DAVY VIEW

Lastminute.com has reported an adjusted EBITDA of €18.4m for Q3 2026, 7% growth year-on-year (yoy). Despite weaker revenues (down 2%), margin improved 1.6pp – reflecting disciplined marketing spend (-7%) and lower fixed costs (-4%). Packages revenue was particularly weak (-6% yoy), reflecting lower volumes despite an improved take rate. The company has cut its full year guidance to flat revenues and flat adjusted EBITDA yoy (previously revenues up mid-single-digit and adjusted EBITDA up mid-single-digit to 10%). As the nine-month revenues are +2% and adjusted EBITDA +2%, this suggests further weakness is to be seen in Q4. We forecast adjusted EBITDA of €59m and expect to bring our forecasts in line with prior year results of €54.9m.