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Russell Waller
EUR 8628.00 For Business Accounts Only

Odido (Overweight) Q3 25: EBITDA growth and capex declines accelerate FCF growth; IPO 2026?

Odido has reported a good set of Q3 numbers: SR growth remained solid at +3.4% y/y while EBITDAaL growth picked up further this quarter to +9.8% y/y, in line with the guidance for a 1pp margin expansion in 2025 vs 2024. Capex has continued to fall and is now supporting strong FCF growth.
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New Street Research
New Street Research

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Russell Waller

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