% 2014 June.15 Sept.15 Dec.15 Reduction since program launched in

14 AGENDA Overview Results post management change Strategy Outlook 9 Months Results Highlights 13

15 9 Months Results Highlights Update Strategic initiatives on track and delivering results Full year guidance raised OLD NEW IMPLIED GROWTH Bookings > 9.7 million Mn +6% to +9% Revenue margin ( ) > 436 million Mn +2% to +4% Adjusted EBITDA ( ) million Mn +3% to +5% Adjusting for no bonus payment last year, yet we are accruing 100% of the bonus this year, the Adjusted Ebitda growth is expected to be in a range of 9 to 11% for the full year Q continues to benefit from improvements underway. Bookings and revenue margin growth, only for Q4, would slow down due to one time elimination of unprofitable bookings when compared to Q , while adjusted EBITDA growth rate accelerates. We anticipate that growth will return to normal rates in Q1 of next fiscal year and onwards 14

16 Closing remarks Why invest in edreams? Attractive Industry Online Leisure Travel is the largest e-commerce category #1 Flight Retailer in Europe Growing market share Faster European Online Travel penetration Continued shift from offline to online Global presence 44 countries Scale & Technology Platform Well known brands Success growing Mobile channel Global OTAs winning share High growth in Metasearch Results ahead of guidance

17 AGENDA Overview Results post management change Strategy Outlook 9 Months Results Highlights 16

18 Results Highlights Solid results with growth in bookings, revenue margin & EBITDA Cash flow in line with historical seasonality pattern Strategic initiatives on track and delivering improved performance Improved business proposition and business model Benefits from channel mix optimisation Customer experience & client satisfaction improving significantly Guidance raised for the full year 17

19 Strategy delivering solid results in all magnitudes Competitive landscape remains stable Bookings growth accelerating in all Core markets Flight revenue growth stable and non-flight improving Mobile channel bookings continue growing Continue to grow market share Bookings In thousands 7,095 7, % Revenue Margin Adjusted EBITDA In million +6% In million +3% M Dec-14 9M Dec-15 9M Dec-14 9M Dec-15 9M Dec-14 9M Dec-15 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 Source: Consolidated financial statements, unaudited 18

20 Strategy delivering strong growth in adjusted EBITDA Improvement in product starting to pay off Adjusted EBITDA quarterly Evolution YoY variation Individual channel improvement and micro pricing actions paying off Growth adjusted for no bonus payment last year. 100% accrual this year Growth in bookings of 14% while reducing variable costs per bookings by 10% in Q3 Reported Adjusted EBITDA growth accelerating in Q3 (+6.1%). Adjusting for no bonus payment last year, yet we are accruing 100% of the bonus this year, the Adjusted Ebitda growth is +13% in Q % 0.0% -10.0% -20.0% -30.0% -40.0% -30% Q3 Dec.14 Old -11% Q4 March.15 Old 7% 7% 1% 1% Q1 June.15 Q2 Sept.15 13% 6% Q3 Dec.15 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 Source: Consolidated financial statements, unaudited 19

21 Flight and Non-flight bookings: Strong growth in the flight business and non-flight trend improving Flight Progress in strategic initiatives continues delivering strong growth in bookings, +16% in Q3. Flight bookings trend continues improving YoY variation +20% +15% Flight bookings growth Non-Flight bookings growth +15% +16% Second consecutive quarter of double-digit growth +10% +5% +2% +3% +5% And second time in 8 quarters Non-Flight (5)% (10)% (4)% (9)% (4)% (8)% (3)% (15)% Non-flight business bookings trend improving Dec-14 Mar-15 Jun-15 Sept-15 Dec-15 Packaged tours business starting fundamental transformation 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 Source: Consolidated financial statements, unaudited. 20

22 Flight and Non-flight revenue margin: Stable growth in flight and trend improving in non-flight Flight - Revenue Margin In million % % Flight Revenue margin growth remains stable at +6% in the first nine months of FY Revenue margin per booking decreasing as a result of channel mix being optimized for profitability Q3 Dec-14 Q3 Dec-15 9M Dec-14 Non Flight - Revenue Margin In million % 9M Dec % Non-Flight Non-flight revenue margin back to growth, trend improving From flat growth in Q2 to +5% in Q3. Q3 Dec-14 Q3 Dec-15 9M Dec-14 9M Dec-15 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 Source: Consolidated financial statements, unaudited 21

23 Core and Expansion bookings: Core back to positive growth for second consecutive quarter Core Core bookings trend continues to improve All 3 markets within Core growing in bookings Spain & Italy showing strong growth with double digit growth rates Core bookings trend continues improving YoY variation Core bookings growth Expansion bookings growth +30% +26% +25% +25% +21% +21% +20% +14% +15% +10% +3% +5% +8% Expansion Expansion markets continue to show strong growth rates (5)% (10)% (15)% (20)% (15)% Dec-14 (12)% Mar-15 (10)% Jun-15 Sept-15 Dec-15 UK, Germany and our international markets continue to grow at high rates 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 Source: Consolidated financial statements, unaudited 22

24 Core and Expansion revenue margin: Revenue trajectory improving in all our Core markets Core Markets - Revenue Margin In million % % Core Significant improvement in the revenue trajectory. From (-5%) in Q2 to only (-1%) in Q3. Q3 Dec-14 Q3 Dec-15 Expansion Markets - Revenue Margin In million +20% +16% 9M Dec M Dec Expansion Expansion markets continue to drive overall growth in revenue margin Q3 Dec-14 Q3 Dec-15 9M Dec-14 9M Dec-15 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 Source: Consolidated financial statements, unaudited 23

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