Slides
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1 C Investor presentation A major global B2B traveltech company
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2 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 Al ternative 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 tem ber 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 (vi rtual card issuing, insurance, cash advance) 2
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3 3 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 consumer B2B segment of OTAs (not independent)
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4 Market dynamics Operating in a large structurally growing market with short - term volatility Source: Company Information, Company Industry Sources Resilient growth in travel and tourism driven by global economic growth and consumer spending trends Highly fragmented industry relies on intermediaries for scale and connectivity Post - covid normalisation of travel growth Geopolitical and economic volatility exacerbated by conflict and political change Cyclical changes in booking trends with shorter lead times and lower cost choices FY ‘25 market trends 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 +5% CAGR +23% CAGR Market growth ( Evolution of accommodation global TTV from 2017 to 2030 ) +4% CAGR
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5 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. Independent = has a pure B2B focus thereby not competing for the end customer, “Leading” position in terms of TTV. 5
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6 History of acquisitions Established Transformed by new management team From in - house accommodation intermediary to a leading global independent (1) B2B travel marketplace 2020 – 2024 2005 – 2015 2016 – 2019 Integration period TTV ( € 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 Al ternative Performance Measures (APMs) 6 01
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7 ▪ 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 CAGR Where 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 si ze 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 7 02
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8 Best - in - class technology platform and data analytics 7.8bn 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 up - time (1,5) Benefits from highly powerful, market - leading API suite for best developer experience and speeds 30% Customer service contacts handled exclusively through AI 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 Al ternative Performance Measures (APMs) 1. Figures derived from HBX Group Management Information as at and for the year ended September 2025 2. Represents maximum number of daily searches during FY ‘25; 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, gi ven its volume (surpasses 100TB), complex data sets, ability to scale and velocity of processing 5. Internal Management KPI, Data for FY ‘25 8 03
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9 Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Al ternative Performance Measures (APMs) TTV metric excludes amounts related to Hoteltech Track record of financial performance 9 €m €m €m €m 434 656 693 720 FY22 FY23 FY24 FY25 160 354 397 431 FY22 FY23 FY24 FY25 Adjusted EBITDA margin (%) 384 457 437 FY22 FY23 FY24 FY25 Cash conversion from EBITDA (%) TTV Revenue Operating Free Cash Flow Adjusted EBITDA 4,977 6,860 7,667 8,178 FY22 FY23 FY24 FY25 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 (constant fx ) Mid - term target: high single digit growth (constant fx ) Mid - term target: low 60% margin Mid - term target: c.100% cash conversion 7% 8.8% 60% 101%
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10 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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11 Company overview
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12 Accommodation Mobility & Experiences Hoteltech 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 ▪ 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 12
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13 H ighly diversified supplier and distribution network, paired with increasingly diversified portfolio of high - growth products c.300k contracted hotels c.100k directly contracted hotels c.60k distribution partners +60% of TTV from high value distributors 49 % of TTV generated outside of Europe Long - standing relationships with suppliers with low churn Diversified high value distribution network with low churn and low concentration Global portfolio of 300k hotels all around the world Destination market TTV – Distributor archetype Group TTV by Geography TTV - Supplier breakdown 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 Al ternative Performance Measures (APMs) 13 33,0% 22,0% 16,0% 12,0% 17,0% Tour operators Online marketplaces Travel advisors Airlines and loyalty programmes B2B intermediaries 41,0% 19,0% 22,0% 13,0% 5,0% Regional chains Global chains Independent hotels Third party supply Mobility & Experiences 51,0% 29,0% 20,0% Europe Americas MEAPAC
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14 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 giv en 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 delivers Value drivers Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 14
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15 Travel distributors HBX Group’s model is beneficial for the distribution network, as it provides depth and breadth of access with no competition ove r 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 delivers Value drivers Source: Company Information 1. Figures derived from HBX Group Management Information as at and for the year ended September 2024 15
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16 HBX Group has expanded further into the travel ecosystem Fintech & Insurance offering services such as pay - in/pay - out, FX, cash advances, virtual credit cards, and tailored travel insurance Through partnerships with regulated entities, these offerings respond to growing demand for connected, all - in - one travel experiences – enhancing both partner value and the end - user journey, and strengthening our overall ecosystem proposition Seamless travel solutions - including theme parks, museums, tours, and activities With 23,000 experiences and 9,600 transfer routes available, these products help partners up - sell and cross - sell, increasing customer satisfaction and revenue per booking Mobility & Experiences Hoteltech Under the Roiback brand, HBX Group supports around 2,000 hotels across 20 markets with end - to - end technology for direct channel growth This offering - including booking engines, UX - focused web design, and digital marketing tools - strengthens hotel relationships and unlocks new revenue through direct sales Source: Company Information 16
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17 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 platform Excellence 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 17
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18 Architecture which connects supply (products) with distribution partners in high performance connectivity at 99%+ availabilit y 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 18 Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Al ternative Performance Measures (APMs)
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19 Leveraging superior data capabilities, HBX Group helps distribution partners enhance their business performance by focusing o n 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 over hotels and destinations, HBX Group obtains constantly updated market insights on contracted conditions Competitiveness By making best use of the + 7bn daily searches 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 Company Information 19
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20 Strategic priorities
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21 Well defined strategy to grow and create value built on strong foundations Durable business model delivering long - term value and growth Drive profitability Grow in accommodation Expand the ecosystem Our strong foundations Ecosystem value proposition Deep market knowledge from access to vast data Strong direct commercial relationships Robust, scalable technology platform Extensive global footprint with scale in all regions
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22 Priorities for continued success Renewed strategic focus to accelerate growth and secure market leading position Customer - centric and agile approach to drive growth Enhance execution Leverage AI to enhance performance, speed execution, and drive automation Accelerate use of AI Drive increased contribution from ancillary products and services Deliver ecosystem growth Targeted partnerships, JVs and acquisitions boost growth Expand scale and capabilities
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23 Evolving our organisation to get even closer to our customer Vertical structure and changes to the management team A more agile and customer - centric verticalised operating model Sourcing Distribution Fintech Mobility & Experiences Hoteltech Autonomous cross - function teams in each vertical Business partnering with corporate functions Powered by accelerated AI and automation
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24 A more agile and customer - centric approach to Sourcing Sourcing transformation to focus on operational excellence and customer - centric improvements • Flat organisation to drive speed and accountability • Leverage direct supply - demand connections • Invest in expanding strategic supply agreements • Expansion in high - potential sourcing corridors • Partner - centric model leveraging data, tech and AI • Commercial - operational excellence Increase distribution reach Maximise profitability Advanced technology High quality and predictable bookings Hotels need distribution partners Transformative actions Xabi Zabala – Chief Sourcing and Operations Officer • 9 years at HBX Group with a track record of driving execution, transformation and growth • Transformed Operations and Customer Service through the implementation of AI solutions • Led the commercial strategy and transformation including integration of GTA and Tourico
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25 Consortia A more agile and customer - centric approach to Distribution Distribution reenergised with fresh focus on high growth segments and top clients David Amsellem – Chief Distribution Officer • Entrepreneur, investor and innovator with successful track record of value creation • Deep experience in travel and leisure technology and connectivity • Co - founder of The Luxurist , HBX Group’s AI - enabled high - end travel product • Focus on high growth geographies and segments • Prioritise alternative distribution channels • Invest in technology to improve the customer experience • Data and pricing analytics to improve competitiveness • Improve website conversion • Revamp loyalty programme • Price with purpose • Boost ecosystem & new verticals Wholesale Retail Global OTAs Regional OTAs Tour operators Loyalty programmes Airlines Niche opportunities Luxury TA’s Independent TA’s Micro TA’s Large TA’s
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26 Driving growth in ancillary services and products Drive growth by expanding cross - selling throughout the ecosystem • Drive near - term commercial actions targeted on high - value clients • Focus on cross - selling supported by dynamic packaging to increase attachment rates • Leverage third party supply and partnerships to increase scale • Accelerate technology investment to improve connectivity and customer experience Transforming Mobility & Experiences Expanding Fintech & Insurance • Leverage partnerships to continue expanding the portfolio • Increase penetration of Virtual Credit Cards and E - Wallet • Geographic expansion with strong acquisition pipeline • Artificial Intelligence to enhance acquisition and conversion Resiliently growing Hoteltech
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27 Artificial Intelligence to automate, accelerate and augment An engine for growth Simplifying processes to drive productivity and increase focus on value - add tasks AUTOMATION Enhancing agility, prediction and decision - making to reduce time - to - market ACCELERATION Elevating intelligence personalization and curation to unlock new revenue streams and drive B2B growth AUGMENTATION AI Package personalisation through natural language requests in The Luxurist Algorithmic and AI - enabled customer service agents designed to deliver integrated support across text, chat and voice channels AI - powered customer journey for Hoteltech to drive higher conversion AI content mapping and optimisation to maximise accuracy Dynamic pricing models enabling accelerated reaction time to market shifts Ready now Ready next APPLY AI ACROSS OUR BUSINESS 27
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28 Accelerating change with corporate development actions Expanding the ecosystem by partnering with high growth, innovative category leaders (minority investment) 2007 2014 2017 2018 2024 2025 28 INCREMENTAL GROWTH FROM CORPORATE DEVELOPMENT • Accelerate market entry • Expand customer base and enhance competitive positioning • Access new talent, capabilities and technology FOCUS ON SCALE, SYNERGIES AND TECHNOLOGY • Scale - up to win in a fast - growing consolidating sectors • Deliver additional value through cost and revenue synergies • Proprietary technology can be more cost effective to acquire than build STRONG TRACK RECORD OF VALUE - ENHANCING INVESTMENTS
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29 29 FY ‘25 Full Year Results and Outlook
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30 FY25 business highlights New partnerships with suppliers and distributors • Despegar – largest Latam OTA • Minor Hotels – 180 extra properties added in MEAPAC • Turkish Airlines – launch of holiday product • Getaways by Southwest Airlines c.300k hotel inventory and c.60k distribution partners Invested in products including the launch of The Luxurist Record up - time 99.9% Acquisition of Civitfun catalyst for hotel digitisation Listed on the Spanish stock exchanges on 13 February 2025 Debt refinancing successfully completed 25 March Product & partnerships Technology & data Corporate milestones
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31 € 8.2 billion 8% growth (constant currency) € 431 million 10% growth (constant currency) € 720 million 5% growth (constant currency) € 639 million 1.5x Adj net debt/ Adj EBITDA Delivering Profitable Growth Solid FY ‘25 financial results with growth and deleveraging See Glossary for definitions of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) Total Transaction Value (TTV) Adjusted EBITDA Revenue Adjusted Net Debt 60% margin (57% FY ‘24) 31
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32 Income statement summary €m FY ‘25 FY ’24 Change constant currency Change Revenue € 720m €693m +5% +4% Gross profit €698m €685m +3% +2% Operating profit €129m €260m - 51% - 50% Net finance costs €(180)m €(308)m - 41% - 42% Tax (charge)/credit €(17)m €24m n/a n/a Adjusted earnings €258m €176m +48% +47% Adjusted EPS €1.16 €1.44 - 18% - 19% KPIs FY ‘25 FY ’24 Change constant currency Change TTV €8,178m €7,667m +8% +7% Take rate 8.8% 9.0% - 0.2ppt - 0.2ppt Adj. EBITDA €431m €397m +10% +9% Adj. EBITDA margin 60% 57% +2.7ppt +2.6ppt ▪ Revenue at €720m, up 5% at constant currency with strong growth in the first half slowing down in the third and fourth quarters ▪ TTV €8.2bn, up 8% constant currency. Take rate 8.8%, down 0.2ppt due to changes in mix and commercial actions ▪ Adj. EBITDA of €431m, up +10% constant currency and margin 60% up 3ppts including year - on - year benefit of €24m due to lower variable pay in FY ‘25 ▪ Operating profit of €129m includes €(202)m of non - underlying and non - recurring charges mostly related to the IPO ▪ Net finance costs at €(180)m, reflect gross debt pre - IPO and prior to the debt restructuring in March ▪ Adjusted earnings of €258m, adjusted for non - underlying and non - recurring items, finance charges related to the pre - IPO structure and PPA amortisation Key highlights See Glossary for definitions of specific financial terms and KPIs, including any Alternative Performance Measures ( APMs) Constant currency changes exclude the impact of foreign exchange rate fluctuations by translating current year results at the ex change rates used in the prior year Adjusted earnings per share based on 222m weighted average shares in issue in FY ‘25 and 180m in FY ‘24
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33 EUROPE: ▪ Domestic and regional travel outperformed long - haul travel ▪ Growth led by strong performance in Switzerland, Malta and France. Spain experienced robust demand, especially from UK travellers AMERICAS: ▪ Fewer arrivals into North America from Europe and MEAPAC. ▪ Latin America growth supported by regional and the agreement with Despegar MEAPAC: ▪ Consistently strong domestic and international growth ▪ Strategic agreements such as with Minor Hotels and investment in local customer facing teams FY 2025 geographic performance TTV trading trends Revenue by destination FY ‘25 FY ’24 Change constant currency Change reported Spain €88m €82m +9% +7% Rest of Europe €264m €261m +3% +1% US €126m €123m +3% +2% Rest of Americas €99m €95m +5% +4% MEAPAC €143m €132m +10% +8% MEAPAC is Middle East, Africa, and Asia Pacific TTV by destination FY ‘25 FY ’24 Change constant currency Change reported Europe €4.2bn €4.0bn 6% 5% Americas €2.4bn €2.2bn 9% 7% MEAPAC €1.6bn €1.4bn 13% 11%
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34 Costs and costs actions – FY ‘25 Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs, including any Alternative Performance Measures (APMs) ▪ Total operating costs of €267m, down 7% YoY. Broadly flat adjusted for the reduction in variable remuneration ▪ Commercial costs up 2% , reflecting reorganisation and increased efficiency ▪ Operations costs down 2%, due to a reduction in resources, on the back of demand optimisation, automation and continued process improvement ▪ Technology costs up 5%, reflected consistent investment in technology with total technology spend ( opex and capex) of € 88 m, equivalent to 12 % of revenue ▪ Central costs up 1%, with investment in strengthening Finance, Governance and Strategy areas and additional listed Company costs ▪ Non function / other costs down 49%, due to 71% reduction in variable remuneration, partly offset by investment in growth areas Cost discipline and efficiency Adjusted operating cost base ( €m) 288 267 Commercial Costs Operations Technology Central Costs Non-Function Costs 1 % Growth (2%) 5% 2 % (49 %) FY24 FY25 34
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35 Adjusted Net Debt evolution Adj. net debt / Adj. EBITDA improved to 1.5x Capex 49 Exchange and other Net debt - Closing Adjusted net debt 30 September 2024 Working capital adjustment Adjusted net debt - Closing 214 Working capital adjustment Net debt 30 September 2024 423 Net IPO related cash flows(1) Net debt- Opening 414 Operating cash flows(2) 69 Net interest paid 45 1.285 1,071 242 Notes: 1 IPO related transactions comprise: proceeds from primary issuance and management reinvestment, less cost of management sell do wn, transaction costs and incentives paid 2 Operating cash flows included cash tax paid of €(27)m and investment in non - current assets of €(76)m, which related to long - te rm strategic partnerships 3 Leverage divides net debt and adjusted net debt by adjusted EBITDA Decrease Increase Totals Leverage (3) 1.5x 648 397 639 €m 1.6x 0.9x 2.7x 3.2x
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36 Operating FCF and investing for growth • Working Capital variance of €51m , €59m lower than prior year reflecting slower revenue growth, targeted commercial actions and a reduced accrual for variable pay • Favourable working capital broadly maintained, with distributors paying HBX Group c.25 days ahead of HBX Group payments to the suppliers • Capex of €(45)m , €3m higher year on year, with continued focus on investment in proprietary technology • Investing for growth : Op FCF used to invest €56m in non - current assets relating to long term commercial agreements and €3m net acquisition of Civitfun Key highlights €m FY ‘25 FY ’24 Change Adj. EBITDA €431m €397m €34m Working capital variance €51m €110m €(59)m Capex €(45)m €(42)m €(3)m Operating FCF €437m €465m €(28)m 36
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37 Capital allocation priorities Investing for continued growth and success Capital returns to shareholders • Invest to enhance products, further develop technology capabilities and target commercial development opportunities • Targeting total technology spend of 10 - 12% of revenues on average • Targeting a dividend pay - out ratio of 20% over the Group’s consolidated profit after taxation, for FY ‘26 to FY ‘29 • Surplus cash will be actively evaluated by the Board for possible shareholder distribution • Invest to drive profitable growth through the addition of scale, technology and synergies Maintain appropriate leverage • Target of between 1x to 2x Adj. Net Debt / Adj. EBITD A to allow headroom for cyclicality and investment opportunities Consistent organic investment Selective corporate development
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38 Outlook and financial targets Source: Company Information. See Glossary for definitions and calculation of specific financial terms and KPIs , including any Alternative Performance Measures (APMs) HBX Group also expects an underlying tax rate (i.e. relating to ongoing business operations and excluding impacts of amortisa tio n and non - underlying items) in the mid 20%, interest costs of €60 - 70m per annum, Technology R&D expenditure to be c11% of revenue of which approximately 50% to be capitalised Guidance growth rates are at constant exchange rates. Average EUR:USD exchange rate in FY ‘25 was $1.1053 (FY 24: $1.0842) an d a ssumed rate for FY ’26 is €1.17 Approximately 50% of Group TTV and Revenue is denominated in currencies other than the Euro Constant currency FY ‘25 FY ‘26 Guidance Medium - term ambition TTV €8,178m 8% YoY growth 12 - 18% YoY growth Low double - digit YoY growth Revenue €720m 5% YoY growth Take rate 8.8% 2 - 7% YoY growth High - single - digit YoY growth Adjusted EBITDA €431m 59.9% margin 2 - 7% YoY growth Low 60s % margin Operating Free Cash Flow €437m EBITDA cash conversion 101% c.100% Cash conversion c.100% Cash conversion 38
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39 Appendix
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40 TTV and Revenue by region by quarter FY ‘25 Revenue ( €m) Q1 ‘25 Q2 ’25 H1 ‘25 Q3 ’25 Q4 ’25 H2 ‘25 FY ‘25 Group total 169 150 319 182 219 401 720 - Spain 16 15 31 25 32 57 88 - Rest of Europe 58 40 98 73 93 166 264 - US 33 30 63 29 34 63 126 - Rest of Americas 22 27 49 23 27 50 99 - MEAPAC 40 38 78 32 33 65 143 TTV ( €m) Q1 ‘25 Q2 ’25 H1 ‘25 Q3 ’25 Q4 ’25 H2 ‘25 FY ‘25 Group total 1,810 1,560 3,370 2,176 2,632 4,808 8,178 - Europe 829 561 1,390 1,211 1,619 2,830 4,220 - Americas 562 569 1,131 597 635 1,232 2,363 - MEAPAC 419 430 849 368 378 746 1,595
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41 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. Days payable outstanding (DPO) is the average number of days the company takes to pay amounts due to suppliers. Days sales ou tst anding (DSO) is the average number of days that it takes the company to collect payment 41 HBX Group registers the trade payable with the hotel 2 Check - in 2 Check - in
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42 Traveller Hotel Distribution 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 : H BX Group generally conducts its accommodation business through a merchant model using a best - efforts approach and does not under take 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 42
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43 Glossary Financial term Definition Adjusted EBITDA Operating Profit before depreciation and amortisation and after adding back non-underlying and non-recurring items which do not reflect the underlying performance of the business Adjusted EBITDA Margin Adjusted EBITDA divided by Revenue. Adjusted Net Debt Net debt plus the working capital adjustment Adjusted operating expenses Operating expenses less non-recurring and non-underlying items. B2B Business to business operations Capex Equivalent to additions as per consolidated financial statements Cash Conversion Operating Free Cash Flow divided by Adjusted EBITDA Change in working capital Stated as per consolidated financial statements. Constant currency Exclude the impact of foreign exchange rate fluctuations by translating current year results at the exchange rates used in the prior year EBITDA Operating profit before depreciation and amortisation Hoteltech The Hoteltech product line provides booking engines, web design and digital marketing services for hotels Leverage Adjusted Net Debt divided by Adjusted EBITDA. Mobility & Experiences Travel solutions including car rental, transfers and experiences such as theme parks, tours and activities MEAPAC Middle East, Africa and Asia Pacific Net Debt Total debt less the sum of cash and deposits Operating Free Cash Flow Adjusted EBITDA plus Change in Working Capital minus Capex as per the cashflow statement. OTA Online Travel Agency SPA Supplier Preferential Agreement Take rate Revenue as a percentage of TTV TTV (Total Transaction Value) Represents the amount charged to distribution partners, excluding sales taxes such as Value Added Tax (VAT) and Goods and Services Tax (GST) and excluding amounts related to the Group’s Hoteltech product line. See financial statements for definitions of specific financial terms and KPIs, including any Alternative Performance Measures (APMs)
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44 IMPORTANT INFORMATION Disclaimer: This regulatory announcement contains information that HBX Group plc is required to disclose under applicable market regulations, including Regulation (EU) No 596/2014 of the European Parliament and the Council of 16 April 2014, on market abuse, and Law 6/2023, of 17 March 2023, on the Securities Market and Investment Services. The information contained herein is for general information purposes only and does not constitute an offer or solicitation to purchase or subscribe for securities, nor is it intended to provide investment, tax, legal, or other advice. This announcement may include forward-looking statements, which are based on current expectations and projections about future events and involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied herein. HBX Group plc undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation. The information contained in this announcement is intended only for persons who are not located or resident in a jurisdiction where such distribution, publication or use would be contrary to law or regulation.
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45 45 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