HBX Group International (HBX) Q2 2025 earnings summary

Executive summary

• Achieved 12% TTV growth to €3.4bn, 10% revenue growth to €319m, and 14% adjusted EBITDA growth to €159m with margin expansion to 50%, significantly reducing adjusted net debt in the first half since listing.

• Completed IPO on Spanish Stock Exchanges in February 2025, raising €725m gross proceeds, primarily used to reduce debt, and received credit rating upgrades from S&P and Moody’s.

• Net loss widened to €227m, mainly due to €181–199m in non-recurring IPO-related charges; adjusted net profit would have been €61m.

• Expanded commercial partnerships, invested in technology, acquired Civitfun, and launched new luxury and global holiday platforms.

• Business remains resilient with low concentration risk and a strong value proposition in a structurally high-growth travel sector.

Financial highlights

• TTV reached €3.4bn (+12% YoY); revenue €319m (+10% YoY); adjusted EBITDA €159m (+14% YoY) with a 50% margin (+2pp YoY); take rate at 9.5%, down 0.1ppt.

• Operating loss of €90m includes €181–199m in non-recurring charges; net loss €227m after a €16m tax credit.

• Net finance charges of €152m, mostly pre-IPO and refinancing related; net interest expense expected to fall to €50–60m annually.

• Adjusted EPS at €0.31; reported loss per share €1.15.

• Operating costs rose 6% versus 10% revenue growth, reflecting strong cost control and efficiency gains.

Outlook and guidance

• FY25 TTV guidance revised to 10–16% YoY growth; revenue expected at €740–790m; adjusted EBITDA guidance €430–450m.

• Medium-term outlook retained: low double-digit annual TTV growth, high single-digit revenue growth, and gradual increase in adjusted EBITDA margin into the low sixties.

• Directors expect sufficient liquidity and covenant compliance, supported by €311m cash and €400m undrawn revolving credit facility.

• Underlying tax rate expected in the mid-20% range; c.100% EBITDA cash conversion targeted.

• Guidance range widened due to macro uncertainty and lower visibility for summer arrivals.