Earnings release
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Q3 TRADING UPDATE FOR THE THREE MONTHS ENDED 30 JUNE 2025 London, 30 July 2025, HBX Group (HBX.SM), a leading independent B2B travel technology company, today issues a Q3 trading update for the three months ended 30 June 2025. • Revenue of €182m, up 3% (6% constant currency) in Q3, 9-month revenue of €501m, up 7% (8% constant currency) showing robust growth • Delivering strategic growth with Civitfun acquisition and expansion of The Luxurist into new markets and its integration into the Group’s retail platform, Bedsonline • Mid to high single-digit TTV growth and mid-single-digit revenue growth now expected for the full year and Adj EBITDA guidance narrowed, reflecting the current market environment and currency impacts Nicolas Huss, Chief Executive Officer, commented: “HBX Group has performed resiliently in the third quarter despite a challenging geopolitical environment leading to shifts in demand across travel corridors. We took decisive action early in the quarter with targeted initiatives to drive growth. These initiatives, powered by our advanced analytics and global reach, enabled us to adapt quickly and outperform the market.” Trading performance summary €m Q3 2025 Q3 2024 Change Constant currency change 9m 2025 9m 2024 Change Constant currency change TTV (total transaction value) 2,176 2,063 5% 8% 5,546 5,086 9% 10% Group revenue 182 177 3% 6% 501 468 7% 8% Revenue by destination €m Q3 2025 Q3 2024 Change 9m 2025 9m 2024 Change Spain 25 24 4% 56 51 10% Rest of Europe 73 75 (3)% 171 161 6% US 29 30 (3)% 92 92 0% Rest of Americas 23 20 15% 72 68 6% MEAPAC(1) 32 28 14% 110 96 15% (1) Middle East and Asia Pacific Consolidated unaudited revenue for the 3-month period 1 April 2025 to 30 June 2025 and 9-month period 1 October 2024 to 30 June 2025 Resilient growth and commercial progress Group revenue of €182m was up 3% (6% in constant currency) in the third quarter compared to the prior period. The later timing of Easter contributed approximately 1% point to growth in the quarter. For the 9 -month period ended 30 June 2025 , Group revenue grew 7% ( 8% constant currency). This
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resilient performance showed the importance of scale and geographic diversification in a challenging market with changes in travel corridors and traveller booking trends in reaction to geopolitical events. TTV (total transaction value) growth was 5% in Q3 (8% constant currency), slightly ahead of revenue growth, in line with the trends experienced in the first half of the year. Growth in Accommodation was mostly driven by volumes, with room nights growing faster than average daily rates (ADRs). This reflected deeper discounting in some markets where demand weakened as well as a change in the geographic mix of activity and currency movements. There was a strong increase in short lead time searches across the industry, versus HBX Group booking data which showed strongest growth in 3- 6 month lead time bookings, reflecting the Group’s bias toward high value distribution channels. Accommodation grew faster than Mobility & Experiences, which was impacted by increased competition in the B2B space where scale is becoming increasingly important. Actions were taken early in the quarter to capture revenue growth, including targeted geographic expansion, cross-selling and bundling of ancillary products, as well as investment in new products and tactical pricing actions. These actions helped HBX Group outperform the global hotel marketi in Q3, with 8% constant currency TTV growth well ahead of the 5% market 1growth. Strategic and commercial successes in the quarter position HBX Group well for future growth. These included the acquisition of Civitfun in May , and good progress for AI enabled luxury product, The Luxurist, as it launched in new markets and integrated into the Group’s retail platform, Bedsonline, making it accessible to all HBX Group partners via web interfaces and API (Application Programming Interfaces). Geographic revenue trends by destination In Spain, revenue increased by 4% in Q3 with particular strength in the UK to Spain and China to Spain corridors partly offset by weaker domestic travel. Rest of Europe declined 3% reflecting decline in travel to Germany and the UK as well as low growth for Greece, Portugal and Turkey, partly offset by stronger growth in France. US arrivals into Europe declined while arrivals from China increased. In the US, revenue declined by 3%, reflecting the weaker US dollar as well as lower demand leading to pressure on pricing as suppliers increased promotional activity to secure volumes at a lower ADR. Domestic US travel outperformed international corridors with lower international arrivals from Canada and Europe in particular. In Rest of Americas , growth reached 15%, accelerating versus the first half of the year driven by stronger intra-regional travel reflecting the recent agreement with Despegar, the largest OTA in Latin America. Middle East & Asia Pacific (MEAPAC) expanded 14%, with good growth across Asia Pacific supported by airline expansion , supportive economic environment and strategic investment in key markets such as Japan. In the Middle East a good start to the period deteriorated due to escalating conflict and unrest resulting in double-digit declines in travel to destinations such as Saudi Arabia and Jordan. 1 Market growth estimates 4.8% according to HBX Group internal model (based on Euromonitor, Phocuswright, travel companies broker reports, expert interviews and management estimates)
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The sudden shift in travel corridors in Q3 emphasises the value of HBX Group’s extensive global network for both supply and distribution as well as the systems, data and corporate agility to act quickly when the markets change. Focused on profitable growth There has been a relentless focus on driving profitability to deliver Adjusted EBITDA margin expansion and cash conversion. Actions to drive productivity and efficiency have included use of AI (artificial intelligence) and ML (machine learning) to deliver insights and analysis that support commercial decisions and help operational teams to handle higher volumes without adding in costs. Cost controls have been tightened with a particular focus on variable and discretionary spend, while maintaining the strategic investment needed to remain best -in-class even in a m ore challenging market environment. Outlook After a strong start to the year , delivering 12% TTV growth and 10% revenue growth in the first half , trading deteriorated in Q3 impacted by disruption in the macroeconomic and geopolitical environments as well as the translational impact of a weaker US dollar. Reflecting these market-wide challenges and the actions we have taken , we now expect to deliver mid -to-high single-digit TTV growth and mid-single digit revenue growth converting into Adjusted EBITDA growth of at least high- single digit for the full year. Our cash conversion guidance is unchanged at c.100%. We have a clear expansion strategy to use our scalable technology and global B2B network to capture future market growth opportunities and drive profitable growth as the environment stabilises . O ur mid-term outlook is unchanged. Company Guidance FY25 Revised guidance Prior guidance TTV 6%-9% 10%-16% Revenue €720m-€740m €740m-€790m Adj. EBITDA €430m-€440m €430m-€450m Op FCF conversion c.100% c.100% A webcast for the investment community will be held at 09:00 UK time in which we will deliver an overview of the Q3 2025 performance, followed by a Q&A session. To register for the webcast, please use the following link: HBX Group Trading Update Q3 2025. Our next scheduled results announcement will be Full Year 2025 results on 26 November 2025. Investor Relations Contact Isabel Green Investor Relations Director igreen@hbxgroup.com / investorrelations@hbxgroup.com M. +44 7826 910691 HBX Group Media Contact media@hbxgroup.com
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About HBX Group HBX Group is a leading global B2B TravelTech company that owns and operates Hotelbeds, Bedsonline and Roiback, among other brands. We offer a network of interconnected travel tech products and services to partners such as Online Marketplaces, Tour Operators, Travel Advisers, Airlines and Loyalty Programmes, destinations and travel suppliers. Our vision is to simplify the complex and fragmented travel industry through a combination of cloud-based technology solutions, curated data, and an extensive portfolio of products designed to maximise revenue. HBX Group is present in 170 countries and employs more than 3600 people around the globe. We are committed to making travel a force for good, creating a positive social and environmental impact. HBX Group International PLC (HBX.SM) is listed on the Spanish Stock Exchanges, ISIN:GB00BNXJB679. More information: www.hbxgroup.com Follow us: LinkedIn , Facebook , X, Instagram . IMPORTANT INFORMATION Disclaimer The information contained in this document has been prepared by HBX Group International, plc (“HBX Group” or the “Company,” together with its subsidiaries and other affiliates, the “Group”). This document is for informational purposes only and the informat ion contained herein can be used, disclosed or published by third parties for a different purpose without prior written consent of HBX Grou p. 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, this information is given in the context of the financial results of the Group for the third quarter 2025. Any investment decision should be based on publicly available information from the Company and the Group, and not on this information. The Company is not oblig ated to keep it updated to reflect, for example, any material changes, nor to correct it if any deficiency, error, or omission is found. This document does not constitute, under any circumstances, investment advice, recommendation, or an offer or invitation to buy, sell, exch ange, or negotiate securities or other instruments of the Company or any o ther member of the Group. The information, statements, and opinions contained herein are subject to change without notice. It is not intended to provide, nor should it be interpreted as, a comp lete 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 herein (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 this information, or from any other circumstance related to it. The securities of the Company h ave 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 This document 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 uncertai n and may or may not occur in the future. Although the Company believes that the expectations reflected in the forecasts are reasonable, such forecasts
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are based on future events or uncertainties whose realization is impossible to determine at the time of their approval. Forec asts 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 responsibil ity 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, this document may also contain estimated or forward-looking information that has been prepared for illustrative purposes and therefore reflects a hypo thetical 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 me mber 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," an d 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. S uch 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 informati on contained herein or opinions expressed in relation to it, and such information is subject to change without notice. According ly, this information should not be relied upon when making investment decisions. Some data herein are merely objectives of the C ompany 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 Group 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 this document is subject to rounding adjustments. Consequently, an y discrepancies between totals and sums of listed amounts are due to rounding. Certain financial and operational data related t o the Company and Group contained herein 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 c ontained herein. In addition, statements about historical performance or growth rates should not be interpreted as a sug gestion 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) This document 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 finan cial 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 supplem ental information to audited financial information prepared in accordance with IFRS. Additionally, APMs may differ, both in definition and in calculation, from other similar measures ca lculated by other companies and may not be comparable. Non-Financial Information This document 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.