HBX Group International (HBX) Q4 2025 earnings summary

Executive summary

• Achieved 8% TTV growth to €8.2bn and 5% revenue growth to €720m at constant currency, with adjusted EBITDA up 10% to €431m and margin expansion to 60%, all within guidance.

• Significant deleveraging and cash conversion above 100% followed a milestone IPO in February 2025, with proceeds used to reduce debt and invest in growth.

• Strengthened product portfolio and partnerships, including new agreements with Despegar, Minor Hotels, Turkish Airlines, and the acquisition of Civitfun.

• Leadership changes and reorganisation to enhance agility, customer focus, and commercial flexibility in response to volatile market conditions.

• Market volatility and macro/geopolitical headwinds impacted growth, especially in the second half.

Financial highlights

• TTV reached €8.2bn, up 8% year-over-year at constant currency, outpacing market growth.

• Revenue was €720m, up 5% year-over-year; take rate declined to 8.8%.

• Adjusted EBITDA was €431m, up 10% year-over-year; margin expanded to 60%.

• Adjusted earnings increased 48% to €258m; adjusted EPS rose to €1.16.

• Operating profit was €129m, impacted by €202m in non-recurring IPO-related charges; reported loss for the year was €70m.

Outlook and guidance

• FY 2026 guidance: TTV growth of 12%-18%, revenue growth of 2%-7%, adjusted EBITDA growth of 2%-7%, and c.100% operating free cash flow conversion.

• Medium-term ambition: low double-digit TTV growth, high single-digit revenue growth, EBITDA margin in low 60%, and leverage target of 1-2x adjusted net debt/EBITDA.

• Take rate expected to decline due to commercial actions and revenue mix.

• Underlying tax rate expected in the mid-20% range; interest costs €60–70m per annum.

• Operating free cash flow conversion targeted at 100%.