HBX Group International (HBX) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €170 million, up 5% in constant currency, with TTV of €2.0 billion, up 16% in constant currency, reflecting accelerated growth and alignment with guidance.

• Strategic focus on customer-centricity, agile operations, and accelerated AI adoption is driving growth, especially in MEAPAC and the US.

• Booking momentum remains strong into Q2, supporting unchanged full-year guidance.

Financial highlights

• Revenue increased 5% in constant currency to €170 million; TTV rose 16% in constant currency to €2.0 billion, with TTV outpacing revenue due to margin pressure from product/geography mix and commercial actions.

• Implied take rate declined by 0.9 percentage points year-over-year to 8.4%, mainly due to higher third-party supply and commercial actions.

• Over two-thirds of top 30 source markets grew at double-digit rates; strong performance in the U.S., U.K., China, and Germany.

• Mobility & Experiences products grew less than Accommodation, impacting revenue mix.

Outlook and guidance

• Full-year guidance unchanged: constant currency TTV growth of 12%-18%, revenue and adjusted EBITDA growth of 2%-7%, and operating free cash flow conversion around 100%.

• Revenue guidance implies a circa 1% reduction in take rate at the midpoint compared to FY 2025.

• Confidence in delivering within guidance, with easier comparatives expected in the second half and satisfactory Q2 bookings.