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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
On the Beach Group (OTB) investor relations material
On the Beach Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary2 Dec, 2025
Executive summary
Achieved record TTV of £1.25bn, up 11% year-over-year, with adjusted EBITDA margin rising 1.5 percentage points to 33.2% and adjusted PBT up 20% to £35m.
Adjusted EPS increased 45% to £0.19, with a 33% rise in dividend to 4.0p and a 14% share capital cancellation via buybacks.
Expanded addressable market by moving into city breaks, Ireland, and cruise, tripling market size and driving repeat bookings up 18%.
Strategic focus on stickiness, choice, Peace of Mind, and scale/automation drove double-digit growth in lead indicators and NPS up 14%.
Outperformed the market with S25 bookings up 13% versus market growth of 3%, and FY26 YTD TTV up 16%.
Financial highlights
Adjusted revenue increased 6% year-over-year to £121.4m, with gross profit up 5% to £118.9m.
TTV reached £1.25 billion, bookings up 9% to 629k, and average booking value up 2% to £1,985 year-over-year.
Adjusted EBITDA reached £40.3m, up 11%, and margin improved to 33.2% from 31.7%.
Gross profit after marketing as a percentage of revenue improved by 3% to 65%, with gross profit after marketing costs at £78.4m, up 11%.
Marketing costs per booking down £10 year-over-year to £64, with total marketing spend down 4% and as a percentage of revenue down from 37% to 33%.
Outlook and guidance
Strong start to FY26 with TTV up 16% year-to-date, driven by 14% volume and 2% ABV growth.
Board expects FY26 adjusted PBT of £39–43 million, in line with market expectations.
Medium-term ambition targets 11% CAGR and 40% EBITDA margin by 2029.
Summer 26 forward bookings up 8% year-over-year, with momentum building.
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Frequently asked questions
On the Beach Group plc operates as an online retailer of short-haul beach holidays under the On the Beach brand name. The company offers its customers a range of packages that include flights, accommodation and transfers. On the Beach Group plc operates as an online retailer of short-haul beach holidays under the On the Beach brand name. It operates through four segments: OTB, International, CCH, and CPH. On the Beach Group plc was founded in 2003 and is headquartered in Manchester, the United Kingdom.
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