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HBX Group International (HBX) investor relations material
HBX Group International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Nov, 2025
Executive summary
Achieved 8% TTV growth to €8.2bn and 5% revenue growth to €720m at constant currency, with adjusted EBITDA up 10% to €431m and margin expansion to 60%, all within guidance.
Significant deleveraging and cash conversion above 100% followed a milestone IPO in February 2025, with proceeds used to reduce debt and invest in growth.
Strengthened product portfolio and partnerships, including new agreements with Despegar, Minor Hotels, Turkish Airlines, and the acquisition of Civitfun.
Leadership changes and reorganisation to enhance agility, customer focus, and commercial flexibility in response to volatile market conditions.
Market volatility and macro/geopolitical headwinds impacted growth, especially in the second half.
Financial highlights
TTV reached €8.2bn, up 8% year-over-year at constant currency, outpacing market growth.
Revenue was €720m, up 5% year-over-year; take rate declined to 8.8%.
Adjusted EBITDA was €431m, up 10% year-over-year; margin expanded to 60%.
Adjusted earnings increased 48% to €258m; adjusted EPS rose to €1.16.
Operating profit was €129m, impacted by €202m in non-recurring IPO-related charges; reported loss for the year was €70m.
Outlook and guidance
FY 2026 guidance: TTV growth of 12%-18%, revenue growth of 2%-7%, adjusted EBITDA growth of 2%-7%, and c.100% operating free cash flow conversion.
Medium-term ambition: low double-digit TTV growth, high single-digit revenue growth, EBITDA margin in low 60%, and leverage target of 1-2x adjusted net debt/EBITDA.
Take rate expected to decline due to commercial actions and revenue mix.
Underlying tax rate expected in the mid-20% range; interest costs €60–70m per annum.
Operating free cash flow conversion targeted at 100%.
New partnerships' impact on TTV growth
How AI improved operational efficiency?
Why is FY26 TTV growth higher than revenue?
Take rate decline: structural or cyclical
AI partnerships: direct vs indirect mix impact
Surplus cash post-deleveraging: shareholder plan
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Next HBX Group International earnings date
Q1 202628 Jan, 2026
Next HBX Group International earnings date
Q1 202628 Jan, 2026
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HBX Group International plc is a travel technology and services company that provides solutions for the global travel and tourism industry. The company offers a platform that connects travel service providers, including hotels and airlines, with distributors such as travel agencies and tour operators. Its offerings include booking engines, inventory management, and data-driven tools to support travel planning and distribution. The company is headquartered in London, United Kingdom, and its shares are listed on the BME.
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