Hbx Group International Plc · BME:HBX
Hbx Group International — HBX Group — Investor Presentation (2025)
67 slides from Hbx Group International's investor presentation, Mar 27, 2025
Slide 1: A major global B2B traveltech company
A major global B2B traveltech company Investor presentation
Slide 2: HBX Group is a major global B2B traveltech company
HBX Group is a major global B2B traveltech company High-quality inventory with vast Long-standing relationships supplier network > > with travel distributors Accommodation > > c.60k c.100k Directly contracted hotels(1,2) > Connecting and empowering the world of leisure travel powered by Distribution
Slide 3: HBX Group value proposition
HBX Group value proposition 01 Leading independent(1) player connecting and empowering the world of travel with a successful track record and significant growth opportunities 02 Operating in the large, fragmented, structurally high-growth leisure travel sector 03 Scalable proprietary technology plat
Slide 4: A market leader with a successful track record
01 A market leader with a successful track record From in-house accommodation intermediary to a leading global independent(1) B2B travel marketplace 2005 – 2015 2016 – 2019 2020 – 2024 TTV (€bn)(2) Integration period 6.9 7.7 5.0 FY05 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 (Sponsors (pre-m
Slide 5: Seamlessly connecting global supply and demand across our product lines
DRAFT 01 Seamlessly connecting global supply and demand across our product lines Mobility & Fintech & Accommodation Hoteltech Experiences Insurance Trusted B2B partner connecting a high- Technological platform for hotels that Worldwide B2B distribution of travel Services include payment pay-in / pay
Slide 6: Large, fragmented, structurally high-growth travel market
02 Large, fragmented, structurally high-growth travel market Where we play Market size Market CAGR Key sector drivers ▪ Highly attractive travel and tourism industry, representing Accommodation(1) €267bn +6% c.10% of global GDP and expected to outgrow GDP by 2x(5) ▪ Structural increases in income al
Slide 7: Highly diversified supplier and distribution network
02 Highly diversified supplier and distribution network, paired with increasingly diversified portfolio of high-growth products Accommodation TTV - Supplier breakdown(1) Accommodation TTV – Distributor breakdown(1) Revenue breakdown by product(1) Hotel category Destination market Distribution archet
Slide 8: Best-in-class technology platform and data analytics
03 Best-in-class technology platform and data analytics HBX Group has undergone a technological transformation, moving to a modern, cloud-native, agile, lean and scalable platform Technology platform rebuilt in 2023 enhancing sales intensity and improving execution 6.2bn Daily searches(1,2) Single-c
Slide 9: Track record of financial performance
04 Track record of financial performance TTV (1) Revenue (1) €m €m 38% 12% 8.7% 9.6% 9.0% 7,667 6,860 4,977 656 693 434 FY22 FY23 FY24 FY22 FY23 FY24 TTV growth (%) Revenue % over TTV (take rate) Mid-term target: low double digit growth Mid-term target: high single digit growth Adjusted EBITDA (1) O
Slide 10: Well-defined strategy to grow and create value
05 Well-defined strategy to grow and create value Drive profitability Expand the ecosystem ▪ Enhance pricing and content capabilities leveraging data & AI Grow in accommodation ▪ Maximise cross-selling across ▪ Evolve commercial position with ▪ Acquire new customers and our ecosystem (Mobility & hig
Slide 11: Market overview and competitive positioning
Market overview and competitive positioning 11
Slide 12: The travel and tourism industry consistently outgrows the broader economy
The travel and tourism industry consistently outgrows the broader economy Travel and tourism industry is massive, growing twice as fast as GDP Well-identified, powerful secular trends 6% c.2.0x c.10% annual growth in global GDP growth of global GDP global travel (23A-27E) (23A-27E) (2024E) Continued
Slide 13: Accommodation market is large, fragmented and fast-growing
Accommodation market is large, fragmented and fast-growing, with intermediaries playing a critical role Accommodation TTV per channel (2023A, €bn) Key highlights CAGR 5.8% 5.6% 6.0% 23A–27E €500bn+ industry expected to grow c.6% 2023A-2027E 244 High fragmentation with +500k hotels across global 511
Slide 14: Intermediaries expected to increase penetration across all hotel categories
Intermediaries expected to increase penetration across all hotel categories 36% Global chains 26% Regional chains 38% Independents of TTV(1) of TTV(1) of TTV(1) Intermediaries penetration % Intermediaries penetration % Intermediaries penetration % +2 p.p. +2 p.p. +1 p.p. 55% 57% 70% 71% 32% 34% 2023
Slide 15: Each B2C intermediary archetype has particular characteristics and value propositions
Each B2C intermediary archetype has particular characteristics and value propositions Online marketplaces(1) Airlines & loyalty(1) Tour operators Travel advisors Distribution archetype Global Regional Innovative New tech Airlines Loyalty Dynamic Tour Virtual High touch OTAs OTAs OTAs entrants progra
Slide 16: B2B distributors power crucial connectivity to the travel ecosystem
B2B distributors power crucial connectivity to the travel ecosystem while delivering high quality bookings Independent B2B Suppliers travel distributors B2C intermediaries Longer average booking lead time(1) Accommodation Mobility & Fintech & Online Tour Travel suppliers Experiences Insurance market
Slide 17: HBX Group operates as the leading independent B2B marketplace
HBX Group operates as the leading independent B2B marketplace with an extraordinary value proposition B2B competitive landscape HBX Group ranks above peers on key value proposition drivers Direct supplier relationship Part of B2C Group Strong B2B focus (2) Supplier relationships emphasis on direct L
Slide 18: HBX Group differentiates on scale and quality with significant room to grow
HBX Group differentiates on scale and quality with significant room to grow in the large and expanding B2B segment HBX Group is the largest independent(1) B2B marketplace(2) B2B segment dynamics favor leading B2B players B2B share in B2C intermediaries is growing vs direct contracting Independent B2
Slide 19: Accommodation
HBX GROUP Accommodation
Slide 20: Strategically positioned in the fragmented accommodation market
Strategically positioned in the fragmented accommodation market 500k+ 400k+ Final Accommodation B2B Distributors B2C Distributors(1) Consumer Suppliers(1) Large OTAs mainly direct sourcing Large Independent B2B Travel Marketplaces Other OTAs hybrid sourcing Global chains Other Fast Growing B2C Distr
Slide 21: Accommodation business model is based on take rate per room night
HBX Group’s accommodation business model is based on take rate per room night Illustrative figures Price seen by traveller - €100 ROOM NIGHT ROOM NIGHT ROOM NIGHT Discounted c.20% Discounted c.10% Full Price Distributio €100 Traveller Hotel €80 €90 n partner Share for Share for Hotel €80 Share for H
Slide 22: 85%+ direct contracting with hotels provides a significant competitive advantage
85%+ direct contracting with hotels provides a significant competitive advantage to HBX Accounting for 85%+ of Accommodation TTV (1) Hotel Category Access to Global Chains(3) c.100k directly contracted c.60k hotels(1) distribution partners(1) Regional Chains(3) Access through a global, on-the-ground
Slide 23: HBX Group's value proposition to suppliers
Suppliers HBX Group's value proposition to suppliers Suppliers (hotels) Value drivers What HBX Group delivers 01 Largest independent distribution network ▪ HBX Group enables hotels to access directly the largest network of high value distributors providing incremental occupancy ▪ Large share of high
Slide 24: Highly diversified supplier base limiting sourcing concentration risk
Suppliers Highly diversified supplier base limiting sourcing concentration risk Accommodation TTV split by supplier’s geography(1,2) Accommodation TTV split by hotel category(1) MEAPAC Independents Global chains 19% Americas 28% 24% 28% Regional chains 48% <1% Europe supplier churn(3) 53% 6+ years a
Slide 25: HBX Group enables hotels to access the leisure segment
Suppliers HBX Group enables hotels to successfully access the leisure segment under advantageous conditions HBX Group is the partner of choice for hotels to effectively access and Suppliers Preferential Agreements(1) are tailored to bring capitalise the leisure segment additional value to hotels SPA
Slide 26: HBX Group's value proposition to distribution partners
Distribution partners HBX Group's value proposition to distribution partners Travel distributors Value drivers What HBX Group delivers 01 Global, directly contracted and competitive network of hotels ▪ Connection to a global network of 250k+ hotels in 170+ markets via our highly scalable platform(1)
Slide 27: Loyal and highly diversified distribution network with very low churn
Distribution partners Loyal and highly diversified distribution network across geographies and archetypes with very low churn rate Accommodation TTV split by distribution geography(1,2) Accommodation TTV split by distribution archetype(1) Other distributors 14% MEAPAC Tour operators Americas 31% 23%
Slide 28: Global network of 250k+ hotels in 170+ markets
Distribution partners Global network of 250k+ hotels in 170+ markets accessed via our highly scalable platform A global, highly trained, on-the-ground sourcing workforce with local expertise Case study of representative top distribution partner (FY24) “Portfolio range is very extensive. Easy booking
Slide 29: Advanced data and analytics capabilities generate value for partners
Distribution partners Advanced data and analytics capabilities generate value for distribution partners and HBX Group Leveraging superior data capabilities, HBX Group helps distribution partners enhance their business performance by focusing on 3 core areas: Competitiveness Search data Distribution
Slide 30: Building a market leading and AI-powered service platform
Distribution partners Building a market leading and AI-powered service platform Market-leading capabilities and software for Foundation effective workforce management, communication, 100% and CRM in place(1) GenAI-generated customer avatar for agent Generation training, improving speed to proficienc
Slide 31: Mobility & Experiences, Fintech & Insurance, and Hoteltech
Mobility & Experiences, Fintech & Insurance, and Hoteltech 31
Slide 32: HBX Group has expanded further into the travel ecosystem
HBX Group has expanded further into the travel ecosystem Mobility & Experiences Fintech & Insurance Hoteltech Worldwide distribution Provider of Fintech and Insurance Technological platform of transfers, car rentals services, including pay-in / pay-out, FX, for hotels that provides and experiences v
Slide 33: Mobility & Experiences total addressable market is large and growing
Mobility & Experiences Total addressable market is large and growing Large and growing Mobility & Experiences market across product categories Typically fragmented, localised Mobility & Experiences total addressable market(1) (€bn) offering getting enlarged visibility through technology 2023A-27E CA
Slide 34: Connected trips unlock significant cross-sell opportunities
Mobility & Experiences Connected trips unlock significant cross-sell opportunities and enhance loyalty Illustrative TTV potential from a family of 3, going to Paris for a 4-night / 5-day trip Potential upside from Fintech & Insurance €400 €200 sts al co €400 nt reme c l in €2,000 inima t at m alle r
Slide 35: Fintech & Insurance: next B2B marketplace for financial and insurance solutions
Fintech & Insurance HBX Group is building the next B2B marketplace for financial and insurance solutions in travel in a partnership-driven approach Consolidated Network Consolidated • c.100k HBX Group suppliers distribution benefits offer globally driving network Payment effects(1) specialists • €14
Slide 36: Best-in-class Hoteltech platform drives direct bookings for hotels
Hoteltech HBX Group’s best-in-class Hoteltech platform drives direct bookings and growth for hotels Offers a suite of white label tailored travel tech solutions for optimising hotels’ direct online channels… Hotels c.2k mid-small sized hotels in Hoteltech Travellers c.20 countries looking to Global
Slide 37: Hoteltech benefits from strong underlying hospitality market demand drivers
Hoteltech Hoteltech benefits from strong underlying hospitality market demand drivers Healthy global market growth expected in the long-term Why HBX Group wins Direct channel global TTV (€bn) Best booking engine in the market(1) Superior understanding and relationships with hoteliers 303 +5.6% 289 A
Slide 38: Growth Strategy
HBX GROUP Growth Strategy AQAA
Slide 39: Founded on the strength of our key pillars
Founded on the strength of our key pillars Products and Technology Data People partnerships Proprietary cloud-native Leveraging AI and machine Global network with local End-to-end value proposition scalable system powering learning to unlock data relationships and expertise through a comprehensive m
Slide 40: Creating a growing ecosystem
Creating a growing ecosystem End-client focus Fintech & Insurance Accommodation Partner network €850bn+ Dynamic packaging B2B2C expansion capabilities (PerfectStay) market €7.7bn TTV FY24(1) opportunity(2) Luxury (The Luxurist) Geographic expansion Mobility & Experiences Connected trip Hoteltech HBX
Slide 41: Strong foundations to drive sustainable long-term growth
Strong foundations to drive sustainable long-term growth Global Crucial Next generation Global reach with scale ecosystem enabler technology local expertise Largest independent(1) B2B travel Connecting supply and demand in Modern, scalable technology and Global team with strongly marketplace globall
Slide 42: Accommodation growth driven by increasing supply and demand
Accommodation growth driven by increasing supply and demand Growing share with existing Adding new properties Our enablers suppliers and distributors and signing new distributors Dedicated “Hunter” team for new supply and distribution partners Digital onboarding team for Consolidation of sales & New
Slide 43: Opportunities for growth in adjacent areas
Opportunities for growth in adjacent areas Gaining share of wallet through four axes of …with very significant upside improvement… €44bn +13% Mobility & Experiences 2023A-2027E addressable market CAGR Product expansion Cross-sell ecosystem Geographical inventory expansion in Leverage accommodation n
Slide 44: New tools to maximise our profitability
New tools to maximise our profitability New capabilities to deliver a fully dynamic pricing model Provide real-time pricing based on partners features, supply and demand and market Automated model to factor conditions partner features and sensitivity to price evolution to support mark- Ready Custome
Slide 45: Next Generation Technology and Data Platform
Next Generation Technology and Data Platform 45
Slide 46: Technology and Data are at the core of HBX Group's business
Technology and Data are at the core of HBX Group’s business, powered by a next-generation, fast, scalable tech platform 6.2bn 635k+ 400TB+ c.80k Searches per day (1,2) Direct connections with Data Lake Available requests (consolidating all searches travel players(1) (“large data player”)(1,4) per se
Slide 47: Next-generation micro-services architecture with high performance outcomes
HBX Group today runs on a next-generation, micro-services architecture with high performance outcomes Architecture which connects supply (products) with distribution partners in high performance connectivity at 99%+ availability Distribution partners ▪ Cloud-native, high availability applications ho
Slide 48: Leveraging unique marketplace data to provide seamless tech solutions
HBX Group leverages access to unique marketplace data to provide seamless tech solutions across the ecosystem Broad & comprehensive data sets due to position between supply & distribution Suppliers Travel Selling solutions Insights Data Lake to distributors… Travel ▪ Use travel data lake to create H
Slide 49: From advanced analytics and Gen AI to AI agents
From advanced analytics and Gen AI to AI agents Partner HBX Group data platform is used to generate insights both for internal and external usage Gen AI • Performance analysis through descriptive / diagnosis 1st Line agent AI agent analytics • Anticipation of events based on predictive analytics (pr
Slide 50: Digitisation and automation through AI & ML
Digitisation and automation through both AI & ML, driving new services & efficiencies across workflows Incremental automation & AI usage… …Leading to key tangible benefits (vs. FY23) Completely automated and digitalised partner Digital onboarding, reducing time to 2-3 days (vs. 30 onboarding days pr
Slide 51: Financials
HBA GROUP Financials ANAK
Slide 52: Highly attractive financial profile combines scale, growth and profitability
HBX Group’s highly attractive financial profile combines scale, growth and profitability Loyal, extensive and stable Leading take rate, Adj. EBITDA Scale and diversification Double-digit growth distributor / supplier base margin and cash flow conversion ▪ Loyal distribution network and ▪ Global inde
Slide 53: Outlook and financial targets
Outlook and financial targets reflect HBX Group’s highly attractive financial profile FY25E FY24 Mid-term targets Guidance TTV(1) €7,667m 10 - 16% Low-double digit 11.8% YoY Growth YoY Growth annual growth €693m High-single Digit Revenue(2) 5.6% YoY Growth €750 - €790m revenue growth Take rate 9.0%
Slide 54: Strong double-digit TTV growth
Strong double-digit TTV growth, sustainably outperforming the structurally high-growth travel sector TTV (€m)(1) Key highlights ▪ TTV has experienced strong growth across 21% 7% products and geographies and well above the market 38% 12% ▪ HBX Group capitalised on the market dynamics of FY22 and FY23
Slide 55: Attractive revenue performance across products
Attractive revenue performance driven by growth across products and a differentiated value proposition Revenue (€m)(1) Key highlights ▪ Outstanding revenue growth in FY23 driven by a 8.7% 9.6% 9.0% combination of secular market tailwinds and HBX €7.8bn Group outperformance across both TTV growth TTV
Slide 56: Scalable cost base driving operating leverage
Scalable cost base fuelled by technology investments and operational efficiencies driving attractive operating leverage Adjusted operating cost base (€m)(1,2) Streamlined costs achieved through technological improvement, automation and improved monitoring of commercial and operational costs deliveri
Slide 57: Record profitability expansion
Record profitability expansion driven by topline growth, operating leverage and technological improvements Adjusted EBITDA (€m)(1) Key highlights 36.8% 53.9% 57.3% ▪ Adjusted EBITDA margin reached a new peak of 57% in FY24 46 90 99 ▪ Revenue growth has been the largest driver of Adjusted EBITDA impr
Slide 58: Industry-leading financial profile supported by differentiated value proposition
Industry-leading financial profile supported by a differentiated value proposition Key financial figures benchmark (€m) Key highlights ▪ Largest independent B2B travel marketplace (3x closest competitor) 7,667 ▪ Leading take rates in the industry, less sensitive to market conditions and with sustain
Slide 59: Structurally cash generative business model with cash conversion >100%
Structurally cash generative business model with cash conversion >100% FY24 Adjusted EBITDA to cash flow bridge (€m)(1) 117% Cash conversion (42) 465 397 110 Adjusted EBITDA Change in Working Capital Capex Operating Free Cash Flow Structurally Mainly related to Industry-leading negative technologica
Slide 60: Structurally negative net working capital cycle
Structurally negative net working capital cycle represents an incremental and sustainable source of cash Accommodation revenue model Impact of working capital on cash flow (days)(1) 42 Revenue is accrued at check-in 39 40 1 2 Check-in If cancellation Traveller books trip with distributor Traveller c
Slide 61: Strong cash flow generation and shareholder return
Strong cash flow generation profile leading to profitable growth, attractive shareholder return and continuous deleveraging Adj. EBITDA growth • HBX Group will continue to invest to enhance its products and its value Drive organic growth & high Adj. EBITDA margin proposition, further developing the
Slide 62: Trading seasonality is inherent to the global travel sector
Trading seasonality is inherent to the global travel sector FY24 key financials seasonality (€m) (1) Key highlights ▪ HBX Group is exposed to intrinsic seasonality of the global travel sector ▪ Revenues are accrued at check-in, regardless of 9.0% how long in advance the booking was made 57% ▪ Initia
Slide 63: Clear financial policy to allocate cash generation
Clear financial policy to allocate HBX Group’s significant cash generation in the best interest of shareholders Tranche (Amounts in €m) FY22 FY23 FY24 @ IPO(1) Existing Term Loan B (B3 Tranche, E+450, Sept ‘28) 764(2) 0 Existing Term Loan D (D2 Tranche, E+425, Sept ‘27) 976(2) 0 New Revolving Credit
Slide 64: Glossary
Glossary Financial term Definition Adjusted EBITDA Represents “Operating Profit” (as per consolidated financial statements) before depreciation and amortisation and after adding back non-underlying items, such as restructuring costs and other items which do not reflect the underlying performance of
Slide 65: Disclaimer (I/II)
Disclaimer (I/II) THIS PRESENTATION IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE LAWS. IMPORTANT: Please
Slide 66: Disclaimer (II/II)
Disclaimer (II/II) To the extent available, the industry, market and competitive position data contained in this Presentation have been sourced from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtai
Slide 67: Contact us
Contact us FOLLOW US WEBSITE INVESTORS’ RELATIONS CONTACT DETAILS https://investors.hbxgroup.com/ https://investors.hbxgroup.com/ Isabel Green Marina Pipkin INVESTOR RELATIONS DIRECTOR INVESTOR RELATIONS OFFICER +44 7826 910691 +34 637 310 241 Download this document igreen@hbxgroup.com mpipkin@hbxgr