Web Travel Group Limited · ASX:WEB
Web Travel — Investor Presentation (November 2024)
29 slides from Web Travel's investor presentation, Nov 27, 2024
Slide 1: Investor Briefing 1H25 Results
Investor Briefing 1H25 Results. 27 November 2024 1
Slide 2: Table of contents
Table of contents. Welcome to our 1H25 Results Briefing presentation. For ease of use, each section title slide is a link back to this page. 1H25 Group Highlights WebBeds Update 1H25 Financial Summary Outlook 2
Slide 3: Demerger of Webjet Group Limited from WEB Travel Group Limited
Demerger of Webjet Group Limited from WEB Travel Group Limited implemented 30 September 2024. WEB Travel Group now operates the WebBeds B2B business. Webjet Group Limited (ASX:WJL) operates the B2C businesses (Webjet OTA, GoSee and investment in Trip Ninja). The demerger took effect during 1H25. The
Slide 4: 1H25 - Group summary
1H25 - Group summary. WebBeds TTV up 25%, lower TTV margins impacted Revenue and Underlying Underlying 30-Sep-24 EBITDA. TTV Revenue EBITDA EBITDA NPAT Cash $2.6bn $170.4m $77.5m $70.0m $52.5m $510m(1) TTV up 25% on pcp; on track to deliver $5 Bn TTV Strong cash position post demerger in FY25. Corpo
Slide 5: WebBeds
Business Update WebBeds. A global B2B travel marketplace servicing the travel trade. 5
Slide 6: 1H25 - WebBeds Key Metrics
1H25 - WebBeds Key Metrics. TTV up 25%, Bookings TTV Revenue EBITDA lower TTV margins impacting 4.30 $2.59 $170.4 $77.5 million billion million million Revenue and EBITDA. Note: • Based on functional currency (EUR) 1H25 TTV was up 26% on 1H24, Driven by strong growth In line with increased Reflectin
Slide 7: 1H25 - WebBeds
1H25 - WebBeds. $2.6 Billion TTV, WebBeds 1H25 1H24 (2) Change EBITDA reflects Bookings ('000s) Average Booking Value 4,299 $602 3,485 $596 23% 1% lower TTV margins TTV $2,590m $2,078m 25% and planned Revenue $170.4m $168.8m 1% increase in Expenses $92.9m $81.8m 14% Expenses. EBITDA $77.5m
Slide 8: Our Pillars of Growth are delivering TTV growth
Our Pillars of Growth are delivering TTV growth. We remain on track to deliver $1 Billion in incremental TTV in FY25. 01 02 03 Growing Our New Customers, Conversion Existing Portfolio Supply & Markets Underlying market growth Growing POS product Increased volume from fell significantly compared and
Slide 9: Expect TTV margins to stabilise at c.6.5% for the medium term
Expect TTV margins to stabilise at c.6.5% for the medium term. A confluence 1H25 TTV margins impacted by a range of factors Incremental revenue is at lower margins of factors reduced • 1H25 payments were $7.5 million more • Geographic mix - margins differ by region and 1H25 TTV margins than planned,
Slide 10: 1H25 saw significant growth in lower margin regions
1H25 saw significant growth in lower margin regions. Geographic mix Europe remains the highest margin region but incremental growth will be at lower margins. We expect TTV margins to stabilise will be a factor at c.6.5% as we evolve towards equal TTV share from our Top 3 regions. in future TTV APAC,
Slide 11: The business model continues to deliver
The business model continues to deliver. WebBeds is a WebBeds is a highly scalable business 1H25 CY19 Change highly scalable (6 months) (12 months) • 1H25 delivered the same Bookings and TTV in the 6 months compared with the full 12 months of 2019, Bookings business and we but at c.30% lower cost. (
Slide 12: Our path to $10billion TTV
Our path to $10billion TTV. Our path to $10bn TTV of profitable growth in FY30 remains clear . • Assumes AUD to EURO 0.60cents 12
Slide 13: 1H25 Financial Summary
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Slide 14: 1H25 - Financial Summary
1H25 - Financial Summary. Note WEB Travel Group See Note Statutory Results Underlying Operations 1. Revenue in 1H24 Statutory Result includes $6.4m revenue applicable to WEB Travel Group Continuing Operations 10 1H25 1H24 1H25 1H24 as an independent entity. AASB9 impact on Revenue 1 $170.4m $175.1m
Slide 15: 1H25 - Corporate costs & non-operating
1H25 - Corporate costs & non-operating. Corporate costs Corporate 1H25 1H24 Change from 2H25 to B2B EBITDA $77.5m $87.0m 11% Corporate Costs (1) ($7.5m) ($11.0m) 32% reflect standalone EBITDA $70.0m $76.0m 8% group. Corporate costs. • 1H25 based on pro-forma allocation for B2B consistent with
Slide 16: 1H25 – Statutory Cash position
1H25 – Statutory Cash position. Continued cash generation and AUD cash conversion. millions 31 Mar 2024 Foreign Currency Working Capital Earnings/CAPEX/ Finance & Investing Cash & Demerger 30 Sep 2024 Opening Translation Movement Interest/Tax Activities (1) Cash Equivalents Cash Reduction Closing WE
Slide 17: 1H25 - Balance Sheet
1H25 - Balance Sheet. Strong Balance A$m Statutory Sep-24 Pro forma (5) Mar-24 Statutory Mar-24 Cash and Cash Equivalents • Cash position post demerger Sheet to support Cash & cash equivalents (1) 510.0 529.7 630.1 Trade Receivables and Other Assets organic growth • Trade Receivables continue to be
Slide 18: 1H25 - Cash Flow
1H25 - Cash Flow. Significant Pro forma Pro forma Statutory Statutory Cash from Operations • Earnings key driver of cash generation cash generation A$m 1H25 1H24 1H25 1H24 (1) • Continued discipline on collections whilst payable Statutory EBITDA 65.3 81.2 81.5 92.6 days declined due to supplier mix
Slide 19: 1H25 - CAPEX Summary
1H25 - CAPEX Summary. Investment in technology providing foundations for growth. FY25 CAPEX. FY26 CAPEX. • Standalone basis • Expected to be in line with FY25 • 1H25 spend driven by accelerated investment in new POS • Beyond FY26 expected to grow with inflation solution • 2H25 expected to decline to
Slide 20: FY25 Outlook
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Slide 21: Capital Management
Capital Management. As part of its ongoing capital management initiatives announced on 4 September 2023, the Company intends to conduct an on-market share buy-back up to a maximum value of $150 million. The proposed on-market buy-back is in line with the Company’s objective to maximise shareholder v
Slide 22: Focused on delivering profitable growth
Focused on delivering profitable growth. The business We are maintaining our market leading TTV growth rates model is robust. • 25% TTV increase in 1H25 compared to c. 3% market growth; • On track to deliver $5 billion TTV in FY25. We believe 2Q25 was the low point for our TTV margin • We now have a
Slide 23: FY25 Outlook
FY25 Outlook. For the 7 weeks to 22 Nov 2024, TTV* is up c. 23% compared to the same period last year, and TTV margin for October was 6.5% We expect Web Travel Group FY25 underlying EBITDA to be between $117 and $122 million * Based on EUR functional currency 23
Slide 24: Questions
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Slide 25: Thank you
Ww web travel group Thank you webtravelgroup.com
Slide 26: Glossary & abbreviations
Glossary & abbreviations. CY19 12 months ending 31 December 2019 (i.e., pre-pandemic) - unaudited 1H24 6 months ending 30 September 2023 1H25 6 months ending 30 September 2024 2H25 6 months ending 31 March 2025 FY24 12 months ending 31 March 2024 FY25 12 months ending 31 March 2025 FY26 12 months en
Slide 27: Appendix
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Slide 28: 1H24 - Corporate costs reconciliation
1H24 - Corporate costs reconciliation. Statutory B2B B2C 1H24 Corporate costs (7.3) (6.0) (13.3) Technology investments (0.9) (1.3) (2.2) Total (8.2) (7.3) (15.5) Underlying Corporate costs (7.3) (6.0) (13.3) Dis-synergies (2.8) (1.3) (4.0) Technology investments (0.9) (1.3) (2.2) Total (11.0) (8.5)
Slide 29: FY24 - Restated Pro forma
FY24 - Restated Pro forma. 2. Revision of Income statement for the 1. Disputed payment accounting for Pro forma (1) Restated 12 months ending 31 March 2024 write-offs/Legacy ERP supplier payables (AASB 9) Revenue $327.9m - ($1.8m) $326.1m Expenses ($187.1m) - - ($187.1m) Underlying EBITDA $140.8m -
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