HomeToGo (HTG) Q2 2026 earnings summary

Executive summary

• IFRS revenues rose 71.8% year-over-year to €160.1M in H1 2026, driven by Interhome consolidation and strong B2B growth, with HomeToGo_PRO revenues up 250.5% to €105.2M, now representing 66% of total revenues.

• Adjusted EBITDA improved 26.6% year-over-year to €(15.1)M, with margin up 12.6pp to (9.4)%, and free cash flow surged to €48.2M, a €53.2M improvement.

• Marketplace segment prioritized profitability, improving adjusted EBITDA by 16% year-over-year despite a 10.2% revenue dip due to reduced ad spend.

• Group-wide AI adoption and operational efficiency gains underpinned profitability, faster product innovation, and improved ROAS.

• Launched HomeToGo Originals umbrella brand, uniting property management companies and strengthening market position.

Financial highlights

• Group IFRS revenues rose 71.8% year-over-year to €160.1M, mainly from Interhome consolidation.

• Adjusted EBITDA improved to €(15.1)M (from €(20.6)M), margin improved by 12.6pp to (9.4)%.

• Free cash flow reached €48.2M, up from €(5.0)M in H1 2025, supported by working capital optimization and Interhome integration.

• Cash and cash equivalents increased to €134.7M as of June 30, 2026.

• Net debt stood at €64.5M, with a leverage ratio of 1.3x, well below covenant thresholds.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: IFRS revenues €400–410M (tracking toward lower end), adjusted EBITDA €45–47M (tracking toward upper end).

• Softer revenue outlook due to weaker demand in short trips and Southern Europe, but core vacation rental demand remains robust.

• Focus remains on operational efficiency, integration synergies, and scalable growth.

• Midterm aspiration for ~20% EBITDA margins reconfirmed.