HBX Group International (HBX) Investor Presentation summary

Business overview and market positioning

• Operates as a leading independent global B2B travel technology marketplace, connecting a vast network of directly contracted hotels and distribution partners across 170+ markets.

• Focuses on accommodation, mobility & experiences, fintech & insurance, and hoteltech, with a pure B2B model that does not compete for end customers.

• Maintains long-standing supplier and distributor relationships, with over 100k directly contracted hotels and 60k distribution partners, resulting in low churn and high value network effects.

• Positioned in a large, fragmented, and high-growth travel sector, with intermediaries playing a critical role in hotel distribution.

• Differentiates through scale, quality, and a comprehensive value proposition for both suppliers and distribution partners.

Technology and data platform

• Runs on a next-generation, cloud-native, microservices architecture, enabling high scalability, reliability, and rapid integration.

• Processes over 6.2 billion daily searches and maintains a 400TB+ data lake, providing advanced analytics and AI-driven insights.

• Automation and AI/ML drive efficiencies in onboarding, inventory management, pricing, booking, and reconciliation, reducing partner onboarding time to 2-3 days.

• Offers a market-leading, AI-powered service platform with automated classification, fulfilment, and real-time translation for distribution partners.

• Leverages unique marketplace data to deliver actionable insights and value-added services across the ecosystem.

Financial performance and outlook

• Achieved €7.7bn TTV, €693m revenue, and €397m adjusted EBITDA in FY24, with a 9.0% take rate and 57% EBITDA margin.

• Demonstrated strong growth: 24% TTV CAGR and 26% revenue CAGR from FY22 to FY24, outperforming the market.

• Maintains a structurally negative working capital cycle, resulting in >100% cash conversion and €465m operating free cash flow in FY24.

• Targets low double-digit annual TTV growth, high single-digit revenue growth, and c.100% cash conversion in the mid-term.

• Plans a 20% dividend payout ratio from FY26-FY29, supported by robust cash generation and ongoing deleveraging.