HBX Group International (HBX) Q2 2026 earnings summary

Executive summary

• TTV rose 17% year-over-year at constant currency to €3.8bn, with revenue up 1% to €309m, driven by strategic mix changes, ecosystem expansion, and growth in key supply and distribution channels, partially offset by Middle East conflict disruption.

• Adjusted EBITDA increased 9% at constant currency to €163m, with margin expanding by 4 percentage points to 53%, supported by cost discipline, productivity initiatives, and AI-driven enhancements.

• Profit after tax was €28m, a significant turnaround from a €227m loss in the prior year, aided by lower finance costs and improved operational performance.

• Announced a €100m share buyback program and a maiden interim dividend of 7.5 cents per share (approx. €18m), reflecting robust cash generation and commitment to shareholder returns.

• Strategic progress included expanded partnerships, targeted M&A (Bridgify, PerfectStay, ThinkIN), and AI-driven initiatives delivering €1m annualized cost savings.

Financial highlights

• TTV reached €3.8bn, up 17% year-over-year at constant currency; revenue grew 1% to €309m, with a take rate of 8.2%, down 1.3pp year-over-year due to mix shifts and FinTech penetration.

• Adjusted EBITDA rose 9% to €163m, margin expanded to 53% (+4ppt YoY); adjusted earnings increased 44% to €83m, with adjusted EPS at €0.34.

• Net finance costs fell 76–77% year-over-year due to IPO and debt refinancing.

• Gross profit was €303m, down 1% year-over-year, but up 3% at constant currency.

• Cash conversion over the last 12 months was 103%.

Outlook and guidance

• FY26 guidance revised: TTV growth expected at +11% to +15%, revenue growth -4% to +1%, and Adjusted EBITDA growth -5% to -2% at constant currency, reflecting Middle East conflict impact.

• Operating free cash flow conversion expected between 90% and 100%.

• Medium-term ambition for low double-digit TTV growth and EBITDA margin in the low 60s% remains unchanged.

• Guidance assumes a four-month Middle East conflict with gradual recovery.

• FX headwind of 2–3pp expected on reported growth rates.