Slides
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Investor presentation A major global B2B traveltech company
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HBX Group is a major global B2B traveltech company > > > > > > Connecting and empowering the world of leisure travel powered by a best-in-class technological platform Airline and loyalty programmes Long-standing relationships with travel distributors c.60k Distribution Partners(1) Online marketplaces Tour operators and travel advisors Other distributors High-quality inventory with vast supplier network c.100k Directly contracted hotels (1,2) Accommodation Mobility & Experiences 23k+ experiences(1) 500+ car rental providers(1) 9k+ transfer routes(1) Fintech & Insurance 6 payment & insurance products(3), leveraging €14bn+ of payments flows(1) Airlines and loyalty programmes + Hoteltech Providing direct sales capabilities to c.2k hotels in c.20 markets(1) > > > > > Travellers 170+ markets(1) Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 2. c.100k directly contracted hotels and 250k+ total hotels (of which 150k+ are sourced from 3rd parties) for the year ended Sep tember 2024 3. Fintech & Insurance includes 3 products that are live (pay -in, pay-out, FX) and 3 which are in an early -stage or pilot phase (virtual card issuing, insurance, cash advance) 2
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HBX Group value proposition 01 02 03 04 05 Leading independent(1) player connecting and empowering the world of travel with a successful track record and significant growth opportunities Operating in the large, fragmented, structurally high-growth leisure travel sector Highly attractive financial profile: sustainably strong growth, profitability and cash generation Scalable proprietary technology platform and superior data analytics Clear expansion strategy to grow and create value, built on strong foundations 06 Passionate and experienced management team with proven track record and unwavering commitment to the highest ESG standards Source: Company Information 1. HBX Group has a pure B2B focus thereby not competing for the end customer. “Leading” position in terms of TTV. 3
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History of acquisitionsEstablished Transformed by new management team From in-house accommodation intermediary to a leading global independent(1) B2B travel marketplace 2020 – 20242005 – 2015 2016 – 2019 Integration periodTTV (€bn)(2) 5.0 6.9 7.7 FY05 FY15 FY16 (Sponsors acquisition) FY17 (pre-merger) FY18 FY19 FY20 FY21 FY22 FY23 FY24 Established a global player through organic and inorganic international expansion Started as Barceló travel division Merged with TUI in 2007 Acquired by First Choice Holidays in 2001 acquired acquired acquired Consolidation of directly contracted offering and operating performance improvement, digitisation and automation Crystallisation of strategic investments during the last 6 years Increased focus on technology, data & complementary financial services, enriching value proposition Complete transformation through integration, tech re - platforming and rebranding led by new management team A market leader with a successful track record 2016 2017 2018 Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. HBX Group has a pure B2B focus thereby not competing for the end customer 2. Figures derived from HBX Group Management Information with financial year end 30 September . TTV metric excludes amounts related to Hoteltech. 4 01
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5 DRAFTLimit use of dark blue in graphs Base Colour Template RGB 0 22 53 RGB 209 228 255 RGB 68 190 198 RGB 218 242 244 RGB 68 190 198 RGB 197 236 255 RGB 16 108 255 RGB 229 240 255 RGB 31 98 102 RGB 211 238 240 RGB 211 211 211 RGB 242 242 242 RGB 255 0 129 RGB 255 204 230 Accommodation Mobility & ExperiencesHoteltech Worldwide B2B distribution of travel solutions, including transfers, experiences and car rentals Technological platform for hotels that provides direct sales capabilities Trusted B2B partner connecting a high- quality hotel network with distributors around the world ▪ Cross-sell capacity for B2C Distributors ▪ Increase in booking value ▪ Enhancement of final consumer loyalty ▪ Reduction of final consumer acquisition costs ▪ One-stop-shop for direct sales ▪ Highly recognised booking engine, enabling distribution of own inventory ▪ Contact centre capabilities ▪ Enhancement of online presence, facilitating content creation ▪ Digital marketing expertise ▪ Bringing scale and reach through vast global network and high- quality inventory ▪ Fast-growing distributors with higher-value travellers ▪ Independent B2B focus, not competing for the end customer ▪ Trusted “go to” partner for hotels and superior customer service levels Fintech & Insurance Services include payment pay-in / pay-out, FX, cash advance, virtual card issuing and insurance services(1) ▪ Attractive financial products ▪ Reduction of operating costs ▪ Services to improve final consumer user experience ▪ Enhancement of ecosystem proposition ▪ Partnerships with top financial institutions to enable both sides of the value chain Seamlessly connecting global supply and demand across our product lines ▪ Partnered with a top-tier management team to launch The Luxurist ▪ Partnered with PerfectStay to build the global leader in B2B2C dynamic packaging ▪ Building a solid pipeline of attractive partnerships to support HBX ecosystem growth Growth Extraordinary partnerships to continue expanding HBX ecosystem Source: Company Information 1. Fintech & Insurance includes 3 products that are live (pay -in, pay-out, FX) and 3 which are in an early -stage or pilot phase (virtual card issuing, insurance, cash advance) 5 01
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▪ Highly attractive travel and tourism industry, representing c.10% of global GDP and expected to outgrow GDP by 2x(5) ▪ Structural increases in income allocation to travel by end consumers worldwide ▪ Highly fragmented industry (>400k distributors and >500k hotels) with secular tailwinds ▪ Increasing reliance on intermediaries, enhancing distribution and adapting to changing demand dynamics ▪ Increasingly complex itineraries driving growth for B2C distributors who rely most on B2B marketplaces ▪ +50% of suppliers & B2C intermediaries to increase usage of B2B marketplaces in the coming years Large, fragmented, structurally high-growth travel market Accommodation(1) €267bn +6% Hoteltech(2) €244bn +6% Mobility & Experiences(3) €44bn +13% Fintech & Insurance(4) €330bn Market size Market CAGRWhere we play Key sector drivers Source: Company Information, Company Industry Sources Market size and share data as at 2023. Market CAGR for the period 2023A -2027E 1. Accommodation market size and growth refer to all hotel sales by intermediaries including Booking and Expedia’s hotel B2C sal es 2. Hoteltech market size and growth refers to all direct sales by hotels to travellers. Together, the combined total accommodation market size for both direct and intermediary sales is €511bn. 3. Mobility & Experiences market size and growth refers to sales to B2C distributors 4. Fintech and Insurance market size and growth refers to global revenues on Fintech & Insurance, including travel -related revenues. HBX has 3 products that are live (pay-in, pay-out, FX) and 3 which are in an early -stage or pilot phase (virtual card issuing, insurance, cash advance) 5. WTTC Global GDP Growth projections from 2023A -2027E 6 02
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Highly diversified supplier and distribution network, paired with increasingly diversified portfolio of high-growth products 53% 28% 19% Europe Americas MEAPAC c.100k directly contracted hotels 85%+ of TTV from directly contracted hotels c.60k distribution partners 65%+ of TTV from high value distributors 88% 8% 4% <1% Accommodation Mobility & Experiences Hoteltech Fintech & Insurance 12% of Revenue already generated from higher growth products Long-standing relationships with suppliers with low churn (<1%) Diversified high value distribution network with low churn (<1%) and low concentration HBX Group growth boosted by a series of high-growth, high-margin products(3) 48% 29% 23% Europe Americas MEAPAC 24% 48% 28% Global chains Regional chains Independent 31% 24%18% 13% 14% Tour operators Online marketplaces Travel advisors Airlines and loyalty programmes Other distributors Destination marketHotel category Source marketDistribution archetype Accommodation TTV – Distributor breakdown(1) Revenue breakdown by product(1)Accommodation TTV - Supplier breakdown(1) Highly diversified, top-quality supplier and distribution network with industry-low levels of attrition Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024. Accommodation data refers to core accommodation business, excludes satellites (Easy Market and TPB) 2. Includes fast-growing distribution segments (e.g. tech entrants, super apps) 3. Refers to non-Accommodation products (Mobility & Experiences, Fintech & Insurance, Hoteltech) 7 (2) 02
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Best-in-class technology platform and data analytics 6.2bn Daily searches(1,2) Technology platform rebuilt in 2023 enhancing sales intensity and improving execution c.80k Available requests per second(1,3) Single-cloud and highly modular microservices architecture to power scaled marketplace and new products 400TB+ Data Lake = ‘Large Data’ player(1,4) Handling massive workloads at enterprise-grade service levels 99%+ Platform availability(1,5) Benefits from highly powerful, market-leading API suite for best developer experience and speeds 11m+ Daily pricing valuations(1,6) Leveraging AI and machine learning to unlock data insights, provide consultancy-like advice to clients, and drive growth HBX Group has undergone a technological transformation, moving to a modern, cloud-native, agile, lean and scalable platform Fast, robust systems seamlessly handling high volumes Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 2. Represents maximum number of daily searches as of Sep -24; average daily searches equal to 5.3 bn 3. Represents maximum number of requests per second of 78.8k 4. Within the global travel B2B ecosystem, HBX Group data lake would be recognised as large by broad industry measurement norms, given its volume (surpasses 100TB), complex data sets, ability to scale and velocity of processing 5. Internal Management KPI for platform availability to sell as of September 2024 6. Represents maximum check rate, defined as number of daily pricing valuations; average equal to 9m 8 03
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Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Financial figures derived from audited accounts with financial year end 30 September. TTV metric excludes amounts related to Hoteltech Track record of financial performance 9 €m €m €m €m 434 656 693 FY22 FY23 FY24 160 354 397 FY22 FY23 FY24 Adjusted EBITDA margin (%) 384 457 FY22 FY23 FY24 Cash conversion from EBITDA (%) TTV (1) Revenue (1) Operating Free Cash Flow (1)Adjusted EBITDA (1) 4,977 6,860 7,667 FY22 FY23 FY24 37% 54% 57% 240% 129% 117% Revenue % over TTV (take rate) 38% 12% TTV growth (%) 465 04 9.0%8.7% 9.6% Mid-term target: low double digit growth Mid-term target: high single digit growth Mid-term target: low 60% margin Mid-term target: c.100% cash conversion
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Drive profitability ▪ Enhance pricing and content capabilities leveraging data & AI ▪ Evolve commercial position with higher specialisation & curation ▪ Leverage scale and operational efficiencies Grow in accommodation ▪ Acquire new customers and suppliers in core markets ▪ Unlock growth in promising geographies and segments ▪ Foster strategic partnerships with high value distributors and suppliers Expand the ecosystem ▪ Maximise cross-selling across our ecosystem (Mobility & Experiences, Fintech & Insurance, Hoteltech) ▪ Launch new innovative services adding differentiated value Built on strong foundations and an unwavering commitment to the highest ESG standards 10 Well-defined strategy to grow and create value 05
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Market overview and competitive positioning 11
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12 Source: International Tourist Arrivals, United Nations World Tourism Organisation - World Tourism Barometer, Company information See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) Covid pandemic Global financial crisis Tech bubble burst Global credit crunch International tourist arrivals (1960-2024) HBX Group CM Long track record of structural growth Resilient, diversified business in a large, fragmented structurally high-growth sector 6% TTV CAGR 2019-2024 3x higher than the accommodation market c.60k Distribution partners None >10% revenue Top 10 c.30% revenue +20 year track record of resilient performance 170+ Markets all around the world None >20% revenue Top 10 c.60% revenue
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Accommodation market is large, fragmented and fast-growing, with intermediaries playing a critical role Accommodation TTV per channel (2023A, €bn) Key highlights Intermediaries to outperform direct sales due to more rounded value proposition for end consumers Intermediaries channel drives c.52% of total hotel market €500bn+ industry expected to grow c.6% 2023A-2027E High fragmentation with +500k hotels across global chains, regional chains and independent hotels Source: Company Industry Sources + 5.8% 6.0%5.6%CAGR 23A–27E Hotel market 244 Intermediaries 267 Direct sales 511 = Total hotel sales from all channels (direct and intermediaries) Hotel sales made via intermediaries (e.g. online marketplaces, tour operators, travel advisors) Hotel sales made through direct channels Online (brand.com) and offline (e.g. at counter) 13
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Intermediaries expected to increase penetration across all hotel categories +2 p.p. +2 p.p. +1 p.p. Intermediaries penetration % Intermediaries penetration % Intermediaries penetration % Global chains Regional chains Independents 36% of TTV(1) 26% of TTV(1) 38% of TTV(1) 32% 34% 2023A 2027E 55% 57% 2023A 2027E 70% 71% 2023A 2027E Access distributor segments unavailable through direct channels Enable hoteliers to optimise demand by gamifying the different market channels Provide streamlined sales processes while offering quality data and reporting Improve occupancy control, revenue management and cash flow Increase distribution reach Maximise profitability Advanced technology Provide early and late stays Hotels need intermediaries Source: Company Industry Sources 1. Of 2023 global hotel market TTV 15
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Each B2C intermediary archetype has particular characteristics and value propositions Characterisation • Personalised travel packages, focused on group travel • Dynamic packagers: Asset-light and online model • Tour operators: Asset heavy and hybrid model • Specialised in planning and booking complex travel • Virtual travel advisors: fully digital model • High-touch travel advisors: hybrid model Online marketplaces(1) Tour operators Travel advisors Dynamic packagers Tour operators High touch travel advisors Distribution archetype Global OTAs AirlinesInnovative OTAs Regional OTAs Loyalty programmes New tech entrants Virtual travel advisors Representative players • Global OTAs: Largest players with mass - market value proposition • Regional OTAs: Local value proposition to cater for traveller’s needs • Innovative OTAs: New distribution channels and products • New tech entrants: Capabilities and size to enter travel market at scale • Players entering Accommodation segment to improve end consumer value proposition and increase ancillary revenue Airlines & loyalty(1) 16 Source: Company Information OTA denotes “Online Travel Agent” 1. Airlines, Loyalty programmes and new tech entrants included under Online Marketplaces as external data providers do not gener ally differentiate or provide split between online segments
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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 B2B focus (2) Scale(3) End-to-end proposition Privileged relationship with suppliers (incl. SPA) Sales intensity and execution excellence User friendly, integrated technology platform Geographic B2B presence Local presence Regional presence Global presence Direct supplier relationship Strong emphasis on direct sourcing Majority of supply from resellers Indirect supplier relationship Smaller B2B Regional B2B Large B2B Part of B2C Group Leading independent(1) B2B marketplace Reliant on B2B segment leaders for all/majority of supply Supplier relationships Source: Company Information, Company Industry Sources. 1. HBX has a pure B2B focus and thereby not competing for the end customer. “Leading” position in terms of TTV. 2. Due to recent de-merger of Webjet Group (September’24), right-hand circle showcasing WebBeds & TBO should be full, as WebBeds is now a pure B2B company 3. Refers to global footprint 17
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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) Independent B2B 1.0x 0.3x 0.2x 2.5x B2B segment dynamics favor leading B2B players Large independent B2B distributors are uniquely positioned to serve as gateway partner for new travel entrants B2B share in B2C intermediaries is growing vs direct contracting as it is a value-added and cost-effective channel Hotels and B2C intermediaries focusing connectivity on largest B2B partners, reducing long-tail of smaller B2B players Top-4 players only account for c.10% market share(3), leaving significant room to grow Leading B2B players are taking share from smaller regional and local B2B distributors lacking resources to differentiate Source: Company Information 1. HBX Group has a pure B2B focus and thereby not competing for the end customer. “Leading” position in terms of TTV. 2. Refers to HBX Group Accommodation FY23 TTV size compared to WebBeds, TBO Hotel & M&E and Expedia hotel B2B TTV, all calendarized to HBX Group fiscal year (Oct -22 to Sep-23). TTV derived from HBX Group Management Information 3. Refers to market share over intermediated accommodation sales in 2023 18
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Accommodation 19
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20 Strategically positioned in the fragmented accommodation market Source: Company Information, International Consultant Analysis. Notes: 1. Estimate for total Accommodation Suppliers (Hotels) and B2C Distributors in the market for FY23. Includes those neither direc tly contracted by HBX Group nor sourced from 3rd parties by HBX Group 2. Large OTAs are predominantly B2C distributors, yet some also have a B2B distribution segment 500k+ Accommodation Suppliers(1) B2B Distributors 400k+ B2C Distributors(1) Final Consumer Travel Advisors Large OTAs mainly direct sourcing Other OTAs hybrid sourcing Tour Operators Airlines and loyalty Loyalty Programs Other Fast Growing B2C Distributors / New Tech Entrants Large Independent B2B Travel Marketplaces Other Independent B2B Travel Distributors Global chains Regional chains Independents Final consumerB2B segment of OTAs (not independent)
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TravellerHotel Distributio n partner ROOM NIGHT Discounted c.10% ROOM NIGHT Full Price ROOM NIGHT Discounted c.20% €80 €90 €100 Price seen by traveller - €100 Share for HBX Group €10 Share for distribution partner €10 HBX Group receives a discount from the hotels, and shares this discount with the distribution partner HBX Group’s accommodation business model is based on take rate per room night Source: Company Information Note: HBX Group generally conducts its accommodation business through a merchant model using a best -efforts approach and does not undertake inventory or prepayment risk. Generally, unsold rooms are released and available for the hotel to sell without cost or penalty for HBX Group. Conditions may vary based on the type of supplier and the relationship HBX Group has establish ed with them. Illustrative figures Share for Hotel €80 HBX Group not only provides the rails connecting hotels and distribution partners but also has a high level of control thanks to the merchant business model 21
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85%+ direct contracting with hotels provides a significant competitive advantage to HBX Third Party Suppliers(2) (e.g. OTAs) Hotel Category Key contract negotiation terms with suppliers • All rate types • All room types • Special conditions and offers • Allotment size (# of room nights) • Payment terms • Marketing and overrides • Additional services through Hoteltech • Others Access through a global, on-the-ground sourcing workforce with local expertise and strong relationships with key suppliers Global Chains(3) Regional Chains(3) Independents(3) Hotels c.60k distribution partners(1) Access to c.100k directly contracted hotels(1) Accounting for <15% Accommodation TTV(1) Accounting for 85%+ of Accommodation TTV (1) Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024. Accommodation data refers to core accommodation business, excludes satellites (Easy Market and TPB) 2. Third Party Suppliers provide access to further 150k+ hotels in inventory 3. Logos included are non-exhaustive 22
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HBX Group's value proposition to suppliers Suppliers (hotels) HBX Group’s model is beneficial for hotels, allowing them to reach additional capacity with no competition for travellers given pure B2B play 04 02 01 03 ▪ HBX Group enables hotels to access directly the largest network of high value distributors providing incremental occupancy ▪ Large share of high value distributors, who are harder to reach by the hotels and provide superior profitability Largest independent distribution network Local commercial relationship and expertise ▪ Largest pure B2B contracting network (820+ “on-the-ground” FTEs globally(1)) of long-standing relationships with hotels ▪ HBX Group is the trusted “go-to” partner for hotels leveraging a highly trained sourcing workforce Unique Data Insights ▪ Systems to provide real-time advanced data analytics to help hotels predict the next travel trends ▪ Optimise hotel revenues and profitability through market data insights Preferred partner ▪ HBX Group is the key enabler for hotels to penetrate the highly attractive, fast-growing leisure segment ▪ Suppliers Preferential Agreements provide hotels with advantageous access to HBX network of distributors What HBX Group deliversValue drivers Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 23 Suppliers
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Tech capabilities, Industry knowledge, Rate parity measures, Process Management, and much more….Hotels Leisure travel market SPAs are agreements under which HBX Group negotiates attractive conditions with directly contracted hotels in exchange for differentiated commercial arrangements such as rate differentials, larger allotments, exclusivity related to source market or channel, etc. • Superior distribution reach and higher volume • Increase in length of stay • Increase in booking lead timeBenefits for Hotels(2) +2.4x(4) c.6,200 hotels under SPAs(2) 21% of Accommodation TTV(2,3) 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 capitalise the leisure segment Suppliers Preferential Agreements(1) are tailored to bring additional value to hotels Through its technology and superior knowledge of the travel sector, HBX Group allows hotels to properly control the distribution +15%(4) +26%(4) 1. Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alterna tive Performance Measures (APMs) 2. Within SPA agreements, HBX Group may share some limited inventory risks with its partners. Where an SPA hotel reserves a spec ific number of rooms for the Group to sell, HBX Group uses its data analytics to ensure the allocation is achievable. However, w here the Group cannot sell all the rooms, the excess can either be returned at no cost or, depending on the contract, specific protection mechanisms in the relevant ag reements could be triggered (including the hotel agreeing to roll over the excess allotment size). Although unlikely, the Group could be responsible for unsold rooms. However, no material risk under SPAs has materialised in the past, including during the Covid -19 pandemic. In some cases, HBX Group may pay a hotel an upfront SPA deposit for the ro oms. Such deposits are contained within prepayments in the HBX Group accounts 3. Figures derived from HBX Group Management Information as at and for the year ended September 2024 4. Accommodation data refers to core accommodation business, excludes satellites (Easy Market and TPB 5. Compares total TTV across 265 hotels who were non -SPA producing in FY23 against the same hotels who were producing SPA volumes in FY24 24 Suppliers
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Travel distributors HBX Group’s model is beneficial for the distribution network, as it provides depth and breadth of access with no competition over travellers ▪ Connection to a global network of 250k+ hotels in 170+ markets via our highly scalable platform(1) ▪ Large portfolio of directly contracted hotels with competitive and differentiated conditions Global, directly contracted and competitive network of hotels Actionable data analytics and insights ▪ Advanced data and analytics capabilities enable HBX Group to efficiently generate value ▪ Unrivalled data management on 3 core areas: Competitiveness, Search, and Distribution partners’ data Best-in-class service powered by AI ▪ Peace of mind and industry reference service through dedicated travel expert teams in 8 hubs ▪ Market leading and AI-powered service platform and capabilities Local commercial relationship and expertise ▪ Large commercial, customer-facing team of 240+ FTEs, providing local expertise to distribution partners(1) ▪ Centralised enablement guaranteeing that HBX Group’s value proposition is delivered consistently HBX Group's value proposition to distribution partners 04 02 01 03 What HBX Group deliversValue drivers Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 25 Distribution partners
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Mobility & Experiences, Fintech & Insurance, and Hoteltech 26
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170+ markets(1) HBX Group has expanded further into the travel ecosystem Fintech & Insurance Provider of Fintech and Insurance services, including pay-in / pay-out, FX, virtual card issuing, and cash advance 6 payments & insurance products(2) Launched in 2023 Worldwide distribution of transfers, car rentals and experiences Mobility & Experiences 23k+ experiences(1) 9k+ transfer routes(1) 500+ car rental providers(1) Hoteltech Technological platform for hotels that provides direct sales capabilities c.2k hotels(1) c.20 markets(1) Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 2. Fintech & Insurance includes 3 products that are live (pay-in, pay-out, FX) and 2 which are in an early-stage or pilot phase (virtual card issuing, insurance, cash advance) 27
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Opportunities for growth in adjacent areas Product expansion Geographical inventory expansion in the Americas and APAC Product breadth expansion (e.g. Broadway tickets, ski passes, etc.) Cross-sell ecosystem Leverage accommodation network to sell multi-products Increase client stickiness, take rates and profitability per booking Gaining share of wallet through four axes of improvement… …with very significant upside €44bn Mobility & Experiences addressable market +13% 2023A-2027E CAGR Transfers Car rental Experiences Airlines Banks Hotels Insurance Upside from new partners and products joining the platformExcellence in execution Process automation Accelerated partner onboarding Efficient inventory management Enhanced client experience Bundling Increased conversion Improved price competitiveness (exclusive rates and conditions) Unlocks new partners and revenue streams via end-to-end offering Source: Company Information 28
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Total addressable market is large and growing Large and growing Mobility & Experiences market across product categories ExperiencesTransfers Car rentals1 2 3 2023A 2024E 2025E 2026E 2027E 44 53 61 67 74 +13% 2023A-27E CAGR +4% +16% +11% Typically fragmented, localised offering getting enlarged visibility through technology Strong demand for experiential travel and tailored journey Permanently evolving supply coming in and out the market Groups and international travel as additional tailwinds Market in need for consolidation and large-scale distribution, currently lacking a champion Mobility & Experiences total addressable market(1) (€bn) Source: Company Information 1. Refers to sales to B2C intermediaries 29 Mobility & Experiences
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HBX Group is building the next B2B marketplace for financial and insurance solutions in travel in a partnership-driven approach • c.60k HBX Group distribution partners across the world (1) • Improve traveller user experience • Significant savings for distributors Distributors • c.100k HBX Group suppliers globally driving network effects(1) • €14bn+ of payments flows(1) providing strong insight for product design • Comprehensive offering to minimise costs of operation • Large scale and negotiation power driving favourable terms and conditions Suppliers Travel fintech partners Established banks Insurance providers Payment specialists Network benefits Consolidated distribution Consolidated offer Accesstom orefinancialandinsurance productsatpreferredterms Opportunitytom onetise ecosystem distribution Is an enabler to both sides of the value chain Singleaccesspointtoahighly fragmenteddistributionnetwork Source: Company Information List of partners is not exhaustive and is meant as illustrative examples 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 30 Fintech & Insurance
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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) 2023A 2024E 2025E 2026E 2027E 244 261 275 289 303 +5.6% Hoteltech offers multiple benefits to HBX Group Best booking engine in the market(1) Superior understanding and relationships with hoteliers Ability to offer multiple other services, including SPA Strengthened relationship with the hoteliers, leading to higher stickiness Open the doors to new markets, unlocking new revenue streams Optionality to sell more tech products to hoteliers in the medium-term: PMS, Revenue Management, CRS, etc. Multiples opportunities of growth acceleration have been identified across products, geographies and partnerships Catering for mass market needs with smart direct solution Source: Company Information, Company Industry Sources 1. Winner of the World Travel Tech Awards four consecutive years (2021 -24) 31 Hoteltech
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Next Generation Technology and Data Platform 32
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6.2bn Searches per day (1,2) (consolidating all searches for Booking and Expedia) 400TB+ Data Lake (“large data player”)(1,4) c.80k Available requests per second(1) 8 Proprietary algorithms(1) 99%+ Platform availability (1,3) c.20ms Booking response time via API(1) c.€200m Investment in Tech L3Y(1,5) 635k+ Direct connections with travel players(1) Technology and Data are at the core of HBX Group’s business, powered by a next-generation, fast, scalable tech platform Source: Company Information, Encore Enterprises, Grafana 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024. Refers to HBX internal tec hnology FTEs, excluding outsourced employees. Response time in Europe 2. Represents maximum number of daily searches as of Sep -24; average daily searches equal to 5.3 bn 3. Internal Management KPI for platform availability to sell as of September 2024 4. Within the global travel B2B ecosystem, HBX Group data lake would be recognised as large by broad industry measurement norms, given its volume (surpasses 100TB), complex data sets, ability to scale and velocity of processing 5. Opex and Capex related to Technology projects for FY22A -FY24. Financial figures derived from unaudited and preliminary accounts with financial year end 30 September. 33
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Architecture which connects supply (products) with distribution partners in high performance connectivity at 99%+ availability HBX Group today runs on a next-generation, micro-services architecture with high performance outcomes Distribution partners B2B websites API integration to supplier platforms Supplier extranet Suppliers HBX Group Core Platform Engine (Distribution and product information, booking engine, processing orchestration, valuation) API gateway B2B direct integration Supplier integration to APItude CRM Business Intelligence (analytics and reporting) Third-party services (APM, FX) Back office (payments, collections, finance) ▪ Cloud-native, high availability applications hosting on AWS ▪ Modern web layer and API gateway – enabling faster connectivity & integrations ▪ Open-source software driving cost efficiency, scalability, easier access to resources and vendor independence ▪ Microservices Architecture – increased frequency of code releases and reduced impact of changes ▪ High performance and rich data layer (AWS) – enabling data capabilities to be scaled and developed faster ▪ “Cloud-provider agnostic” with ability to go to a hybrid model or switch provider without significant reinvestment ▪ Decoupling via streaming technology using data layers in between database on user allowing horizontal and vertical scaling Partners 34 Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs)
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Broad & comprehensive data sets due to position between supply & distribution HBX Group leverages access to unique marketplace data to provide seamless tech solutions across the ecosystem Suppliers Travel advisors Online marketplaces Tour operators Other distributors Airlines & loyalty ▪ HBX Group processes data from both suppliers & distributors. All transactions created are stored into our data lake. ▪ Allows to enrich partners’ databases and drive additional product lines & insights for all parties. ▪ We are able to segment and slice the data to answer specific queries to assist both distributors and suppliers to maximise revenue & profitability 400TB+ Data Lake (1,2) --- 6.2bn searches (1,3) Travel Data Lake Insights AI-as-a- service ▪ Use travel data lake to create dashboards with insights on market ▪ Allows distributors to adapt their strategy ▪ Current Status: Developments completed in Q4 FY24 ▪ Strategy & plan for a full life-cycle managed AI services, including hosting of models and conducting model performance checks ▪ Live Services include smart cache, churn prediction, fraud detection Selling solutions to distributors… …and adding new partners Hotels, OTAs, travel advisors, tour operators Banks, payment providers, governments, cities etc. Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 2. Within the global travel B2B ecosystem, HBX Group data lake would be recognised as large by broad industry measurement norms, given its volume (surpasses 100TB), complex data sets, ability to scale and velocity of processing 3. Represents maximum number of daily searches as of Sep-24; average daily searches equal to 5.3bn 35
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Leveraging superior data capabilities, HBX Group helps distribution partners enhance their business performance by focusing on 3 core areas: Advanced data and analytics capabilities generate value for distribution partners and HBX Group By scanning the contracted portfolio with 2bn annual searches(1) over hotels and destinations, HBX Group obtains constantly updated market insights on contracted conditions Competitiveness By making best use of the 7bn daily searches(1,2) from distribution partners, HBX Group identifies gaps and variations in conversion to drive prompt action Search data By leveraging distribution partners’ data on their top properties, conversion and share of wallet, HBX Group tailors contracting efforts to maximise value generated for distribution partners and HBX Group Distribution partners’ data Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 2. Represents maximum number of daily searches as of Sep -24; average daily searches equal to 5.3 bn 36 Distribution partners
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…Leading to key tangible benefits (vs. FY23) Digitisation and automation through both AI & ML, driving new services & efficiencies across workflows Completely automated and digitalised partner onboarding, reducing time to 2-3 days (vs. 30 days previously) End-to-end automation of inventory workflow (uploading inventory, booking and pricing management) Real-time access to pricing and booking facilitating interactions between partners Ability to process more bookings with same people on-board Creation of unique transaction ID to link booking and rebooking Automated reconciliation of partner contracts and transactions Fully integrated, automatised and centralised repository of all HBX Group’s “Building Block” that include attributes such as infrastructure, design, technology, quality, cost and version Digital onboarding Inventory management Reconciliation process Pricing and booking Black ops Incremental automation & AI usage… End-to-end workflow between suppliers and distributors Automation of internal processes In progressAlready available Pricing and booking Inventory management Digital onboarding Automated global contract management Black ops Reconciliation process Case resolution Payment processing Software development lifecycle Sales & marketing Internal finance Itinerary builder Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 37
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Building a market leading and AI-powered service platform Generation Automation Classification Translation Foundation 100% in place(1) 50% in place(1) 70% in place(1) In implementation 100% in place(1) GenAI-generated customer avatar for agent training, improving speed to proficiency and customer service Automated fulfilment of responses to distribution partners creating operational efficiency and speed of service Automated intent recognition and classification in all channels, enabling specialised management Real-time translation between distribution partners and service agents, de-coupling local service vs footprint Market-leading capabilities and software for effective workforce management, communication, and CRM Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 38 Distribution partners
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Financials 39
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HBX Group’s highly attractive financial profile combines scale, growth and profitability HBX Group’s growth generates multiplier effects due to superior take rates, operating leverage and attractive cash flow dynamics ▪ Premium take rate driven by differentiated value offering and high-margin products ▪ Superior adjusted EBITDA margin supported by operating leverage ▪ Strong cash flow generation by virtue of structurally negative working capital cycle Leading take rate, Adj. EBITDA margin and cash flow conversion 9.0% FY24 take rate(1) 57% FY24 Adjusted EBITDA Margin(2) +117% FY24 Cash conversion(2) ▪ Loyal distribution network and supplier base ▪ Large network of distribution partners and suppliers ▪ Low distributor and supplier concentration ▪ Best-in-class unit economics Loyal, extensive and stable distributor / supplier base c.100k / c.60k directly contracted hotels / distribution partners in 170+ markets(1) <1% distribution partner / supplier churn(1) 28% of TTV generated by top 10 distribution partners(1) ▪ Long-term track-record of TTV and revenue growth driven by positive market tailwinds, market share gains and product expansion ▪ Well-exposed to higher growth segments (international vs domestic, leisure vs business) Double-digit growth 24% FY22-FY24 TTV CAGR(1) 26% FY22-FY24 Revenue CAGR(2) ▪ Global independent B2B travel marketplace ▪ Scalable modern technology stack with data at its core ▪ Increased contribution from newer product lines Scale and diversification €7.7bn FY24 TTV(1) €693m FY24 Revenue(2) €397m FY24 Adjusted EBITDA(2) Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024. TTV metric excludes amount s related to Hoteltech 2. Financial figures derived from audited accounts with financial year end 30 September 40
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FY24 FY25E Guidance revised Mid-term targets unchanged TTV(1) €7,667m 11.8% YoY Growth 6% – 9% YoY Growth Low-double digit annual growth Revenue(2) €693m 5.6% YoY Growth Take rate 9.0% €720 - €740m 4%-7% YoY Growth Take rate 8.9% High-single Digit revenue growth Adjusted EBITDA(2) €397m 57.3% Adj. EBITDA margin €430 - €440m 8%-11% YoY Growth 59.5% - 59.7% margin Gradual increase into the low sixties adj. EBITDA % margin Operating Free Cash Flow(2,3) €465m EBITDA cash conversion 117% c.100% cash conversion (New) c.100% cash conversion 41 Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) Mid-term is based on FY’27 and annual growth based on average annual growth from FY ‘24 – FY ‘27 In the medium-term, HBX Group also expects an underlying tax rate (i.e. relating to ongoing business operations and excluding impacts of amortisation and non-underlying items) in the mid 20%, other costs to trend down and approximately 50% of R&D expenditure to be capitalised. BB Outlook and financial targets Delivering profitable growth on strong financial foundations
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Strong double-digit TTV growth, sustainably outperforming the structurally high-growth travel sector ▪ TTV has experienced strong growth across products and geographies and well above the market ▪ HBX Group capitalised on the market dynamics of FY22 and FY23 to take an outsized share of the post-COVID recovery, driven by: − Secular market tailwinds coupled with recovery of intermediaries' penetration − Gain of supplier and customer wallet share as they consolidated their activity around their most trusted partners − New wins due to strong positioning − Accelerating growth of M&E ▪ Fully normalised growth in FY24 which continues to be materially above market − Testament to HBX Group’s superior value proposition − Active commercial efforts to drive market share gains and TTV generation − Exposure to high-growth segments (international vs domestic, and leisure vs business) as well as high value distributors Key highlights 4,977 6,860 7,667 FY22 FY23 FY24 HBX Group TTV GrowthMarket Growth(2) 38% 12% 21% 7% TTV (€m)(1) Source: Company Information, Company Industry Sources. See Glossary for definitions and calculation of specific financial ter ms and KPIs, including any Alternative Performance Measures (APMs) 1. Figures derived from HBX Group Management Information with financial year end 30 September. TTV metric excludes amounts relat ed to Hoteltech 2. Market growth based on total Hotel TTV market based on Company Industry Sources 42
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434 656 693 FY22 FY23 FY24 Attractive revenue performance driven by growth across products and a differentiated value proposition €7.8bn TTV(1) Revenue (€m)(1) ▪ Outstanding revenue growth in FY23 driven by a combination of secular market tailwinds and HBX Group outperformance across both TTV growth and take rate accretion − Acceleration across core activities in accommodation − Incremental revenue contribution of M&E and Hoteltech businesses boosted HBX Group’s revenue profile ▪ +6% revenue growth in FY24, adapting to competitive industry dynamics − Careful decisions between volumes and take rate are constantly taken to ensure overall revenue growth remains robust − HBX Group was able to deploy commercial efforts to optimise their positioning, drive revenue growth and reach a sustainable take rate for the near future Key highlights Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Meas ures (APMs) 1. Financial figures derived from audited accounts with financial year end 30 September 2. Figures derived from HBX Group Management Information with financial year end 30 September 43 9.6% 9.0%8.7% Take rate(2) (%)
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Scalable cost base fuelled by technology investments and operational efficiencies driving attractive operating leverage Adjusted operating cost base (€m)(1,2) 243 279 288 FY22 FY23 FY24 Commercial Costs Technology Costs Operations Central Costs Non-Function Costs 13% FY22-FY24 CAGR 6% 29% 12% (8%) 85% 83% 83% 70 71 71 Commercial costs: • Optimisation of commercial costs, growing at 12% CAGR (vs 26% revenue CAGR), achieved through commercial transformation (i.e. new attention model and operating model), streamline of organisation and increased efficiency Technology costs: • Increased technological focus in the past years leading to elevated levels of investment; which are expected to stabilise in the short-term Global Operations costs: • Operations gaining scalability and delivering double-digit volume growth in FY24 with a reduction in resources, on the back of demand optimisation and automation as well as continued process improvement. Optimisation achieved while taking customer satisfaction and service quality to their highest levels ever Central Costs: • Stable growth of central costs in line with overall growth of the company, with investment in Legal and Corporate Governance and Business Development functions Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Financial figures derived from audited accounts with financial year end 30 September 2. Taking average number of total FTEs per year, including outsourced FTEs: 3,467 in 2022, 3,929 in 2023, 4,018 in 2024 44 Op. Cost / FTE (€k)(2) % Fixed costs / total costs Non-Function Costs: • Expenses mainly related to variable remuneration and other non-staff costs Streamlined costs achieved through technological improvement, automation and improved monitoring of commercial and operational costs delivering unmatched operating leverage, with 83% of costs being fixed(1)
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160 222 (36) 8 354 37 (9) 15 397 FY22 Revenue Opex Other Income / Costs FY23 Revenue Opex Other Income / Costs FY24 Record profitability expansion driven by topline growth, operating leverage and technological improvements Adjusted EBITDA (€m)(1) 36.8% 53.9% 57.3% 46 90 99 Adj. EBITDA Margin Over Revenue (%) Adj. EBITDA / FTE (€k) (3) ▪ Adjusted EBITDA margin reached a new peak of 57% in FY24 ▪ Revenue growth has been the largest driver of Adjusted EBITDA improvement, reflecting HBX Group’s operating leverage − Adjusted Operating Cost Base has increased at a much slower rate than revenues (9% vs 26% CAGR) ▪ Contribution of “Other Income / Costs” benefitting from Fintech margin enhancements (e.g. reduction of credit card fees) ▪ Further capacity to scale without significant increase of fixed costs Key highlights Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Financial figures derived from audited accounts with financial year end 30 September 2. Sum of Other Income and Other Costs 3. Taking average number of total FTEs per year, including outsourced FTEs: 3,467 in 2022, 3,929 in 2023, 4,018 in 2024 45 (2) (2)
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Industry-leading financial profile supported by a differentiated value proposition ▪ Largest independent B2B travel marketplace (3x closest competitor) ▪ Leading take rates in the industry, less sensitive to market conditions and with sustainable competitive advantages: 1. Global, directly contracted and competitive network of hotels (contributing 85%+ of TTV) 2. Preferred partner with singular access to high value distributors 3. Local commercial relationships and expertise 4. Unique data analytics and insights 5. Bundled offering of complementary high- margin products ▪ Unmatched profitability at the EBITDA level: − Testament to HBX Group’s cost focus and superior ability to efficiently convert topline growth into profits due to structural operating leverage − Exposure to high-margin products sustaining superior profitability Key highlightsKey financial figures benchmark (€m) 9.0% 6.4% 5.1% Take rate HBX Group(1,4) Web Travel Group (2,4) TBO (3,4) 57.3% 44.0% 20.3% EBITDA margin 7,667 2,483 1,416 TTV Source: Company Information, Public Disclosures. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. TTV & Take rate figures derived from HBX Group Management Information as at and for the year ended September 2024 . Adjusted EBITDA figure derived from audited accounts with as at and for the year ended September 2024 . TTV metric excludes amounts related to Hoteltech 2. TTV figures for fiscal year ended on March 30, 2024; Take -rate and EBITDA margin for the six months ended on September 30, 2024 3. TTV figures for fiscal year ended on March 30, 2024; Take -rate and EBITDA margin for the three months ended on June 30, 2024; TT V figures only including “Hotels & Ancillary” segment 4. Direct comparability partially limited by different timeframe 46
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Structurally cash generative business model with cash conversion >100% 397 110 (42) 465 Adjusted EBITDA Change in Working Capital Capex Operating Free Cash Flow FY24 Adjusted EBITDA to cash flow bridge (€m)(1) Industry-leading profitability Mainly related to technological investments Structurally negative working capital cycle Superior cash generation 117% Cash conversion Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) 1. Financial figures derived from audited accounts with as at and for the year ended September 2024 47
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Structurally negative net working capital cycle represents an incremental and sustainable source of cash Revenue is accrued at check-in The differential between days receivables and payables generates HBX Group’s negative working capital Traveller books trip with distributor and distributor book hotel through HBX Group 1 Traveller check in at the hotel 2 Check-in Nothing happens (check-in triggers service rendered and invoicing) If cancellation The Total Transaction Value (“TTV”) is invoiced to the customers HBX Group Pays the hotel in c.40 days Customer pays HBX Group in c.15 days Customer Hotel 3 4 Accommodation revenue model Negative WC: DPO > DSO Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs , including any Alternative Performance Measures (APMs) 1. Financial figures derived from audited accounts with financial year end 30 September 2. Days payable outstanding (DPO) is the average number of days the company takes to pay amounts due to suppliers. Days sales ou tstanding (DSO) is the average number of days that it takes the company to collect payment 48 HBX Group registers the trade payable with the hotel 2 Check-in 2 Check-in
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Strong cash flow generation profile leading to profitable growth, attractive shareholder return and continuous deleveraging Adj. EBITDA growth & high Adj. EBITDA margin Cash conversion c.100%(1) Strong cash flow generation profile Attractive shareholder return • HBX Group will continue to invest to enhance its products and its value proposition, further developing the tech capabilities of its platform • The Group is targeting a dividend pay-out ratio of 20% over the Group’s consolidated profit after taxation for FY 2026 to FY 2029(2) • The dividend policy will be reviewed annually, and alternative methods of capital return may be considered by the board of directors of the Group, as appropriate, with the aim to deliver an attractive return to its shareholders • HBX Group will continue exploring partnerships and JVs to support the expansion of the ecosystem and will remain open to pursue M&A opportunities under the right circumstances in the context of a fragmented market Robust capital structure through organic deleveraging • Further room for deleveraging as the business continues to scale while producing cash Drive organic growth Selective M&A opportunities Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs , including any Alternative Performance Measures (APMs) 1. Refers to mid-term target 2. Since HBX Group expects to report a consolidated loss after taxation in FY25, due to various below the line charges related t o one-off cash outflows related to the IPO, there is no automatic assumption of a dividend for FY25 to be paid in FY26. 49
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▪ HBX Group is exposed to intrinsic seasonality of the global travel sector ▪ Revenues are accrued at check -in, regardless of how long in advance the booking was made ▪ Initial half of the financial year historically more related to destination travel (i.e. a particular city or destination) − Implies lower TTV volumes but at higher take rates partially driven by lower occupancy levels ▪ Second half of the financial year linked to summer vacation travel − Implies higher TTV volumes at lower take rates driven by higher occupancy levels − Higher EBITDA margin driven by operating leverage as volumes rise Trading seasonality is inherent to the global travel sector Key highlightsFY24 key financials seasonality (€m) (1) Q1 (Oct-Dec) Q2 (Jan-Mar) Q3 (Apr-Jun) Q4 (Jul-Sep) % of Total Yearly TTV Take rate EBITDA margin 25% 9.0% 57% Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Meas ures (APMs) 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 . TTV metric excludes amounts related to Hoteltech 50
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51 Glossary Financial term Definition Adjusted EBITDA Represents Operating Profit (as per consolidated financial statements) before depreciation and amortisation and after adding back non-underlying and non-recurring items which do not reflect the underlying performance of the business Adjusted EBITDA Margin Calculated as Adjusted EBITDA divided by Revenue Adjusted Net Debt Total debt less the sum of cash and deposits plus the working capital adjustment Adjusted Operating Cost Base Operating expenses less non-recurring and non-underlying items Capex Equivalent to additions as per consolidated financial statements Cash Conversion Calculated as Operating Free Cash Flow divided by Adjusted EBITDA Change in working capital Stated as per consolidated financial statements Churn Represents distributors with no TTV contribution for a specific year, which had TTV contribution for the prior year. Expressed in terms of % TTV lost Compound Annual Growth Rate Annualised average rate of growth between given years Leverage Adjusted Net Debt divided by Adjusted EBITDA Net Debt Total debt less the sum of cash and deposits Operating Free Cash Flow Calculated as Adjusted EBITDA + Change in Working Capital – Capex as per the cashflow statement Revenue Stated as per consolidated financial statements Total Addressable Market (TAM) Global Total Transaction Value for a specific product in a given time period across all players in the market, representing the maximum size of the opportunity for a particular product Total Transaction Value Represents the amount charged to distribution partners, excluding sales taxes such as VAT and GST and excluding amounts related to the Group’s Hoteltech product line Working Capital Adjustment Difference between the actual absolute amount of working capital of the Group at the relevant date and the average absolute amount of working capital of the Group for the 12-month period ending on the relevant date Growth % Growth between the current period and the prior period
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IMPORTANT INFORMATION Disclaimer The information contained in this presentation (the "Presentation") has been prepared by HBX Group International, plc (“HBX Group” or the “Company,” together with its subsidiaries and other affiliates, the “Group”). The Presentation is for informational purposes only and neither this Presentation nor the information contained herein can be used, disclosed or published by third parties for a different purpose without prior written consent of HBX Group. The information contained herein is not intended to contain all the information necessary to evaluate the Company or the Group and/or its financial situation and should, therefore, be supplemented with publicly available information from the Company. In particular, the Presentation is made in the context of the financial results presentation of the Group for first semester 2025. When reproducing its content by any means, HBX Group may introduce changes it deems appropriate, partially or completely omit any elements of the Presentation, and in case of any discrepancy between such version and this one, the Company shall assume no liability for any inconsistencies. Any investment decision should be based on publicly available information from the Company and the Group, and not on this Presentation. The Company is not obligated to keep it updated to reflect, for example, any material changes, nor to correct it if any deficiency, error, or omission is found. The Presentation does not constitute, under any circumstances, investment advice, recommendation, or an offer or invitation to buy, sell, exchange, or negotiate securities or other instruments of the Company or any other member of the Group. The information, statements, and opinions contained in the Presentation are presented as of the date of the Presentation and are subject to change without notice. It is not intended to provide, nor should it be interpreted as, a complete and exhaustive analysis of the business or financial situation of the Company and the Group, nor of their future prospects or performance. No representation, warranty, or commitment, express or implied, is made by the Company, the Group, or any of their affiliates, or any of their respective directors, officers, employees, advisors, representatives, or agents (the “Representatives”) or any other person as to the truthfulness, impartiality, accuracy, completeness, or correctness of the information, statements, or opinions contained in the Presentation (or if any other information has been omitted) or any other statement made or purported to be made in connection with the Company or the Group, for any purpose, including, but not limited to, investment considerations, whether written, oral, or in visual or electronic format, and transmitted or made available by any means. Neither the Company nor its Representatives nor any other person shall be liable for any loss arising from the use of the Presentation or its content, or from any other circumstance related to the Presentation. The securities of the Company have not been registered under the United States Securities Act of 1933 and cannot be or will not be offered or sold in the United States, except in compliance with an effective registration statement or under a valid exemption from registration requirements. Likewise, these securities cannot be offered or sold in other jurisdictions except in compliance with applicable laws and regulations of those jurisdictions. Forward-Looking Statements The Presentation contains certain "targets or profit estimates" and may include "forward-looking statements." Profit targets or estimates and forward-looking statements include certain estimates, projections, and forecasts which, by their nature, are uncertain and may or may not occur in the future. Although the Company believes that the expectations reflected in the forecasts are reasonable, such forecasts are based on future events or uncertainties whose realization is impossible to determine at the time of their approval. Forecasts may be affected by the occurrence of various factors, some of which are beyond the control of the Group. Consequently, these forecasts should not be relied upon as a basis for investment or as a guarantee of future results, and the Company does not accept any responsibility for deviations that may occur in the various factors that influence the Group's future performance. Any material or significant deviation from the assumptions could cause results and trends to differ materially from those reflected in expectations. The Company does not undertake to update, revise, or keep updated the information contained in such statements as a result of new information, future events, or otherwise, unless required by applicable law. Furthermore, the Presentation may also contain estimated or forward-looking information that has been prepared for illustrative purposes and therefore reflects a hypothetical situation that does not represent reality. Forward-looking statements include statements about objectives, goals, strategies, prospects, and growth potential; future plans, events, or performance and future growth potential; liquidity, capital resources, and capital expenditures; economic outlook and industry trends; development of the Company’s or Group’s markets; the impact of regulatory initiatives; and the strength of the Company or any other Group member versus its competitors. Forward-looking statements are generally identifiable by words such as "plans," "targets," "aims," "believes," "expects," "anticipates," "intends," "estimates," "forecast," "projects," "plans," "will," "could," "continues," "should," and similar expressions. These statements reflect, at the time they are made, the current beliefs, intentions, and objectives of the Company or Group regarding, among other things, the Company’s or Group’s operations, financial condition, liquidity, prospects, growth, and strategies. Such information has been prepared based on assumptions that may not materialize and is subject to risks and uncertainties that could cause outcomes to differ. The Company does not undertake to update, revise, or maintain the forward-looking or estimated information contained in the Presentation or opinions expressed in relation to it, and such information is subject to change without notice. Accordingly, this information should not be relied upon when making investment decisions. Some data in the Presentation are merely objectives of the Company and there is no guarantee that these objectives can or will be achieved; therefore, they should not be taken as an indication of expected or actual results or performance. All subsequent oral or written forward-looking statements attributable to HBX or any of its Representatives or any other person acting on its behalf are expressly qualified in their entirety by the above statements. Unless required by applicable law, the Company does not undertake to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Financial Information Certain financial and statistical information contained in the Presentation is subject to rounding adjustments. Consequently, any discrepancies between totals and sums of listed amounts are due to rounding. Certain financial and operational data related to the Company and Group contained in the Presentation have not been audited or reviewed by HBX Group’s auditors or by independent third parties and, in some cases, are based on HBX Group management information and estimates and are subject to change. Therefore, no express or implied warranty is made as to the impartiality, accuracy, completeness, or correctness of the information, statements, or opinions contained herein. In addition, statements about historical performance or growth rates should not be interpreted as a suggestion that future performance, stock prices, or results (including earnings per share) will necessarily equal or exceed those of any prior period. Alternative Performance Measures (APMs) The Presentation includes financial information prepared by the Company under the International Financial Reporting Standards (“IFRS”) as well as certain financial measures and ratios considered alternative performance measures ("APMs") as defined in Delegated Regulation (EU) 2019/979 of March 14, 2019, and in accordance with the guidelines of the European Securities and Markets Authority (ESMA) published in October 2015 (ESMA/2015/1415en). APMs are presented to provide a better evaluation of the Group's financial performance, cash flows, and financial position, to the extent they are used by the Company in financial, operational, or strategic decision-making for the Group. However, APMs are generally not audited and are neither required by nor presented under the IFRS issued by the International Accounting Standards Board (IASB) as adopted by the European Union pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and the Council and should therefore not be considered in isolation but as supplemental information to audited financial information prepared in accordance with IFRS. Additionally, APMs may differ, both in definition and in calculation, from other similar measures calculated by other companies and may not be comparable. Non-Financial Information The Presentation also contains, in addition to financial information, non-financial information including metrics, statements, goals, commitments, and opinions related to environmental, social, and governance aspects. This information has not been audited or reviewed by an external auditor and has been prepared using various materiality thresholds, analyses, estimates, assumptions, and data collection and verification practices and methodologies, both internal and external, which may differ from those used by other companies, may differ materially from those applicable to financial information, and in many cases are in an emerging and evolving stage. 52
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53 Isabel Green INVESTOR RELATIONS DIRECTOR +44 7826 910691 igreen@hbxgroup.com Marina Pipkin INVESTOR RELATIONS OFFICER +34 637 310 241 mpipkin@hbxgroup.com https://investors.hbxgroup.com/ https://investors.hbxgroup.com/ WEBSITE Download this document INVESTORS’ RELATIONS CONTACT DETAILS FOLLOW US Contact us