HomeToGo (HTG) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 Booking Revenues of EUR 88.1M (+6% YoY) and Booking Revenues Backlog of EUR 92.3M (+20.4% YoY), providing strong visibility for FY25.

• IFRS Revenues declined 5.4% YoY to EUR 34.4M, mainly due to late Easter shifting revenue recognition to Q2 and temporary softness in Germany.

• Adjusted EBITDA was EUR (28.0)M, down 31.8% YoY, reflecting higher seasonal marketing investments and Easter effect.

• Free Cash Flow improved 38% YoY to EUR (13.9)M, driven by better working capital and HomeToGo Payments adoption.

• Interhome acquisition, the largest in company history, is on track and expected to consolidate from June 2025.

Financial highlights

• Booking Revenues grew 5.7% YoY to EUR 88.1M, reaching an all-time high; Booking Revenues Backlog hit EUR 92.3M, up 20.4% YoY.

• IFRS Revenues declined 5.4% YoY to EUR 34.4M due to Easter timing, with a EUR 2M revenue shift to Q2.

• Adjusted EBITDA was EUR (28.0)M (–32% YoY); Free Cash Flow: EUR (13.9)M (+38% YoY).

• Gross profit margin slightly decreased to 96.8%; marketing and sales cost ratio rose to 131.5% due to higher marketing spend.

• Cash position at quarter-end was EUR 143.4M, bolstered by a February 2025 capital raise.

Outlook and guidance

• FY25 guidance confirmed: Booking Revenues >EUR 350M (+35% YoY), IFRS Revenues >EUR 300M (+40% YoY), Adjusted EBITDA >EUR 35M (+170% YoY), and positive Free Cash Flow.

• Strong Booking Revenues Backlog and positive May trends (+15% YoY) support full-year visibility.

• Interhome consolidation expected from June 2025, driving synergies and further growth.