HBX GROUP ANNOUNCES HALF YEAR 2025 FINANCIAL RESULTS
Strong performance with double-digit growth
- Total Transaction Value (TTV) up 12% to €3.4bn, demonstrating continued outperformance versus the global accommodation market
- Revenue of €319m, up 10%, driven by double-digit growth in travel to
Europe and MEAPAC - Adjusted EBITDA of €159m, up 14% and Adjusted EBITDA margin of 50%, up 2% points
- New commercial partnerships signed to deliver future growth in key markets
- Listing on the Spanish Stock Exchanges in February, raising €725 million
- Debt refinancing completed in March followed by credit rating upgrades
- FY25E revenue guidance widened to €740-790m; newly introduced guidance for adjusted EBITDA of €430-450m and operating free cash flow cash conversion of c.100%
- Retained medium-term outlook, maintaining confidence in our ambition of profitable growth and market outperformance
Financial performance summary
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6 months ended |
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6 months ended |
Change |
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Total Transaction Value (TTV) (€m) |
3,370 |
|
3,022 |
12 % |
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Revenue (€m) |
319 |
|
291 |
10 % |
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Adjusted EBITDA (€m) |
159 |
|
140 |
14 % |
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margin (%) |
49.8 |
|
48.1 |
1.7pts |
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Net loss (€m) |
(227) |
|
(122) |
86 % |
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Loss per share (€) |
(1.15) |
|
(0.68) |
69 % |
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Operating free cash flow (€m) |
(117) |
|
(97) |
21 % |
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cash conversion (last 12 months) (%) |
107 |
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n/a |
n/a |
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Change |
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Adjusted net debt (€m) |
807 |
|
1,285 |
-37 % |
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Annualised(1) Adj net debt/ Adj EBITDA x |
1.9x |
|
3.2x |
(1.4x) |
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(1) Annualised LTM based on last 12 month Adj EBITDA. See financial statements for definitions of specific financial terms and KPIs,
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Company Guidance |
FY25 |
Mid-term(1) (unchanged) |
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TTV |
10%-16% (unchanged) |
Low double digit CAGR |
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Revenue |
€740m-€790m (widened) |
High single digit CAGR |
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Adj. EBITDA |
€430m-€450m (new) |
Low 60s% |
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Op FCF conversion |
c.100% (new) |
c.100% |
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(1) Mid-term is based on FY27, CAGR 3 years from FY24-FY27 |
Outlook
The strong start to the year was in line with our expectations and reflected good execution and market outperformance. Since the beginning of April, trading has remained resilient, broadly in line with first half performance supported by strong long lead time bookings. At the same time, the more volatile macroeconomic environment has led to slightly lower visibility for summer bookings. As a consequence, the range of potential revenue outcomes for FY25E is wider and FY25E revenue guidance is updated to €740-790m. Guidance has been introduced for Adj. EBITDA (€430-450m) and operating free cash flow conversion (c. 100%, in line with our mid-term guidance), reflecting actions we are taking to deliver profitability and cash generation in a less predictable market environment. Our Mid-term outlook is unchanged. Our strong value proposition, compounded by the long-term positive spending trends underpinning the travel and leisure market, gives us confidence for the future.
For the full press release and disclaimer applicable to this information, please visit www.investors.hbxgroup.com.
About
Our vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue.
Media contact:
media@hbxgroup.com
hbx@brunswickgroup.com
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