HBX Group International (HBX) Q3 2025 TU earnings summary

Executive summary

• Q3 revenue reached EUR 182 million, up 3% year-over-year (6% in constant currency), with nine-month revenue at EUR 501 million, up 7% (8% in constant currency), despite macroeconomic and geopolitical headwinds.

• Total transaction value (TTV) grew 5% in Q3 (8% constant currency) to EUR 2,176 million, with nine-month TTV up 9% (10% constant currency) to EUR 5,546 million, outpacing the accommodation market.

• Strategic actions included onboarding 3,000 new hotels, expanding partnerships, and launching new products, including AI-powered services and the integration of The Luxurist into Bedsonline.

• Activity was resilient, with a record 7.4 billion daily searches and increased short-term searches as consumer confidence returned.

• Early targeted actions and advanced analytics enabled adaptation to shifting travel demand, outperforming the global hotel market in Q3.

Financial highlights

• Q3 revenue: EUR 182 million, up 3% year-over-year (6% in constant currency); nine-month revenue: EUR 501 million, up 7% (8% in constant currency).

• Q3 TTV grew 5% (8% constant currency) to EUR 2,176 million; nine-month TTV up 9% (10% constant currency) to EUR 5,546 million.

• Spain revenue up 4%, Western/Rest of Europe down 3%, U.S. down 3%, Rest of Americas up 15%, MEAPAC up 14%.

• Mexico up 12%, Brazil and Dominican Republic up ~33%, Canada up 9%, MiePak up 14%.

• Accommodation segment outpaced Mobility & Experiences, driven by higher room night volumes and a shift in geographic mix.

Outlook and guidance

• Full-year guidance revised: mid to high single-digit TTV growth and mid single-digit revenue growth, both lower than previous guidance.

• Revenue guidance narrowed to EUR 720m–740m (prior: EUR 740m–790m); adjusted EBITDA guidance EUR 430m–440m (prior: EUR 430m–450m).

• Adjusted EBITDA guidance narrowed to lower end, implying at least 8% annual growth.

• Cash conversion guidance of 100% unchanged; leverage expected at 1.7x adjusted net debt/EBITDA.

• Midterm outlook unchanged; early 2026 bookings are encouraging.