HomeToGo (HTG) Q2 2024 earnings summary

Executive summary

• Achieved record booking and IFRS revenues in Q2 and H1 2024, with strong growth in both B2C marketplace and B2B HomeToGo Pro segments, driven by organic growth and acquisitions.

• HomeToGo Pro segment contributed 30% of group IFRS revenues, with adjusted EBITDA margin reaching 16.8% in H1 and a six-fold year-over-year increase.

• Free cash flow in Q2 2024 rose 72% year-over-year to €12.1M, with cash position at €95.7M at Q2 end, up €5.1M from Q1.

• Recent acquisitions in thematic short trips (Kurz Mal Weg, Kurzurlaub) contributed to revenue and headcount growth.

• 2024 guidance confirmed for robust revenue and profitability growth.

Financial highlights

• H1 2024 booking revenues rose 27.4% year-over-year to €147.2M; IFRS revenues up 38.1% to €89.3M.

• Q2 2024 booking revenues were €63.8M (+27% YoY); IFRS revenues €52.9M (+24% YoY).

• Adjusted EBITDA improved by 19% year-over-year in H1 to €(19.0)M, with Q2 adjusted EBITDA positive at €2.2M (margin 4.1%).

• Free cash flow in Q2 2024 was €12.1M, up 72% YoY; H1 2024 free cash flow at €(10.3)M, a 21% improvement YoY.

• Gross profit margin improved to 98% in H1 2024 (+1.1pp YoY); marketing & sales cost ratio improved by 12.2pp to 85%.

Outlook and guidance

• 2024 guidance confirmed: booking revenues >€250M (+30% YoY), IFRS revenues >€220M (+35% YoY), adjusted EBITDA >€10M (>400% YoY).

• Booking revenues backlog reached €79.7M at Q2 2024 end, providing high visibility for H2 2024.

• Expects continued industry-leading growth and further profitability improvements, with focus on both organic and M&A-driven expansion.