HBX Group International (HBX) Q3 2025 TU earnings summary

Executive summary

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

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

• Activity was resilient, with a record 7.4 billion daily searches and increased demand from promotional activities.

• Strategic actions included geographic expansion, onboarding 3,000 new hotels, acquisitions of Civitfun and SIL, and partnerships to enhance product offerings.

• Continued investment in technology, including AI-powered products and automation, to drive efficiency and customer satisfaction.

Financial highlights

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

• Q3 TTV up 5% (8% in constant currency); nine-month TTV up 9% (10% in constant currency).

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

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

• Adjusted EBITDA guidance narrowed to €430m–€440m, implying at least 8% annual growth.

Outlook and guidance

• Full-year guidance revised to mid-to-high single-digit TTV growth and mid-single-digit revenue growth.

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

• Adjusted EBITDA growth expected at least 8%; cash conversion guidance of 100% unchanged.

• Leverage expected at 1.7x adjusted net debt to adjusted EBITDA by year-end.

• Midterm outlook unchanged; early 2026 bookings are encouraging.