Unpacking eDreams’ Capital Markets Day

eDreams held a Capital Markets Day (“CMD”) on January 31, 2025. I’d like to unpack it. I’ll approach this article a bit differently than my previous articles. eDreams did an excellent job going through the business at their CMD, so I’ll mostly utilize their slides, and provide some commentary on them. Before getting into the slides, I’ll start by saying that management and the company should be congratulated for the remarkable transformation of the business since the last CMD. The transformation has been a success in every sense, with the exception of eDreams share price, which will get into later in the article. When they held their last CMD just over three years ago in November of 2021, the company laid out three-year projections. I don’t think that it can be understated how aggressive it was for an online travel agency (“OTA”) to do this in the early days coming out of COVID, but they did it. How did it hold up? Well, despite the subsequent emergence…