On the Beach Group (OTB) H2 2025 earnings summary

Executive summary

• Achieved record TTV of £1.25bn, up 11% year-over-year, with adjusted EBITDA margin rising 1.5 percentage points to 33.2% and adjusted PBT up 20% to £35m.

• Adjusted EPS increased 45% to £0.19, with a 33% rise in dividend to 4.0p and a 14% share capital cancellation via buybacks.

• Expanded addressable market by moving into city breaks, Ireland, and cruise, tripling market size and driving repeat bookings up 18%.

• Strategic focus on stickiness, choice, Peace of Mind, and scale/automation drove double-digit growth in lead indicators and NPS up 14%.

• Outperformed the market with S25 bookings up 13% versus market growth of 3%, and FY26 YTD TTV up 16%.

Financial highlights

• Adjusted revenue increased 6% year-over-year to £121.4m, with gross profit up 5% to £118.9m.

• TTV reached £1.25 billion, bookings up 9% to 629k, and average booking value up 2% to £1,985 year-over-year.

• Adjusted EBITDA reached £40.3m, up 11%, and margin improved to 33.2% from 31.7%.

• Gross profit after marketing as a percentage of revenue improved by 3% to 65%, with gross profit after marketing costs at £78.4m, up 11%.

• Marketing costs per booking down £10 year-over-year to £64, with total marketing spend down 4% and as a percentage of revenue down from 37% to 33%.

Outlook and guidance

• Strong start to FY26 with TTV up 16% year-to-date, driven by 14% volume and 2% ABV growth.

• Board expects FY26 adjusted PBT of £39–43 million, in line with market expectations.

• Medium-term ambition targets 11% CAGR and 40% EBITDA margin by 2029.

• Summer 26 forward bookings up 8% year-over-year, with momentum building.