Slides
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1 Interhome Capital Markets Call and Updated 2025 Financial Guidance 15 October 2025 Dr. Patrick Andrae, Co-Founder & CEO Valentin Gruber, COO Sebastian Bielski, CFO
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2 Agenda 1. HomeToGo: Europe’s leading vacation rental group 2. The acquisition of Interhome 3. 2025 financial guidance 4. Closing remarks
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3 C O N F I D E N T I A L HomeToGo Europe’s leading vacation rental group 1
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4 Executive summary The acquisition of Interhome is the next logical step in our deliberate strategic long-term evolution - becoming the leading vacation rental platform in Europe, B2B-focused and vertically-integrated 1 2 3 4 5 Following the acquisition of Interhome, our B2B segment forms our new core and center of gravity and will act as the primary driver of our profit growth. Our B2B revenues are stable, recurring and highly predictable. In B2B we face limited competition and can deploy additional capital with a high expected return and low risk There are tangible and large synergies between Marketplace and our B2B segment, as well as between the different businesses inside our B2B segment that we will leverage in order to further grow profitability HomeToGo will focus on: ● Organic growth with clear prioritization of growing profits over top-line growth, especially for the Marketplace segment ● Roll-up M&A for B2B in the large, growing and highly-fragmented property management and software segment of the market For the B2C Marketplace, our clear focus is on growing profit - not on growing top-line. We will actively reallocate capital from the Marketplace into our B2B businesses HomeToGo - Europe’s leading vacation rental group
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5 HomeToGo's journey to Europe's leading vacation rental group HomeToGo - Europe’s leading vacation rental group Advertising Bookings (Onsite) Advertising Bookings (Onsite) Advertising Software Solutions B2C B2B Metasearch launched 2015 Marketplace launched 2017 Software & Services launched 2020 2024 & 25: Acquisition of Kraushaar and Interhome, Europe’s second largest vacation rental management company Bookings (Onsite) Advertising Full-service Property Management Software Solutions 250K+ properties under management Europe's #1 vacation rental marketplace with 20M+ rentals + + + 1
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6 The Interhome acquisition strengthens HomeToGo’s position across the entire host- to-guest value chain, expanding its B2B Software and tech-enabled Service Solutions Owner/ Host Guest Service Solutions Software Solutions Tech-enabled professional services for vacation rentals Administration & channel management software (SaaS) for professional and/or private hosts Marketplace (Own) Distribution of vacation rentals (as OTA) HomeToGo - Europe’s leading vacation rental group 2
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7 Interhome shifts HomeToGo’s strategic focus towards B2B Software & Services HomeToGo - Europe’s leading vacation rental group Significant ~88% increase in Pro Forma IFRS Revenues FY/23 HomeToGo standalone 383 212 FY/24 Pro Forma Strategic shift towards B2B – HomeToGo_PRO becomes core growth driver LTM to June 2025 HomeToGo standalone1 66% B2C B2B LTM to June 2025 Pro Forma1 B2C B2B 34% ~64% ~36% ~400 FY/25e Pro Forma +~88% + → FY/24 HomeToGo standalone 162 2 1) Last twelve months to June 2025 +~147% In €M
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8 Interhome’s loyal customer base provides a high share of highly predictable and recurring revenues HomeToGo - Europe’s leading vacation rental group 2021 2022 2023 2024 2025 YTD New customers Existing customers avg. 92% Share of annual revenue by type of host 2
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9 For the B2C Marketplace, the focus is on growing profits - not on increasing top-line HomeToGo - Europe’s leading vacation rental group 3 ^ Recent development HomeToGo Marketplace 39.8 Q2/25 39.6 Q2/24 3.5 Q2/25 (1) Q2/24 IFRS Revenues Adjusted EBITDA +4.5+1% In €M ● As already communicated as part of the Q2/25 results, management has made the strategic decision to prioritize profitability over top-line growth for the Marketplace segment ● The results of this strategy could already be seen in the Q2/25 results ● Going forward HomeToGo will reallocate capital from the Marketplace segment into HomeToGo_PRO where we see stronger growth potential and more attractive risk-adjusted returns ● For 2026 this will mean lower marketing investments, higher marketing efficiency and increased profitability, but also a resetting of the revenue base for the Marketplace Comments
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10 The Marketplace acts as a ‘Bloomberg for vacation rentals’ for our B2B partners and businesses: Deep real-time insights into demand-side market dynamics1 2 3 4 5 The Marketplace acts as a technology incubator for innovative B2B products, e.g. our ‘Doppelgänger’ platform, payment solutions or dynamic pricing When using our own Marketplace as a distribution channel for our B2B inventory, we internalize the distribution margin we would otherwise pay to third party platforms Within HomeToGo_PRO we offer our hosts a full-spectrum ecosystem of Software and Services in which they can ‘trade up’ or ‘trade down’ based on their needs and preferences, thereby reducing overall host-acquisition costs The Marketplace is a lead-generation and acquisition channel for our B2B businesses - and vice versa. It also allows us to understand the performance and trajectory of M&A targets HomeToGo - Europe’s leading vacation rental group 4 Lifting synergies between HomeToGo_PRO and the B2C Marketplace, as well as within the B2B business
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11 Clear and actionable growth strategy driven by organic growth, M&A and synergies between the Marketplace and HomeToGo_PRO HomeToGo - Europe’s leading vacation rental group 5 M&A track record Future M&A focus area 2018 2020 2021 2022 2023 2024 2025 Organic growth HomeToGo_PRO expansion through (i) new customer acquisition, (ii) upselling to and higher engagement from existing customers, (iii) price optimization, and (iv) geographic expansion Focus for Marketplace is on (i) marketing efficiency, (ii) increased customer retention and (iii) synergies with our B2B segment Strategic M&A Proven track record of value-generating acquisitions. Focus on rolling up small and mid-sized European vacation rental agencies and acquiring software capabilities Segment synergies Tangible synergies between B2C Marketplace and B2B operations create competitive advantages and operational efficiencies Clear growth strategy B2C B2B
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12 Summary: HomeToGo_PRO will be the key driver of our long-term growth strategy HomeToGo - Europe’s leading vacation rental group Paying Customers1 60K+ Inventory on HomeToGo_PRO 250K+ Enabled Gross Booking Value ~€3B 1) Individual hosts or professional property management agencies A market leader in European property management and the largest direct vacation rental supplier to third-party distribution channels Going forward, HomeToGo_PRO will be the the group’s key focus area for capital allocation and M&A Leading one-stop shop for vacation rental software and tech-enabled full services
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13 C O N F I D E N T I A L The acquisition of Interhome Strategic expansion across the entire vacation rental value chain 2
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1414 Interhome is Europe’s second-largest vacation rental management company1 HomeToGo - Europe’s leading vacation rental group 1) Rentals United (2021): The World’s Top 50 Vacation Rental Property Management Companies; 2) Including partner offices acting on behalf of Interhome; 3) Source: Euroconstruct, Euromonitor, Eurostat, DFV Interhome key highlights Iconic, market-leading Vacation Rental Management Company (VRMC) Property management 1 2 3 4 5 6 Full-service proposition with holistic property management for large supply of high-quality properties with strong rural footprint Large, internationally diversified and predominantly exclusive European property portfolio Led by a highly experienced management team with a proven track record Rental services Listing & distribution Cleaning, mainten- ance, guest handling Calendar, bookings, payments Multi-channel distribution ~40k Properties in portfolio 28 Countries Service-driven model combining tech and personal support – giving owners peace of mind and optimized returns, leading to high customer satisfaction, long-term customer relationships and a high degree of recurring revenue 9y Avg. service contract lifetime Multiple growth levers A.Expand portfolio in existing/new geographies & further optimize distribution mix B.Roll-up M&A in the large, growing and highly-fragmented short-term rental market ~10% Market share for Top 3 VRMC3 ~100y Aggregated industry experience 70% Exclusive properties >60y of experience >200 Local Service Offices (LSO)2 >90% of IFRS Revenues from existing customers
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1515 Large and highly fragmented market with strong organic growth dynamics and significant M&A roll-up opportunity through ‘buy & build’ HomeToGo - Europe’s leading vacation rental group 1) DACH, France, Italy, Spain, Croatia. Source: Euroconstruct, Euromonitor, Eurostat, DFV VRMC = Vacation Rental Management Company 17M Total addressable market (TAM) Vacation homes in core European countries1 2.5M 0.9M Serviceable addressable market (SAM) Rural & marketed vacation homes (~15% of TAM) Targeted sub-market VRMC-serviced vacation homes (30-40% of SAM) 30-40% VRMC Rent by owner ~10% Fragmented landscape Long-tail of hyper-local agencies with <100 properties 2.5M 0.9M Top 3 with ~10% combined market share Other VRMCs # of properties in Europe Europe represents a large market with ~17M vacation rentals - characterized by fragmentation, low tech adoption, and operational inefficiencies Competitive landscape Interhome is one of the few large players in a market characterized by a long-tail of small and hyper-local agencies with <100 properties under management Market is expected to grow driven by secular trends within the tourism industry (regulatory compliance, ‘Boomer’ exit wave) HomeToGo already holds leading market position in Europe with significant growth potential via roll-up M&A
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16 Interhome is expected to profit from ongoing market trends towards professional management of vacation rentals and travelers booking through online channels HomeToGo - Europe’s leading vacation rental group Source: Technavio (Vacation Rental Market in Europe 2025 - 2029) Europe: Share of bookings by type of management Share of bookings of professionally managed vacation rentals is forecast to increase to 58% in 2029, up from 35% in 2022 Europe: Share of bookings by mode of booking Share of online bookings of vacation rentals is forecast to increase to 61% in 2029, up from 43% in 2022
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17 Interhome offers a scalable and predictable business model with flexible, modular services for every type of homeowner Partial-service vacation rental management Focuses solely on managing the property’s schedule and distribution on behalf of owner HomeToGo - Europe’s leading vacation rental group Distribution Full-service property management Key service Onsite guest handling Cleaning & laundry Maintenance End-to-end full-service property management for owners e.g. Advertising the property Own platforms Third parties + + Listing & pricing 24/7 offsite support Invoicing Quality management
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18 Modular and differentiated full-service proposition addressing the needs of a broad spectrum of owners Local Service Office (LSO) Serviced Private Property type Description ● Exclusive properties, organized fully in-house by Interhome via LSO ● Services provided by third parties and organized by Interhome ● Exclusive properties, where at least one key service (e.g., cleaning, key handover, laundry) is organized by Interhome ● Guest is billed for owner services provided ● Exclusive properties distributed by Interhome ● Property management performed by owner. Interhome to focus on distribution and coaching role Strategic value Local Service Office Core property mgmt. services Property quality management 24/7 guest support & comms Pricing Distribution and marketing Modular services At least one HomeToGo - Europe’s leading vacation rental group Serviced Non-serviced ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ Highest margins and average property value, longest contract duration Aiming to convert into LSO serviced once density of properties is sufficiently high Boost portfolio in key areas for an attractive B2C channel ✔ ✔ ✔ ✔ Higher basket size, higher margin, lower churn vs. non-serviced vs
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1919 Interhome has a large, growing and diversified portfolio of properties under management HomeToGo - Europe’s leading vacation rental group Property portfolio: ~40k properties across 28 countries Top 7 Countries1 European property portfolio and Local Service Offices (LSO) Steady property portfolio growth In % of total properties France 23% Italy 21% Spain 15% Switzerland 9% Austria 7% Croatia 9% 5%Germany Exclusive properties, in thousands 2022 25.6 2023 26.1 2024 27.5 Key focus historically on organic growth # of properties # LSO per country1 20 16 3 3 3 4 47 11 1 1 3 3 1) Excluding partner offices acting on behalf of Interhome
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20 Reduction of ~€3-5M intercompany costs charged by former owner on an annual basis by using HomeToGo Group resources1 Interhome expected Adj. EBITDA >20 >50 Mid-term2 2024 Clear plan to leverage synergies and create additional value over the short- to mid-term, more than doubling Adj. EBITDA for Interhome as part of HomeToGo 1) Considering transfer-pricing requirements (arm's length principle) due to cross-border transaction; 2) Mid-term defined as 2 - 5 years. in €M ~2.5x Selected short-term levers Selected mid-term levers Direct transfer of existing HomeToGo assets adding ~€5-7M Adj. EBITDA via an asset deal or merger with limited overhead and personnel costs Optimize occupancy and dynamic pricing by introducing state-of-the-art revenue management strategies to increase margins across the brand portfolio Boosting marketing efficiency & conversion of travelers by providing advanced software, tech and data solutions to Interhome to expand customer touchpoints & increase customer retention and cross-selling Increasing supply by accelerating sales efforts, as well as utilizing HomeToGo as an M&A powerhouse for inorganic expansion of supply Short-term >30 HomeToGo - Europe’s leading vacation rental group As previously shown
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21 C O N F I D E N T I A L 2025 financial guidance 3 Entering a new phase of scale and profitability
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22 Transformative deal advances HomeToGo_PRO to a 64% IFRS Revenue share while tripling profitability and enabling significant positive Free Cash Flow (FCF) 2024 33% ~400 64% 12.8 ~40 HomeToGo Marketplace IFRS Revenues HomeToGo_PRO IFRS Revenues Group’s Adjusted EBITDA FY/24 IFRS Revenues 212.3 Adjusted EBITDA 12.8 FY/25e Pro Forma IFRS Revenues ~400 Adjusted EBITDA ~40 +88% +67% 212.3 +88% 2025e Pro Forma Adjusted EBITDA margin 6% Adjusted EBITDA margin ~10% +213% + HomeToGo - Europe’s leading vacation rental group +213% In €M In €M In €M
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23 The Pro Forma combined Group shows rapid growth of Adjusted EBITDA and expanding margins Pro Forma IFRS Revenues Pro Forma Adjusted EBITDA (margin) In €M 323.9 Double-digit revenue growth with more than 60% coming from highly predictable and recurring B2B revenue streams ~400 FY/23 Pro Forma FY/24 Pro Forma FY/25e Pro Forma + 383.3 ~11% CAGR In €M Steady and continuous expansion of Adjusted EBITDA margin highlighting the scalability of our platform ~40 FY/23 Pro Forma FY/24 Pro Forma FY/25e Pro Forma 32.8 ~28% CAGR 24.5 7.6% 8.6% ~10%
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24 ● Booking Revenues guidance: In line with our strategic shift to HomeToGo_PRO as our new center of gravity, our Group guidance will now focus on IFRS Revenues and Adjusted EBITDA. Consequently, we will no longer issue guidance for Booking Revenues at the Group level ● IFRS Revenues: Interhome is expected to contribute €30M in IFRS Revenues for the post-closing period (28 Aug - 31 Dec, 2025). This amount reflects the pronounced seasonality of the business, as the peak summer travel season had largely concluded by the consolidation date ● Adjusted EBITDA: The expected Adjusted EBITDA contribution from Interhome for the post-closing period is €(7)M. This is a direct result of the seasonal business model, where profits are concentrated in Q2 and Q3, while operational costs are incurred more evenly throughout the year ● Free Cash Flow: On a statutory basis, the Group's Free Cash Flow for FY/25 is now expected to be negative. This revision is driven by Interhome's typical cash flow cycle, which involves significant payments to hosts following the summer peak travel months 24 Updated FY/25 guidance HomeToGo - Europe’s leading vacation rental group Old HomeToGo standalone FY/25 guidance based on statutory financials New FY/25 guidance based on statutory financials Booking Revenues IFRS Revenues Adjusted EBITDA Free Cash Flow >€270M (+4% YoY) >€230M (+8% YoY) Discontinued >€260M (+22% YoY) Note: Negative deviation reflects the timing of initial statutory consolidation of Interhome - therefore the ‘Pro Forma combined’ view below better reflects the ‘true’ status quo Pro Forma Combined (Incl. Interhome as of 1 Jan 2025) ~€400M (+4% YoY vs. FY/24 PF) (+88% YoY vs. FY/24 stat.) ~€40M (+22% YoY vs. FY/24 PF) (+213% YoY vs. FY/24 stat.) PositiveDiscontinued >€11M (-14% YoY) Negative >€19M (+48% YoY) Positive
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2525 New FY/25 guidance based on statutory financials: Interhome contribution reflects seasonality effect of delayed closing and subsequent consolidation HomeToGo - Europe’s leading vacation rental group IFRS Revenues Adjusted EBITDA In €M >230 30 >260 FY/25e Standalone 28 Aug 2025 - 31 Dec 2025 FY/25e In €M >19 (8) >11 FY/25e Standalone 28 Aug 2025 - 31 Dec 2025 FY/25e Seasonal effect of delayed closing and subsequent consolidation
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2626 Interhome’s quarterly results show a strong seasonal profile driven by the peak holiday season during summer HomeToGo - Europe’s leading vacation rental group IFRS Revenues Adjusted EBITDA In €M Q1 Q2 Q3 Q4 22.1 26.5 25.0 39.5 41.5 43.9 88.2 92.2 17.8 15.7 2023 2024 2025 YTD In €M Q1 Q2 Q3 Q4 (5.4)(6.4)(6.0) 3.3 4.2 4.2 33.4 33.6 (8.7) (11.3) 2023 2024 2025 YTD
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27 HomeToGo captured the full economic benefit from the locked-box date, despite a later than expected accounting consolidation HomeToGo - Europe’s leading vacation rental group 31 Oct 2024 1 Nov 2024 28 Aug 2025 End of Interhome’s financial year 20241 Locked-box start date Consolidation of Interhome and its subsidiaries Takeaways ● HomeToGo has benefited economically as of the locked-box date, regardless of the later than initially expected official closing ● From an accounting perspective, however, revenues, profits and cash flows generated prior to the closing date are not reported in the financial statements of HomeToGo The annual profit up to the end of financial year 2024 accrued to the seller ● All economic results up to and including 27 Aug 2025 fall under the locked-box mechanism ● Economically attributable to HomeToGo (even if they were formally collected and reported by the seller) ● HomeToGo took over Interhome’s cash balance of ~ €75M on 28 Aug 2025 ● From 28 Aug 2025, all revenues, results and cash flows will be fully included in the consolidated financial statements of HomeToGo 1) 1 November 2023 - 31 October 2024
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28 Due to seasonality, Interhome’s cash position peaked around the time the transaction closed driven by the normal annual working capital cycle, especially host payments HomeToGo - Europe’s leading vacation rental group Q1 Q4Q3 1 Jan 100% 31 Dec Indexed cash position of Interhome1 Start of consolidation (28 Aug 2025) Q2 2025 YTD 2024 2023 1) Indexed to cash balance of Interhome as of 1 January 2023 as 100%. Adjusted for extraordinary dividend payment to Migros in 2025.
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2929 HomeToGo - Europe’s leading vacation rental group Statutory (Incl. Interhome as of 28 Aug 2025) Pro Forma combined (Incl. Interhome as of 1 Jan 2025) In €M 212.3 >260 FY/24 FY/25e +22% IFRS Revenues Adjusted EBITDA In €M 383.3 ~400 FY/24 FY/25e +~4% In €M 32.8 ~40 FY/24 FY/25e +~22%In €M 12.8 >11 FY/24 FY/25e (14)% +88% +213% Updated FY/25 financials: Guidance statutory and Pro Forma view. FY/26 financial guidance to be published on 19 March 2026
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30 C O N F I D E N T I A L Closing remarks 4 Entering a new phase of scale and profitability
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31 C O N F I D E N T I A L
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32 Shortened Profit and Loss Statement HomeToGo Standalone in € thousand Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 IFRS Revenues 21,883 42,786 73,860 23,504 36,404 52,929 87,383 35,562 34,442 58,736 Cost of revenues1 (1,153) (1,104) (1,130) (1,313) (1,568) (1,638) (2,336) (2,515) (1,830) (2,642) Gross profit 20,730 41,682 72,729 22,191 34,836 51,292 85,047 33,047 32,592 56,093 Product development and operations1 (6,613) (6,185) (8,154) (8,244) (7,737) (8,705) (8,728) (8,507) (7,546) (7,913) Marketing and sales (33,896) (28,980) (31,128) (13,295) (41,626) (34,349) (33,414) (22,560) (45,261) (33,996) General and administrative (4,917) (4,952) (5,010) (5,179) (6,849) (6,308) (7,384) (5,455) (8,374) (6,667) Other expenses (384) (608) (700) 642 (240) (229) (362) (454) (320) (804) Other income 264 450 358 989 396 472 705 (67) 934 686 Adjusted EBITDA (24,816) 1,408 28,096 (2,896) (21,219) 2,173 35,684 (3,996) (27,975) 7,401 Adjusted EBITDA margin (113.4)% 3.3% 38.0% (12.3)% (58.3)% 4.1% 41.0% (11.2)% (81.3)% 12.6% HomeToGo - Europe’s leading vacation rental group 1) Costs of revenues have been retrospectively adjusted for better comparability following a reclassification in presentation of expenses for property management services from Product development and operations and payment provider fees from General and administrative.
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33 Shortened Profit and Loss Statement Interhome Standalone in € thousand Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 IFRS Revenues 22,099 39,499 88,229 17,753 26,546 41,484 92,152 15,697 24,959 43,937 Cost of revenues (12,866) (17,961) (26,706) (12,905) (14,254) (18,327) (27,488) (13,354) (14,397) (20,093) Gross profit 9,233 21,538 61,523 4,848 12,292 23,158 64,664 2,343 10,562 23,845 Product development and operations (3,603) (5,558) (2,855) (5,567) (3,918) (5,307) (4,500) (4,589) (5,100) (4,794) Marketing and sales (7,728) (10,087) (21,056) (5,107) (7,796) (10,604) (21,875) (5,501) (8,151) (11,266) General and administrative (3,234) (3,251) (4,737) (4,450) (4,286) (3,995) (4,493) (3,595) (4,065) (3,873) Other expenses (400) (313) (475) (153) (3,095) (180) (1,181) (830) (672) (244) Other income 369 1,018 1,022 1,755 328 1,150 962 843 1,402 519 Adjusted EBITDA (5,362) 3,347 33,422 (8,674) (6,445) 4,222 33,577 (11,329) (6,024) 4,187 Adjusted EBITDA margin (24.3)% 8.5% 37.9% (48.9)% (24.3)% 10.2% 36.4% (72.2)% (24.1)% 9.5% HomeToGo - Europe’s leading vacation rental group
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34 Shortened Profit and Loss Statement Pro Forma Combined (after Intercompany Consolidation) in € thousand Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 IFRS Revenues 43,666 80,851 158,468 40,893 62,549 93,218 176,603 50,915 59,041 101,329 Cost of revenues (14,018) (19,065) (27,836) (14,219) (15,821) (19,964) (29,824) (15,869) (16,227) (22,735) Gross profit 29,963 61,786 130,632 26,674 46,728 73,254 146,780 35,047 42,814 78,594 Product development and operations (10,215) (11,744) (11,008) (13,811) (11,655) (14,013) (13,228) (13,096) (12,646) (12,706) Marketing and sales (41,625) (37,633) (48,563) (18,037) (48,992) (43,757) (52,358) (27,718) (53,073) (43,917) General and administrative (8,151) (8,203) (9,748) (9,629) (11,134) (10,303) (11,877) (9,049) (12,439) (10,540) Other expenses (784) (921) (1,175) 489 (3,335) (408) (1,543) (1,284) (991) (1,048) Other income 633 1,469 1,380 2,744 724 1,622 1,667 776 2,337 1,205 Adjusted EBITDA (30,178) 4,754 61,517 (11,571) (27,664) 6,395 69,441 (15,325) (33,998) 11,587 Adjusted EBITDA margin (69.1)% 5.9% 38.8% (28.3)% (44.2)% 6.9% 39.3% (30.1)% (57.6)% 11.4% HomeToGo - Europe’s leading vacation rental group +
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35 Disclaimer Forward-Looking Statements This Presentation contains certain forward-looking statements, including statements regarding HomeToGo’s future business and financial performance. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements reflect, at the time made, HomeToGo’s beliefs, intentions and current targets/aims concerning, among other things, HomeToGo’s results of operations, financial condition, liquidity, prospects, growth and strategies. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of HomeToGo’s markets; the impact of regulatory initiatives; and the strength of HomeToGo’s competitors. Forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The forward-looking statements in the Presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in HomeToGo’s records and other data available from third parties. Although HomeToGo believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual outcomes and the results of operations, financial condition and liquidity of HomeToGo or the industry to differ materially from those results expressed or implied in the Presentation by such forward-looking statements. No representation or warranty is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved. Undue influence should not be given to, and no reliance should be placed on, any forward-looking statement. No statement in the Presentation is intended to be nor may be construed as a profit forecast. It is up to the recipient to make its own assessment of the validity of any forward-looking statements and assumptions. No liability whatsoever is accepted by HomeToGo or any of HomeToGo’s Representatives or any other person in respect of the achievement of such forward-looking statements and assumptions. Use of Non-IFRS Measures The Presentation includes certain financial measures (including on a forward-looking basis) that have not been prepared in accordance with International Financial Reporting Standards as adopted by the International Accounting Standards Board (“IFRS”). These non-IFRS measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS and should not be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS. HomeToGo believes that these non-IFRS measures of financial results (including on a forward-looking basis) provide useful supplemental information to investors about HomeToGo. These projections are for illustrative purposes and should not be relied upon as being necessarily indicative of future results. Metrics that are considered non-IFRS financial measures are presented on a non-IFRS basis without reconciliations of such forward looking non-IFRS measures due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. They are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded and included in determining these non-IFRS financial measures. In order to compensate for these limitations, management presents non-IFRS financial measures in connection with IFRS results. In addition, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore, HomeToGo’s non-IFRS measures may not be directly comparable to similarly titled measures of other companies. (Pro Forma) Financial Information Quarterly financial information is unaudited and may be subject to change. All Interhome values in the Pro Forma Financials are based on unaudited figures. The quarterly deferrals have been made based on available information and certain assumptions. Interhome previously reported under SWISS GAAP FER. For the purpose of the Pro Forma Financials the transition to IFRS has been undertaken with certain simplifications. Therefore, the IFRS Pro Forma figures may reflect certain approximations. The Interhome definition of revenue has been aligned to reflect the HomeToGo revenue according to IFRS, making previously published Interhome numbers not comparable. In addition, the figures contained in this release are subject to amendment and revision. HomeToGo - Europe’s leading vacation rental group