Spain's eDreams shows resilience in face of growth concerns, shares jump (updated)

Edreams Odigeo SA

28/05/2026 07:50

Recasts with core profit and shares in paragraphs 1-3, adds details on Middle East disruptions and analyst comments in paragraphs 4-6, 9, comment on market expansion in paragraph 11
eDreams posts €157 million annual core profit in challenging market conditions
Prime subscribers rise 9% y/y in Q4; targets 15-20% yearly growth in 2028-2030
eDreams expands Prime model to new countries; Middle East impact minimal
By Mireia Merino and Gemma  Guasch

    May 28 (Reuters) - Spanish online travel booking firm eDreams Odigeo EDRE.MC met its core profit target in the year through March, it said on Thursday, showing resilience amid concerns over slowing growth and Middle East disruptions.
The company's shares jumped around 9% in the first three hours of trading.
eDreams booked cash earnings before interest, taxes, depreciation and amortization (EBITDA) of €157 million ($182 million) for the year, slightly above the forecast it had lowered in November due to slowing subscriber growth.
Since then, the war in the Middle East has disrupted flight routes and raised costs, testing whether eDreams' subscription model—which depends on sustained booking activity—can maintain growth momentum.
"This is a resilient set of results and outlook from eDreams, especially against the backdrop of the conflict in Iran and the potential knock-on impact on travel and consumer sentiment," analyst Bharath Nagaraj from Cantor Europe said.
Asked about the Middle East disruptions, eDreams' outgoing finance chief David Elizaga said they had not affected customer activity. "People don't stop travelling; they just travel elsewhere."
Subscriber growth has decelerated in recent quarters, which has raised concerns about the long-term scalability of the subscription-led model.
While those concerns have weighed on the stock, eDreams stood by its plans to expand the Prime membership base, a key revenue engine, to more than 13 million users by 2030.
"Continuing to deliver is a good way to start dispelling any of the bearish narratives," Nagaraj said.

    The number of Prime subscription members grew 9% year-on-year to 7.9 million users in the final quarter of the fiscal year, slowing from the 13% increase booked in the previous three months.
  
The Barcelona-based company aims to increase the subscriber base by expanding the Prime model to five new countries, as it did in South Africa in April, and through its recently launched segment focused on rail travel, Elizaga said.
eDreams reiterated its forecast for faster average yearly growth of 15% to 20% in Prime memberships between 2028 and 2030. It also maintained its cash EBITDA target of €115 million for the new fiscal year.
($1 = €0.8610)

(Reporting by Mireia Merino and Gemma Guasch in Gdansk; Editing by Matt Scuffham and Milla Nissi-Prussak)
((Mireia.Merino@thomsonreuters.com))