Hostelworld Group (HSW) H1 2026 earnings summary

Executive summary

• Net revenue for H1 2026 reached €52.2m, up 12% year-over-year, with revenue per transaction rising 11% to €14.9.

• Transaction volumes increased 1% year-over-year, with growth impacted by the Middle East conflict, particularly in Asia and Oceania.

• Marketplace monetisation improved, with the effective commission rate rising to 17.7% from 15.8% in H1 2025.

• Direct marketing costs as a percentage of revenue decreased to 49%, supporting a 16% net margin growth to €22.9m.

• Adjusted EBITDA grew 11% year-over-year to €8.2m, with an adjusted EBITDA margin of 16% (flat year-over-year).

Financial highlights

• Net revenue: €52.2m (+12% YoY).

• Revenue per transaction: €14.9 (+11% YoY).

• Net transactions: 3.8m (+1% YoY), with a 3% negative impact from geopolitical conflict.

• Adjusted EBITDA: €8.2m (+11% YoY).

• Closing cash position: €15.0m; net cash: €2.5m.

Outlook and guidance

• Full-year 2026 guidance reiterated, assuming easing of Middle East conflict and normalization of trading conditions.

• Growth initiatives expected to contribute more in the second half of the year.

• Ongoing monitoring of geopolitical risks.