HBX Group International (HBX) Q2 2025 earnings summary

Executive summary

• Achieved 12% year-over-year TTV growth to €3.4bn and 10% revenue growth to €319m for the half year ended 31 March 2025, with adjusted EBITDA up 14% to €159m and margin expanding to 49.8–50%.

• Successfully completed IPO on Spanish Stock Exchanges in February 2025, raising €725m gross proceeds, primarily used to reduce net debt.

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

• Expanded commercial partnerships and technology investments, including the acquisition of Civitfun and launch of new platforms such as The Luxurist.

• Credit ratings upgraded by S&P and Moody’s post-IPO, reflecting improved financial profile and outlook.

Financial highlights

• TTV reached €3.4bn (+12% YoY); revenue €319m (+10% YoY); adjusted EBITDA €159m (+14% YoY) with a margin of 49.8–50% (+1.7–2ppt YoY).

• 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.

• 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 revenue guidance widened to €740–790m due to macro uncertainty; adjusted EBITDA guidance €430–450m; TTV growth expected at 10–16% YoY.

• Mid-term outlook unchanged, targeting low double-digit TTV CAGR and high single-digit revenue CAGR through FY27, with gradual margin improvement.

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