HBX Group International PLC · BME:HBX
HBX Group International — HBX Group — FY2025 Earnings Presentation
27 slides from HBX Group International's earnings presentation, Nov 26, 2025
Slide 1: Results Full year 2025
RESULTS Full year 2025 C 26 November 2025 1
Slide 2: Agenda
AGENDA 01 FY ‘25 results and outlook 02 CEO update 03 Q&A 2
Slide 3: Delivering Profitable Growth
Delivering Profitable Growth Solid FY ‘25 financial results with growth and deleveraging Total Transaction Value (TTV) Adjusted EBITDA € 8.2 billion € 431 million 8% growth (constant currency) 10% growth (constant currency) 60% margin (57% FY ‘24) Revenue Adjusted Net Debt € 720 million € 639 millio
Slide 4: Market dynamics in FY 2025
Market dynamics in FY 2025 Operating in a large structurally growing market with short -term volatility Market growth (Evolution of accommodation global TTV from 2017 to 2030 ) FY ‘25 market trends Resilient growth in travel and tourism driven by global economic growth and +4% consumer spending tren
Slide 5: FY25 business highlights
FY25 business highlights New partnerships with suppliers and distributors • Despegar – largest Latam OTA • Minor Hotels – 180 extra properties added in MEAPAC • Turkish Airlines – launch of holiday product Product & • Getaways by Southwest Airlines partnerships c.300k hotel inventory and c.60k distr
Slide 6: FY '25 Full Year Results and Outlook
FY ‘25 Full Year Results and Outlook Brendan Brennan, CFO 6
Slide 7: Income statement summary
Income statement summary Key highlights KPIs FY ‘25 FY ’24 Change Change constant currency ▪ Revenue at €720m, up 5% at constant currency TTV €8,178m €7,667m +8% +7% with strong growth in the first half slowing down in the third and fourth quarters Take rate 8.8% 9.0% -0.2ppt -0.2ppt ▪ TTV €8.2bn, u
Slide 8: FY 2025 geographic performance
FY 2025 geographic performance TTV by Change Change FY ‘25 FY ’24 constant TTV trading trends destination currency reported Europe €4.2bn €4.0bn 6% 5% EUROPE: Americas €2.4bn €2.2bn 9% 7% ▪ Domestic and regional travel outperformed long -haul travel MEAPAC €1.6bn €1.4bn 13% 11% ▪ Growth led by stron
Slide 9: Costs and costs actions – FY '25
Costs and costs actions – FY ‘25 Adjusted operating cost base ( €m) Cost discipline and efficiency Growth 288 ▪ Total operating costs of €267m, down 7% YoY. Broadly flat adjusted for 267 the reduction in variable remuneration (49 %) ▪ Commercial costs up 2% , reflecting reorganisation and increased
Slide 10: Adjusted Net Debt evolution
Adjusted Net Debt evolution Adj. net debt / Adj. EBITDA improved to 1.5x €m 1.285 214 Decrease Increase Totals 1,071 423 648 414 242 639 49 397 45 69 Adjusted Working Net debt 30 Net IPO Net debt- Operating Net interest Capex Exchange Net debt - Working Adjusted net debt 30 capital September related
Slide 11: Operating FCF and investing for growth
Operating FCF and investing for growth €m FY ‘25 FY ’24 Change Adj. EBITDA €431m €397m €34m Working capital variance €51m €110m €(59)m Capex €(45)m €(42)m €(3)m Operating FCF €437m €465m €(28)m Key highlights • Working Capital variance of €51m , €59m lower than prior year reflecting slower revenue g
Slide 12: Capital allocation priorities
Capital allocation priorities Investing for continued growth and success Consistent • Invest to enhance products, further develop technology capabilities and target organic commercial development opportunities investment • Targeting total technology spend of 10 -12% of revenues on average Selective
Slide 13: Outlook and financial targets
Outlook and financial targets Medium -term Constant currency FY ‘25 FY ‘26 Guidance ambition TTV €8,178m 12-18% Low double -digit 8% YoY growth YoY growth YoY growth €720m Revenue 2-7% High -single -digit 5% YoY growth YoY growth YoY growth Take rate 8.8% Adjusted €431m 2-7% Low 60s EBITDA 59.9% mar
Slide 14: CEO update
CEO update Nicolas Huss, CEO 14
Slide 15: Well defined strategy to grow and create value built on strong foundations
Well defined strategy to grow and create value built on strong foundations Durable business model delivering long -term value and growth Grow in Expand the Drive accommodation ecosystem profitability Our strong foundations Strong direct Robust, scalable Deep market Ecosystem value Extensive global c
Slide 16: Priorities for continued success
Priorities for continued success Renewed strategic focus to accelerate growth and secure market leading position Enhance Customer -centric and agile approach to drive growth execution Deliver ecosystem Drive increased contribution from ancillary products and services growth Accelerate Leverage AI to
Slide 17: Evolving our organisation to get even closer to our customer
Evolving our organisation to get even closer to our customer Vertical structure and changes to the management team A more agile and customer -centric verticalised operating model Mobility & Sourcing Distribution Fintech Hoteltech Experiences Autonomous cross -function teams in each vertical Business
Slide 18: A more agile and customer-centric approach to Sourcing
A more agile and customer -centric approach to Sourcing Sourcing transformation to focus on operational excellence and customer -centric improvements Hotels need distribution partners Transformative actions • Flat organisation to drive speed and Increase distribution reach accountability • Leverage
Slide 19: A more agile and customer-centric approach to Distribution
A more agile and customer -centric approach to Distribution Distribution reenergised with fresh focus on high growth segments and top clients Wholesale Retail Tour Niche Loyalty Independent Global OTAs Regional OTAs operators opportunities Airlines programmes Consortia Large TA’s TA’s Micro TA’s Lux
Slide 20: Driving growth in ancillary services and products
Driving growth in ancillary services and products Drive growth by expanding cross -selling throughout the ecosystem • Drive near -term commercial actions targeted on high -value clients Transforming • Focus on cross -selling supported by dynamic packaging to increase attachment rates Mobility & Expe
Slide 21: Artificial Intelligence to automate, accelerate and augment
Artificial Intelligence to automate, accelerate and augment An engine for growth AUTOMATION APPLY AI ACROSS OUR BUSINESS Simplifying processes to drive productivity Ready and increase focus on now AI Package personalisation through natural value -add tasks language requests in The Luxurist Algorithm
Slide 22: Accelerating change with corporate development actions
Accelerating change with corporate development actions Expanding the ecosystem by partnering with high growth, innovative category leaders INCREMENTAL GROWTH FROM CORPORATE DEVELOPMENT • Accelerate market entry • Expand customer base and enhance competitive positioning • Access new talent, capabilit
Slide 23: Conclusion
Conclusion 01 Solid FY 25 performance reduction in adjusted net with profitable debt growth , margin expansion and significant 02 Strong cost control supported by increased efficiency and productivity through increased use of Artificial Intelligence and expenditure discipline 03 Resilient business w
Slide 24: Q&A
Q&A BEEBB RBBB w
Slide 25: TTV and Revenue by region by quarter FY '25
TTV and Revenue by region by quarter FY ‘25 TTV ( €m) Q1 ‘25 Q2 ’25 H1 ‘25 Q3 ’25 Q4 ’25 H2 ‘25 FY ‘25 Group total 1,810 1,560 3,370 2,176 2,632 4,808 8,178 - Europe 829 561 1,390 1,211 1,619 2,830 4,220 - Americas 562 569 1,131 597 635 1,232 2,363 - MEAPAC 419 430 849 368 378 746 1,595 Revenue ( €m
Slide 26: Glossary
Glossary Financial term Definition Operating Profit before depreciation and amortisation and after adding back non-underlying and non-recurring items which do not reflect the underlying performance of the Adjusted EBITDA business Adjusted EBITDA Margin Adjusted EBITDA divided by Revenue. Adjusted Ne
Slide 27: Important Information
IMPORTANT INFORMATION Disclaimer: This regulatory announcement contains information that HBX Group plc is required to disclose under applicable market regulations, including Regulation (EU) No 596/2014 of the European Parliament and the Council of 16 April 2014, on market abuse, and Law 6/2023, of 1