HomeToGo (HTG) Q3 2024 earnings summary

Executive summary

• Q3 2024 delivered record booking revenues of €62.7M (+38% YoY) and all-time high IFRS revenues of €87.4M (+18.3% YoY), driven by organic growth, strategic acquisitions, and strong DACH performance.

• Adjusted EBITDA reached a record €35.9M in Q3 (41% margin, +27.7% YoY), and more than tripled year-to-date to €16.8M (+258.7% YoY), reflecting improved profitability.

• Free cash flow for Q3 was nearly break-even at (€0.9M), a 92% improvement YoY; 9M free cash flow improved by 50.2% YoY to (€11.2M).

• Booking revenues backlog increased 28.4% YoY to €37.4M, providing strong visibility for Q4 and 2025.

• Cash position at end of Q3 was €89.8M, with robust liquidity and further inflows expected.

Financial highlights

• Q3 booking revenues: €62.7M (+38% YoY); 9M: €209.8M (+30.5% YoY); Q3 IFRS revenues: €87.4M (+18.3% YoY); 9M: €176.7M (+27.6% YoY).

• Q3 adjusted EBITDA: €35.9M (+27.7% YoY, 41% margin); 9M: €16.8M (+258.7% YoY, 9.5% margin).

• Q3 net income: €25.5M (+19.3% YoY); 9M net loss narrowed to (€7.1M) from (€18.7M) YoY.

• Gross profit margin for 9M was 98.4% (+0.6pp YoY); marketing and sales cost ratio improved by up to 6pp.

• Onsite take rate in Q3 was 13% (+1.7pp YoY); DACH onsite share reached 86%, global onsite share 62%.

Outlook and guidance

• FY 2024 booking revenues guidance raised to >€255M (>34% YoY); IFRS revenues guidance slightly reduced to €215–220M (32–35% YoY) due to North American softness and higher cancellations.

• Adjusted EBITDA guidance confirmed at >€10M (>400% YoY), with margin expected to increase.

• Strong booking momentum and backlog ensure high visibility for Q4 and FY 2025.