eDreams ODIGEO S.A. (EDR) Earnings Call Transcript & Summary

Good morning, everyone, and thank you all for joining us today for our first quarter fiscal year 2025 results presentation for the 3 months ending 30th of June 2024. I'm David de la Roz, the Director of Investor Relations at eDreams ODIGEO. As always, you can find the results materials, including the presentation and our results report on the Investor Relations section of our website. I will now pass you over to Dana Dunne, our CEO, who will take you through the first part of the presentation.

Thank you, David. Good morning, everyone, and thank you for joining us today. The key takeaway from today's results is that eDO continues to show strong growth in prime subscribers, and cash marginal profit margin continues to build as the maturity of prime members increases. In fact, cash marginal profit margin was up 9 percentage points over the last year to a margin of 45%. In addition, we added 409,000 subscribers in the first quarter of FY '25 and are on target to meet our self-set targets for FY 25. Today we will take you through the key points of our strong performance. This includes, on the first, eDO results highlights. Second thing, the Prime model continues to drive very strong growth, and we will review our strong first quarter results. And thirdly, we'll conclude today's presentation with some closing remarks about our long-term fundamental growth potential well beyond FY '25. Please turn now to Slide 4. This is a summary of our performance for the first quarter of this fiscal year 2025. As mentioned, our profit margins have increased significantly due to the strength of our prime model and the increasing maturity of prime members. This has resulted in prime cash EBITDA growing 71% year-on-year. Some of the key highlights for today's presentation are: firstly, in the first quarter of FY '25, the strength of the Prime model drove significant growth and has guided improvements in profitability. Prime members grew 32% year-on-year, reaching 6.2 million with net adds at 409,000. We're on track to reach our 3.5-year-old self-imposed FY '25 target. I remind you, as highlighted in the past, that we expect volatility on a quarterly net adds basis. Cash margin profit stood at EUR 60 million, and that's up 16% year-on-year. And the margin had a 3 percentage point improvement over a year as well. Cash EBITDA stood at EUR 36 million, that's up 23% year-on-year, and cash EBITDA margin had a 3 percentage point improvement in just over 1 year as well. More importantly, the free cash flow, excluding non-Prime working capital grew even more and stood at EUR 20.4 million, and that compares to EUR 15.2 million in the first quarter of FY '24. This is a EUR 5.2 million improvement year-on-year, which is an increase of 35%. The second highlight, the Prime model continues to drive very strong growth. The growth in Prime more than offset the anticipated declines in the non-Prime side of the business, and results in significant improvements in profitability. Prime cash revenue margin grew by 22%, following the strong growth in members. Prime cash marginal profit grew 54%, and the margin had a 9 percentage point improvement in just 1 year. And Prime cash EBITDA grew even more as we started to leverage a more scalable fixed cost base. Even with strong topline growth, Prime cash EBITDA grew 71%. And the margin expanded 9 percentage points as well. The third highlight is our outlook. eDO remains on track to meet the EUR 180 million cash EBITDA target by members in excess of 7.25 million members. And we'll do it with the generation of free cash flow, excluding non-Prime working capital of over EUR 90 million, which means that this more than doubles versus fiscal year 2024. All of this growth is while we have faced many industry headwinds over the past 3 years. However, it's important to highlight that we expect to see better year-on-year comparatives in the second half of this fiscal year, as we increase our member base and the maturity of our Prime members increases. Year-on-year comparatives expect to be the following: Prime members in the first half of the fiscal year are expected to grow around 28% versus September 2023, and in March 2025 by around 24% versus March 2024. Also, cash marginal profit margins are expected to be around 36% to 37% in the first half of this year and 42% to 43% in the second half of the fiscal year, resulting in around 40% cash marginal profit margin for the group for the full fiscal year FY '25. Furthermore, I'd like to remind you that the CNMV, that's the Spanish Stock Exchange regulator, approved on the 24th of July 2024, our voluntary and partial tender offer launched for a maximum of 4,550,864 of shares representing 3.6% of eDO issued shares at a fixed price of EUR 6.9 per share. The timetable for the offer has been announced. The acceptance period for shareholders to tender their shares started on the 29th of July 2024 and finishes on the 6th of September 2024, both included. Concluding the highlights with a comment about longer term, we have been building a long-term sustainable proposition, and eDO has strong fundamental growth potential beyond FY '25. Prime is significantly under-penetrated in main markets and can go to new markets. In sum, Prime's proven model continues to drive very strong growth. It has delivered significant uplifts in profit margins, and we believe that we have the right model, right people and the right structure to seize and deliver on the exciting shareholder value-creating opportunities ahead of us. With that, now let me pass it over to David Elizaga, who will take you through some of the KPIs of our Prime model and the strong growth and significant profit improvements in the first quarter of FY '25 results.

Thank you, Dana. If you could all please turn to Slide 6 of the presentation, I will take you through the Prime model. eDreams profitability was up significantly due to strong growth of Prime members in year 2 plus and cash margin or profit margin reached 42%. Cash EBITDA also rose significantly, and we are well on track to meet our target of over EUR 180 million in fiscal '25. As guided, the growing numbers and maturity of Prime members has resulted in a strong improvement in profitability. In the first quarter of fiscal '25, our LTM, Prime cash margin or profit margin continued to improve. It increased to 42% from 34% in the first quarter of fiscal '24, that is 8 percentage points improvement. Group cash EBITDA also improved substantially. In the first quarter of fiscal '25, cash EBITDA margin reached 19% versus 16% in the first quarter of fiscal '23. This is an improvement of 3 percentage points. If you please turn to Slide 7. Let me remind you that when looking at Prime versus non-Prime, we still think it makes more sense to look at our business on a last 12-month basis, as Prime is an annual subscription business and the non-Prime part is quite influenced by seasonality patterns. Our KPIs reported today showed strong growth and significant marginal profit uplift. Cash margin or profit was up 23% over the last 12 months, as we have more year 2 plus members of Prime. Also, Prime's strong growth more than offset anticipated declines in the non-Prime side of the business. We continue to be selective on how we spend marketing, and we put more focus on Prime products versus developing products and services for the non-Prime side of the business. eDO is fundamentally a subscription model-led business, focused on travel. Over the last 12 months, Prime has delivered 63% share of group cash revenue margin and 81% share of group cash marginal profit versus 50% and 59% a year ago. As we now have a much larger proportion of our Prime members in the second year and subsequent years of membership cohort, the level of profitability of Prime continually improves. If you could all please turn to Slide 8 of the presentation, I will take you through the financial results in more detail. In the first quarter of fiscal '25, we delivered a strong growth in cash EBITDA and substantial improvements in margin as the maturity of the Prime members increases. In the first quarter of fiscal '25, cash revenue margin was 4% higher than in the first quarter of fiscal '24. Cash margin on profit and cash EBITDA improved 16% and 23%, respectively, between the first quarter of '24 and the first quarter of '25. Over the past year, our subscribers grew by 32% to 6.2 million, and our ARPU grew EUR 1.1. In a context of consumer softness in Europe, as confirmed by several travel companies recently, we have given more discounts to our Prime members as algorithms indicate it is better for lifetime value of those customers. As a result of all of the above, ARPU is expected to be around the mid-70s for the rest of the year. While speaking about our revenues, you will notice in the breakdown by type of revenue that gradual revenue is increasing, while transaction date revenue is decreasing. There are 3 drivers behind this. The more important is the one already mentioned of higher Prime discounts. But additionally, we are experimenting with higher tiers of Prime that include services previously sold as ancillaries, therefore, moving former transaction date revenue to gradual revenue. And lastly, it's important to note that our access to Ryanair content is intermittent. We have been dealing the intermittent access to Ryanair content now for over 9 months. And our results already reflect this situation. We have the strength of our subscription business model continuing to deliver on material cash EBITDA and cash flow growth. On the Prime members, it is important to emphasize that Prime renewals have remained unaffected as eDO and Prime continue to deliver exceptional value across nearly 700 airlines, millions of accommodations and thousands of car rental providers. However, we acknowledge that customers solely interested in Ryanair flights are less likely to join Prime. Overall, it's fair to say that excluding this headwind, we would have materially exceeded our target of fiscal '25 Prime members. Coming back to our first quarter overall P&L, 63% and 81% of our cash EBITDA margin and cash margin or profit in the quarter, respectively, are now for Prime members. As guided, eDO profitability was up significantly due to strong growth of Prime members in year 2 plus. Cash margin or profit margin increased to 35% for the first quarter of '25 from 31% in the first quarter of '24, 3 percentage points improvement. As EBITDA margin in the first quarter of '25 also achieved very substantial improvements and has stood at 21% versus 18% in the first quarter of fiscal '24. Cash EBITDA stood at EUR 36 million in the first quarter of fiscal '25, up 23% year-on-year. Please turn to Slide 9 of the presentation. Revenue margin, excluding adjusted growing items increased by 2% to EUR 160 million. This increase was driven by the strong growth of Prime revenue margin, which grew by 20% due to strong growth in members and because Prime ARPU increased to 76.6%. This strong growth in Prime revenue margin, as anticipated, was partly offset by the non-Prime revenue margin, which decreased 20% versus the first quarter of '24 following the switch of our customers from non-Prime to Prime, and more generally, to focus on the Prime side of the business. Variable costs were broadly in line with the first quarter of fiscal '24, despite the higher revenue margin, as the increase in maturity of Prime members reduces acquisition costs. Fixed costs increased by EUR 1.5 million, driven by higher personnel costs, and to a lesser extent, higher IT costs now that we have reached our recruiting targets. Fixed costs will grow less than they did over the last 2 years. And as a result, we will see more leverage of our fixed costs from now on. As a result, adjusted EBITDA was EUR 22.6 million. That's EUR 36 million, including the full contribution of Prime from EUR 20 million in the first quarter of '24. Adjusted net income stood at EUR 2.6 million in the first quarter of fiscal '24. Turning now to Slide 10. I will take you through the cash flow statement. In the first quarter of fiscal '25, we closed the first quarter with positive net cash from operating activities of EUR 29 million, as a result of the successful expansion of the Prime member base, which resulted in increased EBITDA. In the first quarter of fiscal '25, we had a working capital inflow of EUR 6.8 million, mainly driven by the growth of our business. The higher inflow in first quarter '25 versus '24 is driven by Prime. We have ample liquidity and headroom to deliver our plans, a consequence of our strong business model, cash generation and active management. At the end of June '24, the liquidity position was strong at EUR 228 million. We have invested EUR 14.7 million in the first quarter of '25, an increase of EUR 4 million, as we capitalize our software. Cash used in financing amounted to EUR 6.2 million compared to EUR 5.2 million in the first quarter of fiscal '24. The variation by EUR 1 million mainly relates to the acquisition of treasury shares for EUR 4.8 million during the first quarter of '25, offset by the payment done in the first quarter of '24 of the government-sponsored loan for EUR 3.8 million. I will now turn the presentation back to Dana to do some closing remarks.

Thank you, David. Everyone, if you can please turn to Slide 11 of the presentation. Overall, we're well on way to meet our self-imposed FY '25 targets, which remind you are Prime members over 7.25 million and cash EBITDA in excess of EUR 108 million. What underlies this is that eDO has huge potential, superior returns for shareholders and customers while transforming and revolutionizing the industry. Furthermore, we are confident in the growth and profitability outlined in our guidance and also believe the company's worth is clearly unrecognized and undervalued. As a result, on the 24th of July, the Spanish Stock Exchange regulator approved our voluntary and partial tender offer launch for a maximum of 4,550,864 of shares representing 3.6% of its issued shares at a fixed price of EUR 6.9 per share. We will consider subsequent share buybacks as we continue to generate free cash flow on an ongoing basis. I'd like to conclude by highlighting the strong fundamental growth potential we have beyond FY '25. The longer-term potential beyond FY '25 is significant. When we announced our self-imposed targets for FY '25, there was no Omnicom, no macroeconomic concerns of '22 and '23 with high inflation, significant economic uncertainty. And travel was expected to be back at pre-COVID levels much sooner than actually achieved. Yet through this, we have been growing very nicely in terms of Prime members, profitability and overall profits. Underlying this is our relentless focus on building a great platform, a great customer experience. We believe we have growth far beyond FY '25 with a proposition of business model that is successful.

With that, we would now like to take your questions. We will answer the questions sent to us in writing in the webcast. We will take questions on a first-come, first-served basis. We will also try to group questions of similar nature. Should we not have time to respond to questions on the webcast, the Investor Relations team will make sure those are answered afterwards. So let me go with the first set of questions that come from Chadd Garcia of Ave Maria Funds. The first one says, when should we learn the results of the tender offer?

Chadd, thank you for your questions. The acceptance period of the tender offer finalizes this coming Friday, on the 6th of September. That is the deadline for investors to notify if they tender the shares to their respective custodians. Then the custodians take a bit of time to notify that to our agent bank, and then, the agent bank notifies ourselves and the stock exchange regulator. So I think we will know early next week, but I cannot tell you exactly which date exactly.

The second question says, if you continue to use tender offers as a method of returning capital to shareholders, how many can you execute in a year?

What I can say for sure is that we have a business that is producing cash flow in very good amounts. We have given explicit guidance that this year, we will have more than EUR 90 million in free cash flow, excluding the non-Prime working capital. We're going to use a nice chunk of that in this tender offer that is ongoing right now. And after that, there will be more return of capital to shareholders. But at this point in time, which methodology will we use and with what frequency is still up to be decided?

The third question says, you completed your multiyear talent recruitment campaign early. Any comments on the job market and need for talent in the future?

Yes. Absolutely. So as all of you know, we're a technology company, and the talent market is absolutely competitive. But at the same time, we're also a subscription company, really pushing the frontiers. And what that really means is also is that we're one of the leading e-commerce companies in Europe and one of the leading subscription companies in Europe. And this gives us a distinct advantage in attracting talent, and above all, our culture and our eDOers are unique, and we have a really great reputation for that.

The next question is, can you expand on any enhancements you have made to the brand program that you have made over the last few years?

Yes, let me take that. So yes, we continue to improve and iterate on actually the customer proposition. So for those of you that don't know, we started in 2017, and it was flight-only offering. And we have now grown that so that it is much broader than that. So it's flights, it's hotels, it's cars, and also packages, dynamic packages as well. In addition to that, beyond a product feature, we have continued to improve significantly the proposition, how we service customers. A lot of this is actually has been AI-driven underneath so that we really tailor the approach to the individual customer. And that's one of the key things that underlie such great customer satisfaction, customer experience and ones that we have because that is really one of the key, key competitive advantages of the subscription program in that we know exactly who our customer is, what their history is, and we're able to tailor their experience, their proposition, what they see, et cetera, to exactly their needs, i.e., through their past behaviors of it. And we will continue. We continue to improve. We believe that is so critical in terms of our Prime proposition to meet the needs and really exceed the needs of our customers.

Okay. The next set of questions come from Pratyush Rastogi of Farrer Wealth. The first one says, to hit fiscal '25 cash EBITDA target of EUR 180 million, you need to grow the next 9 months' cash EBITDA by over 50% on a year-on-year basis. Can you walk us through how this will evolve over the next few quarters?

Thank you, Pratyush, for your question. So yes, the situation in the Q1 versus Q2, Q3, Q4 doesn't change very materially because in round numbers, we're going from EUR 121 million to EUR 180 million, which in itself was an increase of almost 50%. So that ratio is relatively similar when you look at Q1 versus Q2, 3 and 4. Another way that you could look at this is in a broad terms, a EUR 60 million improvement between fiscal '24 and '25 is not linearly distributed quarter-by-quarter. It's not like we're going to have every quarter of EUR 60 million better than the same quarter of the previous year. It doesn't work like that because the drivers of the evolution are mainly to, one is, the number of Prime members and that grows every quarter. And the other one is the maturity of Prime members, which also grows every quarter. So you should expect that instead of having 15% delta linear all 4 quarters, you're going to have the first 2 quarters with less than 15%, the second 2 quarters more than 15%. We have given very specific guidance. You have a table on the first page of the results release that says that in terms of cash margin or profit margins, we will have the first half at around 36%, 37% and the second half with about 42%, 43%. And you also have explicit targets for the Prime members, so I think you have all the elements in that, that help you to create your quarterly view.

The second question says, can you comment on how the general travel environment is in Europe? Are travelers still focused on shorter trips? Also any comments on how Olympics affected travel post-quarter.

Yes. Let me take that, David. So I think many of you have seen probably, not just kind of OTAs, travel companies, but also airlines have been saying recently that there's been a softness in the travel market in Europe. And David has said that as well this morning. So how does that manifest itself? Well, we see that there's been a change in the customer behavior, which really in turn goes into a decline in the average basket size, so it would lead more towards fewer packs, more towards kind of shorter haul, domestic. But I really have to highlight that we are a subscription company. And that means that we are fundamentally less affected than other players. As David also talked about, competitors are -- that don't have subscription are more affected, and therefore, are doing certain things in the market to try to really compete, especially in marketing investment to get that extra transaction. We've decided many times that we're not going to play in this type of game because we are very strong with the subscription program and you see it actually with our profits actually going up and increasing significantly. We have a very different business model around this. And where it does impact us more, this type of environment, is on the non-Prime side of the business, which, again, David explained. Now the second part of the question is about the Olympics. And just to remind people that we recognize our revenues at the booking date and not the recognized date. So we've not been specifically affected in the Q1 by the Olympics because the change in demand driven by Olympics were in previous results for us already. On top of that, it's really important to say that for us it's more about not where people travel, but do they travel is even more important. And so just because people would want, let's say, within July or August or even September to travel to Paris because of the Olympics and the Paralympics, it doesn't necessarily mean that they wouldn't have traveled someplace else if there wasn't that. So it's more about travel and the stay of travel than where they travel. That's the most important driver for us. David?

Yes. The next question is, can you comment more on the hotel product? Does the latest Board addition help bolster your efforts in this area?

Absolutely. So as I was saying to one of the previous questions, that the Prime has really shown to be an excellent experience and an excellent customer proposition in a multi-product travel subscription offering. And so, therefore, we've seen that there are absolutely opportunities in hotels and other product categories as well, cars, packages, and there's a number of other motels, so -- where Prime is attractive and can be attractive. And so yes, we're absolutely improving our proposition to customers around the hotel front and around all of the other categories in fact, and we're very pleased with the changes we've made with on the experience, how we're servicing them, the feedback that we get from customers and all of those mentions. Now specifically in terms of the new Board number, I think a new Board member is actually to be proposed for shareholder approval at our AGM coming up towards the end of September, and her profile is very, very strong. It's strong around a number of dimensions. The first one will be around technology and technology-based businesses, including being at one of the world's leading technology consultancy firms. Also a very, very strong P&L leader with excellent results on the leisure side of travel that's included around hotels, and she's also very strong strategically and has a number of other really important qualities, all of which will make us a better, stronger Board going forward in the future, not just in hotels but as we think about eDO as a whole as a company going forward.

Okay. The next set of questions comes from Bharath Nagaraj from Cantor Fitzgerald. The first one is, I understand that most of the EBITDA margin improvement comes from maturing of the Prime subscriber base. But is there to an extent some of that improvement coming from the product mix of what Prime subscribers are purchasing?

Thank you for your questions. Not really. You have to think that the vast majority of the products that we intermediate, what we register at the revenue is already a net margin to us. And there's normally not a cost component attached to those products, no matter if we sell a flight, it was a hotel, it was an insurance or whatever it is that we sell. There are very few exceptions to that. The most notable one being the cancellation for any reason in which we have to book a provision for future cancellations. But other than that, it's really all in the ARPU. So it goes into the ARPU number that you have already. The biggest driver, and by very far, of the margins is the maturity of the Prime member base. The second question is among the subscribers who do not renew after the first year, what are they saying in terms of feedback as to why they are not renewing?

Absolutely. So let me broaden the question just to help everybody understand about subscribers who don't renew after year 1. The largest category is actually this failure to collect and that means that when we go time to present for the new -- for the renewal of the subscription fee, the card is no longer -- it's been expired. And in Europe, that is a more common practice where -- again, we are a leisure-focused business where cards don't last as long. And so there's a number of customers who use credit card details. We no longer -- or let's say, new credit card details we will not have on file. And so that's the largest -- by far the largest bucket involved. But then, of course, there are customers where when we survey and we ask them and we find out why did you cancel Prime or did not wish to renew Prime, the overwhelming largest answer or reason for nonrenewal is simply that they were not certain that they would be traveling enough over the coming 12 months. David?

Yes. The next question is Prime cash revenue margin per subscriber grew just 9% year-on-year to around EUR 50, but kind of has a slowdown from the mid-double-digit growth seen last year. Is EUR 50, EUR 55 cash revenue margin per subscriber the kind of limit you expect to see? Or do you think this can get much higher in the future?

I'm actually not sure how you are calculating this, but Prime is a yearly program, and you should ensure that you take last 12-month members. You might have seen that the ARPU decreased in Q1 versus Q4, but it is increasing versus Q1 of the previous year, the number for the ARPU, which is the revenue per average subscriber is EUR 76.6 and that compares with about EUR 77, EUR 78 in Q4, and it compares with about EUR 75 in the same quarter of the previous year. Now the driver for the quarter-by-quarter decrease in Q1 is, as I said in my prepared remarks, that in the context of consumer softness in Europe, as confirmed by several travel companies, we have given more discounts to our Prime members because our algorithms are indicating that it is better for lifetime value of those customers. Let me take this opportunity to reiterate again, something that I said in my prepared remarks, you should expect for the remainder of the year for the ARPU to remain in the mid-70s.

The next question says, do your algorithms give better discounts to Prime subscribers who stay with you for longer and/or were close to the end of their subscription program?

Our algorithms are optimized based upon a whole series of testings that we do, for it's really [indiscernible] LTV, for us. When we give a discount, it's really within that context. We look at a number of other factors around customer satisfaction, NPS and a number of other things that are taken into account for algorithms in terms of figuring out what is the right thing to do.

The next question comes from Carlos Treviño of Banco Santander. You're guiding to Prime net adds at circa EUR 285,000 in the second quarter of fiscal '25 and an average of EUR 355,000 in the third and fourth quarter. Considering that the second quarter net adds would be the lower average quarterly figure over the last few years, which dynamics impacting Prime in the second quarter do you expect to disappear or have a lower impact in the third and fourth quarter?

Thank you for your question, Carlos. That's a very good question. This is driven by the performance of the business 12 months before the current, is what you will call in normal financial terms a tough comp. In the second quarter of fiscal '24, we had a very high level of gross adds during that quarter. And therefore, those gross adds are the ones that you apply, the churn percentage rate, and result in a higher absolute number of churn members during the second quarter. That dynamic does not happen in the third and fourth quarter, which were, let's say, more normal quarters. So that's the reason for the difference between the second quarter on the weak side, and the third, fourth quarter in a return to normality, let's say.

The next set of questions come from Nizla Naizer of Deutsche Bank. There was one, it says, how is consumer behavior trending when it comes to leisure travel versus a year ago? Are consumers flying more long-haul travel?

Yes. So let me take this. So I think I've touched on already some of these -- those ones, so I don't want to repeat the answer about the change in the consumer behavior, but I think Nizla also continues about just does return on long-haul capital make Prime subscription more attractive, could you still generate attractive economics of Prime customers if they book more expensive flights for that. And so let me really tackle that. So first of all and foremost, our subscription model is really the way in which we make money. And really, what it means is that we have been inspired by cost cut on it. And so when we think about the incremental or the individual trip per se, a lot like your, let's say, daily shopping that you would do, we're not looking to make a significant amount of return on those from it. And instead, what you do is -- in essence, is you're ring-fencing instead your subscription fee because people really do enjoy and are satisfied for everything that they get within that, I can call it, that daily shopping experience where in our case, it would be around the trip. And then, therefore, there's -- you've increased your likelihood that customers would renew and renew and renew. So whether it be long-haul, short-haul or depending upon even the product category, the approach is much more in terms of that for it.

The next question also from Nizla Naizer. Would you use your excess cash to reduce outstanding debt or for shareholder returns?

Let me take that one. In the short term, there's really no financial incentive to reduce outstanding nominal debt because the debt is trading at par, and therefore, there's no financial gain if we repurchase it. Over time, but I think this is within more than a year from now, it will come, the optimal time, to refinance that debt. And at that point in time, we will see if issuing a smaller size bond, and therefore, implicitly reducing the debt results in better conditions for us keeping the same size of the bond that we have now. But that's not within the next 3 quarters, for sure. In the meantime, we will dedicate the cash for shareholder returns.

The next question comes from Andrea Gallo of A&G. Are you implementing any initiatives to help retain customers whose credit cards are expiring in the Prime membership program?

Yes. So we have actually many initiatives to improve, let's call it, the renewal rate. And depending upon the reasons of why the customer does not travel. We don't disclose these specifically as it is, clearly, you can understand, competitive information, so I'm not going to put this on general call whatsoever. But rest assured, there are lots of initiatives around this.

The next question comes from Jahan Miah of CreditSights. Do you see the Ryanair situation resolving anytime soon? Is there a chance that Ryanair will just remain off the eDreams platform for the foreseeable future?

Let me be very clear. And I think David tried as well to be 100% clear on this. We continue to have access to Ryanair content even if it's with intermittencies, right? There are intermittencies in this. What we are focused on doing is what is right to safeguard the interest of our consumers, our business, and of course, legal compliance. So what we have put in place is a multifaceted approach that allows us to ensure that we execute and do the right thing for consumers, the right thing for shareholders and that, of course, follow the European law. And it's only when those 3 things are met, that we would do and consider the appropriate actions. I should also just state for everybody that there's been -- this matter has been litigated in terms of access of content, and there's been final judgments from high courts in Europe, so it cannot be re-litigated. And according to these rulings, our travel brands are fully within their rights to include all flights and all related public data as part of our offering.

That is the last of the questions that we have received through the webcast. So thank you, everyone, for joining us in the call and the webcast today. Before we conclude the call, I would like to inform you that on Tuesday, 19th of November, we will be hosting our conference call for the first half of fiscal '25 result presentation. Until then, we will be very happy to receive your questions via our Investor Relations team or in the investor email address, which is [email protected]. I hope you have an excellent rest of the day.