EDreams ODIGEO today published its rresults for the first quarter of the 2024 financial year (ended June 30, 2023), confirming the success of its subscription modelwhich becomes its main source of income.
The Spanish travel group, listed on the Madrid Stock Exchange, once again achieved an excellent quarter, again thanks to the strength of its subscription model, with all key indicators on the rise: profits, revenues and number of subscribers were all increased. Its subscription offering, called Prime, remains the main driver of growth and continues to record exceptional performance, with 47% increase in membershipwhich reached 4.7 million in the first quarter of the year, for a total of 4.9 million members today.
Through their subscription, Prime customers can access members-only deals and discounts on a range of travel products and services, from flights and accommodation to package holidays and car rentals. They can enjoy all the benefits of the Prime program from their first booking as a member, with no limitations on itineraries, travel dates, suppliers or number of bookings.
According to eDreams ODIGEO, the Prime program offers wide choice and flexibility to travelers, as it allows them to benefit from unlimited offers on any travel product of their choice, including the 9 billion different flight combinations that the company is able to create by combining the options of almost 700 airlines around the world. Prime members can also benefit from discounted rates on the 2.1 million accommodations offered by eDreams ODIGEO brands, as well as thousands of car rental options.
According to the Spanish tour operator, the maturity of Prime members is the main driver of profitability, which has translated into substantial improvements in this same profitability, given that more Prime members are renewing their membership and are currently in their second year or no more subscription. EBITDA more than doubled to 29.4 million euros, compared to 14.0 million euros in the first quarter of fiscal 2023. The net margin was 52.0 million euros ( an increase of 55%).