HBX Group International (HBX) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached EUR 170 million, up 5% in constant currency, with TTV of EUR 2 billion, up 16% in constant currency, reflecting accelerated growth and alignment with guidance.

• Strategic repositioning to five verticals and focus on customer-centricity, agile operations, and AI integration are driving improved performance, 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 (1% reported) to EUR 170 million; TTV rose 16% in constant currency (12% reported) to EUR 2,023 million year-over-year.

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

• Take rate declined by about 0.9 percentage points year-on-year to 8.4%, mainly due to mix shift and increased third-party supply.

• 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 midpoint versus FY 2025, reflecting segment mix and commercial actions.

• Q2 bookings satisfactory so far, but visibility for H2 remains lower; easier comparatives expected in H2.