Slides
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5 ▪ Markethub events held China and Portugal to build deeper commercial relationships and explore key market trends ▪ Organisational changes made to create long-term value by concentrating expertise and resources in key functions ▪ Invested in products to enable contactless check–in and hyper- personalisation with the completion of Civitfun acquisition in May ‘25 ▪ 7.0bn peak daily searches, up 12% YoY, +99% platform availability ▪ 400TB data lake used to create dashboards and generate trading and sourcing insights ▪ Award winning Artificial Intelligence (AI) used in operations delivering productivity improvements ▪ Machine-learning (ML) based forecasts methodology implemented to improve forecast accuracy ▪ Listed on the Spanish Stock Exchanges on 13 February 2025 ▪ €725m gross IPO proceeds, with net proceeds primarily used to reduce debt ▪ HBX Group's credit ratings raised by two notches to BB- (Moody’s) and Ba3 (S&P), both on a stable outlook ▪ Debt refinancing successfully completed 25 March
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7 Revenue € 319m €291m +10% Gross Profit €307m €280m +10% Operating (loss)/profit €(90)m €74m n/a Net finance costs €(152)m €(171)m -11% Tax €16m €(25)m n/a Net loss €(227)m €(122)m +86% Loss per share (1.15) (0.68) +69% TTV €3,370m €3,022m +12% Take rate 9.5% 9.6% -0.1pp Adj. EBITDA €159m €140m +14% Adj. EBITDA margin 50% 48% +2pp ▪ Revenue at €319m, up 10% (9% on a constant currency basis) driven by double-digit growth in the Europe and MEAPAC ▪ TTV €3.4bn, up 12%. Take rate 9.5%, down 0.1pp, ▪ Adj. EBITDA reaching €159m, up +14%, and margin 50% up 2ppts due to a largely fixed operational costs ▪ Operating loss of €(90)m includes €(199)m of non- underlying and non-recurring charges ▪ Net finance costs at €(152)m, reflect gross debt pre- IPO and prior to the debt restructuring in March ▪ Net loss was €(227)m, after a €16m tax credit ▪ Loss per share €(1.15), based on 197m weighted average shares in issue vs 180m in the prior period
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8 Spain 31 27 +15% Rest of Europe 98 86 +14% US 63 62 +2% Rest of Americas 49 48 +2% MEAPAC 78 68 +15% 12 59 16 11 88 41 84 89 Europe US Rest of Americas MEAPAC DOMESTIC INTERNATIONAL
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9 ▪ Total operating costs up 6%, compared to 10% revenue growth ▪ Commercial costs up 3%, vs 10% revenue growth, achieved through reorganisation and increased efficiency ▪ Operations costs down 1%, due to a reduction in resources, on the back of demand optimisation and automation as well as continued process improvement. ▪ Technology costs up 8%, reflected increase in cloud costs ▪ Central costs up 7%, with investment in strengthening Finance, Governance and Strategy areas and additional listed Company costs ▪ Non function / other costs up 13% supporting growth investment in new products in development and early implementation phases ▪ Operating cost per FTE up 7%. Wages and salaries cost up 3%, average number of employees down 1% Commercial Costs Operations Technology Central Costs Non-Function Costs 7% Growth (1%) 8% 3% 13%
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10 621 887 807 Working capital adjustment Net debt 30 September 2024 Net IPO proceeds* Incentives paid Refinancing Net debt 30 September 2024 including IPO and refinancing impacts Working capital adjustment Net debt 31 March 2025 Exchange and other CapexNet interest paid Adjusted net debt 31 March 2025 Operating cash flows 27 50 22 10 80 1,285 214 1,071 667 190 184 Adjusted net debt 30 September 2024 Decrease TotalsIncrease€m 3.2x leverage(1) 1.9x leverage(1)
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11 ▪ Working Capital variance of €(254)m, €36m larger cash outflow than prior year reflecting business growth partly offset by investment in Supplier Preferential Agreements (SPAs) ▪ Favourable working capital broadly maintained, with distributors paying HBX Group 20-25 days ahead of HBX Group payments to the suppliers ▪ Capex of €(22)m, €3m higher year on year, included €21m intangible asset investment in software ▪ €(44)m total investment in technology (opex and capex combined) equivalent to 14% of revenue ▪ Seasonality in line with expectations reflects the revenue and collections model, with guest arrival triggering the revenue recognition and invoice generation Adj EBITDA €159m €140m €20m Working capital variance €(254)m €(218)m €(36)m Capex €(22)m €(19)m €(3)m Operating FCF €(117)m €(97)m €(21)m (900) (600) (300) - 300 FY '22 HY '23 FY '23 HY '24 FY '24 HY '25 Change in net working capital Net working capital €m
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13 Covid pandemic Global financial crisis Tech bubble burst Global credit crunch
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14 All Europe US Rest of Americas MEAPAC 96% 248% 96% 248% 62% 207% 106% 316% 98% 233% April’25 vs January 2025 April’25 vs April’24
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15 • • • • • • • • •
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